Not so long ago crypto community asked the question is ‘Blockchain Technology Really the Answer to Decentralized Storage’? Time moves quickly in tech space. Genaro, a Singapore-based blockchain ecosystem development project is trying to develop what they call Blockchain 3.0.
Theirs is the first Turing-complete public chain that comes attached with a decentralized storage network. It will allow Genaro to offer a blockchain that not only has capabilities related to smart contracts but also is able to store data.
Why Decentralized Data Storage is Exciting?
At the moment some of the most popular blockchains including Bitcoin do not have the capabilities to store a significant amount of data. These earlier Blockchains which can be categorized as Blockchain 1.0 and Blockchain 2.0 and hold minuscule amounts of data, for example in the case of Bitcoin the blocksize limit only allows for 1MB of data to be stored every 10 minutes.
By bringing together data storage and smart contracts, Genaro can exponentially increase the capabilities of blockchain technology and allow for the building of a diverse set of applications. This enhanced capability means that Genaro can help in the expansion of the DAPP fueled applications.
While currently cloud storage and internet apps are the defacto dominating trend, in the future blockchain based apps that could handle data would be able to provide decentralized solutions across many industries and sectors.
A Hybrid Consensus Model Fuelling Growth
Genaro is using a hybrid of Sentinel Proof of Reliability (SPoR) and Proof of Stake (PoS), the decentralized storage network uses SPoR, which allows for increased scalability and speed. Data is cut into pieces and stored redundantly on decentralized nodes after it has been encrypted. The public chain uses PoS and blocks are generated when storage activities occur. Storage and transaction receipts are made proved on blocks.
Genaro diverges from other blockchains such as Ethereum and IPFS in the way that SPoR challengers are chosen to prove storage retrievability, and challengers become “staker” node for PoS. This hybrid model has ensured that Genaro is more efficient and scalable than their competitors.
Genaro will establish a Hub an in-house Accelerator in Singapore and is looking at other locations in Shanghai and Silicon Valley. This will eventually fuel development of thousands of DAPPs in the future. Genaro plans to encourage the development of DAPPs through direct funding, technical, marketing and operational support as well as holding a series of competitions.
Genaro is More than Just a Storage Solution
At first glance, it would be easy to mistake Genaro to be just another storage solution or file transfer utility. It goes way beyond that. Not only does Genaro give users the ability to securely store data anywhere but they also are providing the capability of attaching a Turing-complete smart contact to that data.
This creates new possibilities like intellectual property owners being able to distribute content without worrying about how to get compensated. It also opens opportunities, for example, of storage and transfer of medical records without prying eyes gaining access to such sensitive information.
Genaro can also be used as a solution with existing blockchains, which are either constricted because they can only store a small amount of data (and too publicly at that) or have to rely on third-party cloud storage providers which can be expensive. Genaro can open the gateways to cheap, fast and secure decentralized data storage.
A Utility Token at the Heart of Genaro’s Plans
The GNX token is at the heart of Genaro’s plans. The token would be used for payments and leasing of storage space. GNX will also encourage the creation of a community economy within its Hubs that will promote further adoption of the token, allowing members to utilize the services available there.
The GNX token is, therefore, a utility token which for storage, smart contracts, and other services from Genaro. Genaro are holding an Initial Coin Offering, in which GNX tokens will be sold to the public. More information about the ICO can be found on their website. The token sale started on November 17, 2017. A whitepaper is available that contains technical information on the project.
Genaro have already received support from more than seven blockchain foundations, which include BlockAsset, a subsidiary of Fenbushi Capital, and CollinStar Capital’s Blockchain Ventures, one of the leading supporters of Hcash ecosystem.
The ambitious plans of Genaro to move the cloud to blockchain can transform the way the internet is structured today, and their plans to capitalize upon this change by encouraging the building of DAPPs would undoubtedly give them a headstart.