When cloud storage first burst into the scene, it was hailed as revolutionary, and even in today’s technological revolutions, it is still playing its part. However, Genaro is of the opinion that data storage can move away from the cloud and join the latest tech movement, the Blockchain.
As it currently stands, public Blockchains do not have the capability to hold mass data, however, as they continue to expand, there is more scope for building. Looking at Bitcoin as what might be called Blockchain 1.0, there have been improvements in the handling of data, such as Ethereum and its smart contracts, in what we might call Blockchain 2.0.
Genaro believes it is version 3.0 of the Blockchain, creating an ecosystem around bringing storage and smart contracts to technology, Blockchain, that already has huge application.
Becoming as useful as Internet applications
Genaro states that the addition of mass data storage and analysis on the Blockchain can help expand the burgeoning Dapp industry. Currently, decentralized apps are at an evolutionary stage as they feel out the ecosystem but a Blockchain with integrated storage solutions could propel things forward.
Internet apps currently rule the market with their access to internet and cloud storage, but then, if storage could tie in with the Blockchain, things could become a lot more even.
A Turing complete public chain with decentralized storage network
Genaro touts itself as the first Turing complete public chain with a fully integrated decentralized storage network. To this end, the Blockchain they have created allows for the deployment of smart contracts and data storage together, rather than one using the other through outdated methods, such as the cloud.
This becomes a highly useful tool for developers who are trying to drive the Blockchain revolution as a missing piece of the puzzle in app development suddenly can be realized.
Genaro plans to launch a number of hub and accelerators in cities such as Singapore, Shanghai, Kiev and London, where there are growing Blockchain communities. Genaro’s combined system of technology standards and real-world meeting places will enable incubation of hundreds, and then thousands of DAPPs built on the Genaro Network, potentially becoming the first app store of the Blockchain.
SPoR + PoS
In building this storage chain, Genaro has worked in some unique technology, combining both proof of stake, as well as Sentinel Proof of Retrievability for its storage consensus.
The Genaro Public Chain uses PoS (Proof of Stake) as general consensus, but then creatively adds the SPoR algorithm as its storage consensus, which could potentially increase both public chain scalability and file transferring speed.
Moreover, Genaro applies game theory to a sharing economy business model, thereby establishing a fairer rewards system for nodes and provides end users with a secure and permanent storage space and sharing community.
In SPoR, challengers are chosen to prove storage retrievability, and the challengers will become “staker” nodes for PoS. This hybrid solution may make Genaro Network much more efficient than current solutions offered by Ethereum, IPFS (or cloud and other storage providers) separately.
Keeping it public
Genaro has also looked to go a step further with its storage capabilities, as there are other alternatives, by making the chain a public one – with the storage integrated.
Finally, the Genaro Hub model is something the company plans as a combination of the best of coworking, co-living, and incubation spaces. There, members of the Genaro community will be able to collaborate and co-create face-to-face with the global user base and developers worldwide.
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