What Differentiates Genaro from Other Decentralized Storage Projects?
The idea of storing data on the blockchain is confusing to a lot of people. We talk about ‘immutability’ and ‘transparency’ and other ideas. How, then, will we create decentralized applications on the blockchain that will allow data to change and, in some cases, be private? The answer is in decentralized storage that is accessible by the blockchain — off-chain rather than on-chain. This gives a lot of flexibility to add, remove, update and delete data associated with DAPPs, and this is what Genaro Network does best. But some blockchain projects appear to have models that are very close to Genaro’s. Let’s take a look and see what some of the differences and parallels are.
Storj Labs and IPFS are both projects that have created some form of decentralized storage. All of these storage projects were developed against the background of the launch of ethereum; they link to smart contracts written into the Ethereum blockchain, but do not themselves deploy Turing-complete public chains.
Of these, Storj was early to launch and scale a large functioning network, numbering 50,000+ nodes and handling over 30 Petabytes (that’s 30,000 Terabytes) of data by the end of 2017, with the aim of handling Exabytes of data in 2018. Last year, Genaro and Storj agreed on a partnership to bring Storj’s model of blockchain-based decentralized cloud storage to Asia, adding to the potential security advantages of each network and promising to bring Asian and Western-founded blockchain users (companies and individuals) closer together.
Image Copyright: Computer Business Review, September 2016.
The key defining characteristics of Genaro can be summarized in the iterative formula ‘Blockchain 3.0’. This number helps to explain why Genaro’s functionality will make it different to Blockchain 2.0, otherwise known as the Ethereum ecosystem, and also what separates it from other blockchain/decentralized storage projects.
With the development of Ethereum in 2014/15 came Blockchain 2.0 — the distributed ledger system of bitcoin with the addition of smart contracts, allowing developers to make new projects like financial tools, social media platforms, etc. The more people invested and involved, the better the security, functionality and monetary value of the projects would become. Ethereum has opened the gate for the creation of a huge number of such DAPPs and new cryptocurrencies, with more than 50% of ICOs relying on the Ethereum blockchain.
As DAPPs gradually enter into the marketplace, the issue arises of where their data will be stored. If Ethereum is a ‘World Computer’ made for pooled processing power and memorizing smart contracts, it has focused on the efficiency and reliability of execution for these contracts rather than providing deeper mass storage on the chain for the data that new projects will generate as they achieve reliable functionality and scale their user bases upwards.
Meanwhile, Storj and other companies have worked to fill in this gap by building secure data storage chains or decentralized solutions — yet these databases are separate from the Ethereum chain and need to be linked back to it so that smart contracts can continue to function. IPFS (Interplanetary Filing System) is a new protocol system that can support storage for DAPPs using, among other layers, a DHT (Distributed Hash Table). Metadata in the DHT allows nodes to access content directly anywhere in the world. Many observers have praised the elegance of IPFS and even see in it a successor to HTTP — but integrating it with Ethereum as both projects continue to develop at the same time has proven tricky. The development of Swarm to provide storage for Ethereum caused some to complain that the developers might be better using IPFS instead, rather than creating an elaborate parallel solution.
‘Blockchain 3.0’ means providing a ‘one-stop solution’ to save time for developers of DAPPs. They will be able to store their projects’ data on the network in a way that is organized for the execution of smart contracts.
One chain will also provide individual users with the means to share and monetize spare storage capacity on their own machines. Genaro’s working version of its storage software, Genaro Eden (monetized version — Eden Business Edition), also adds efficiency to the process of retrieving data, as the most logical nodes in the network are prioritized when data is accessed. At the level of cost efficiency, Eden Business Edition provides a flexible structure, open to competition, that will be useful to both individual storers and sharers and company-level ones.
Image Copyright: Genaro Network, 2017.
While other blockchain projects utilize the monetized shared storage idea and Ethereum is the source point of smart contract activity, it is the combination of the two on one network with a public blockchain, together with an innovative and fast consensus mechanism, that makes the Genaro Network and Genaro Eden stand out. In addition, Genaro’s aim of creating physical Hubs and Accelerators in key locations to boost the development of startups using its architecture sets it entirely aside from other blockchain storage projects.
These distinctions are reflected in the numerous strategic partnerships Genaro has already entered into, including with fast growing networks like Storj, U Network and others. Each project offers something unique in the blockchain storage space; please check out more about Genaro, its partners and decentralized projects by clicking the various links above.
About Genaro: the Genaro Network is the first Blockchain 3.0 ecosystem built on a Turing-complete public chain with decentralized storage, providing blockchain developers a one-stop solution to deploy smart contracts and store data simultaneously. Interested in learning more? Click here.
Originally published at https://www.linkedin.com on March 15, 2018.