Not long ago, cloud-storage based on block chain technology existed only in theory. However, Genaro Network (GNX), a Singapore-based block chain technology company is in the process of developing the first Turing-complete public chain that comes along with a decentralized storage network. The developers call it as Blockchain 3.0.
The decentralized storage network will enable block chain developers to deploy smart contracts and store data simultaneously. That will increase the capabilities of a block chain network tremendously. As of now, the most popular block chain networks such as Bitcoin do not have the capability to store a significant amount of data. Only a tiny amount of data of the order of 1MB (block size) can be stored every 10 minutes in a Bitcoin network. These networks are classified at block chain1.0 or block chain 2.0.
A combination of data storage and smart contracts will pave way for the development of a vast set of decentralized applications. Genaro developers believe that future block chain based apps could handle data and also provide decentralized solutions across many industries.
While Genaro uses a hybrid of Sentinel Proof of Reliability (SPoR) and Proof of Stake (PoS), the decentralized storage network uses SPoR. That enables scalability along with an increase in speed. Data is converted into fragments and stored redundantly on decentralized nodes in an encrypted manner.
It is different from other block chain network such as Ethereum and IPFS in the way that SPoR challengers are chosen to prove storage retrievability and challengers become “staker” node for PoS. Such a hybrid model has turned Genaro more efficient and scalable than other competitors.
Genaro network allows intellectual property owners to distribute content without any worries about compensation. As it can be understood, similar to other block chain networks, the operation of Ganero revolves around the GNX tokens, which will be used for payments and leasing of storage space. The developers also have plans to encourage creating of a community economy within its Hubs, leading to further adoption of token.
Thus, GNX tokens can be construed as a utility token which will be used for storage, smart contracts and other services from Genaro. The company is planning to establish a Hub and in-house Accelerator in Singapore. It is also looking at other locations in Shanghai and Silicon Valley. Ultimately, it is expected to fuel development of thousands of dapps in the future. Genaro tokens (GNX) currently trades at about $0.30 in the cryptocurrency market.