In today’s world data has become the greatest and most valuable asset. The biggest revolution came with the development of recently popular cloud-based storages, which enable you to access your data wherever you want and you don’t have to worry about losing it. On the other hand, to use such service you have to give out all the personal information to some third party corporation. They can access your files and may demand extra fees for keeping them safe. Blockchain offers a new solution for secure and convenient storage, especially when it is the first of it‘s kind Blockchain 3.0 ecosystem built on a Turing-complete public chain to provide blockchain developers a one-stop solution to deploy smart contracts and store data simultaneously. A project that we will be taking a look at today, may sound rather familiar to the people who follow many of the coming ICO projects, as there were already few projects that had tried to offer data storing technology, however how much will it be different this time?
Genaro Network wants to encourage users to share their spare disk space for a rewards paid in their tokens. The ultimate cloud storage will be created from all the user storage spaces. With the focus on Dapps, they want to become a base for new projects and provide blockchain developers an easy way to deploy smart contracts and store data simultaneously. With the introduction of the blockchain 3.0 concept, Genaro aims to contribute significantly to the development of the blockchain infrastructure technology.
Other similar projects
When it comes to the now popular and mainstream providers, we can mention Google and Amazon with their free and almost unlimited drives and cloud storages. However, blockchain solution is indeed pretty interesting and can be game changing when it comes to the whole cloud storage industry. The platform doesn’t have to invest in any ultra efficient and large servers as it relies on the number of users and their shared storage space. This allows everyone to earn some money with the space they don’t even use. This idea has been proposed before by few other ICO projects, that don’t seem to revolutionize the world yet. We‘ve got projects like Storj, Filecoin or Cloud Token.
Apart from simply creating a big cloud storage for general users, they want to focus on the Dapps and user application hosting. The Genaro Network will act as a base for other more powerful tools, that require bigger space and computing power, to be built upon it. The network can power from simple user apps, that for example connect to some kind of a simple database, but can also become a base for a huge and self-expanding AI robots.
They have the upperhand on mainstream storage providers, because of the blockchain, which takes care of the transparency and most importantly security and decentralization of the data and personal information that user will want to store on this network. No one, but the owner of the private keys has the access to the data, so there is no chance that the company will be able to use your information and the chance of any hackers getting access is put to the bare minimum, as for now it’s nearly impossible to break the blockchain encryption.
With the endless storage power come almost endless possibilities of usage. The network can be used as a virtual machine base, upon which users may install and run any application. As the Genaro community can share storage with each other, they can also share rights to use their data, so the whole marketplace and ecosystem can be developed.
Focusing on the user sharing opportunity, they want also to provide users with tools and a platform to easily work with each other on various dapps. They can even run and part of shared codes or apps stored within the network. Genaro wants to provide mentorship, technical expertise, marketing support, and community funding to help the teams and projects fully develop and deliver their apps.
GNX token is Ethereum based with the ERC-20 standardization, meaning you can store it in your favourite Ethereum Wallet with the rest of your ICO tokens. Genaro Token is used for buying and sharing storage on Genaro decentralized network.
The token sale will take place from the 17th of November only to the end of the month, which is relatively short period for coin offering. This can mean that the developers feel confident enough about their project or that they want to keep the tokens limited and leave the distribution to the “miners”, which will get the tokens by sharing their spare storage space.
Genaro is officially Singapore based, however the team consists of specialists from all over the world, including Silicon Valley, USA and Shanghai, China. The team is relatively big, so there are a lot of people working on the final success of the project. They are all traceable and you can find the detailed information on their Facebook or LinkedIn profiles. The developers and programmers has previously worked in big IT corporations, like Google or HP, and they have experience with the blockchain technology. They seem like a suitable people to successfully deliver the final product.
Even though, there are other similar projects and ICO tokens that want to provide users with unlimited storage space and computing power, none of them has succeeded yet, so there is still place for competition to arise. Moreover, Genaro targets the small developers and teams that seek help with developing and deploying their dapps and the network will act as a base for future projects. However, the potential success depends on the number of users willing to share their spare space, but this shouldn’t be a problem, because who wouldn’t want to share unused space and get paid for it, instead of leaving it empty.
There is still a lot of to discover about this project. In case you are interested in more information and user experience with Genaro, check out this ICO TokenTops Profile, where you can find experts and casual users ratings, reviews and opinions.