GENESIS X — ($XGS) STORAGE IN THE CLOUD SAFE, REALLY SAFE | by Girls in Crypto

7 min readJul 8, 2018

GENESIS X — ($XGS) STORAGE IN THE CLOUD SAFE, REALLY SAFE

WHAT IS GENESIS X? WHAT DO THEY WORK ON?

This is how they define themselves: GenesisX is creating an online storage solution / platform where users can store, upload , download and transfer files securely and privately.

What does that really mean? Very simple, I’m sure you’re tired of sharing files via platforms like Dropbox or similar. Genesis will do something similar, but with important news about the use of it, and above all, with security as a priority, which is something that large multinationals seem to have forgotten: The privacy of those who transfer or receive the files and the security of the data contained.

That is, they have forgotten the most important thing: About you.

HOW WILL THEY DO IT?

Into the online platform they are developing, this will be implemented:

· E2EE: the message with its content is encrypted in the sender’s device by its own key, travels in this way through the servers and arrives at the recipient’s device, being deciphered at that moment, only by the users of that conversation.

· Two-factor authentication (2FA)

· Login system for username and password (e-mail is recommended, but it is optional)

· File password protection

· Sending files within the system to people by email.

· Internal secure chat.

THE SECTOR

It is difficult to find a sector with so much competition and so many multinationals offering products at the same time as this one of the storage in the cloud.

At the same time, it is also difficult to find a business that is both present and future. And a spectacular future.

Let’s see some numbers:

The market research company Transparency Market Research has presented the conclusions of its latest study on the software storage market.

It is expected that from 2017 to 2025 a compound annual growth rate of 29.2% will be experienced.

Of all this sector, Transparency Market Research expects the data security software segment to lead the market, since it is likely to record a compound annual growth rate of 30.3% until 2025.

Small and medium-sized enterprises (SMEs) are expected to experience higher growth rates due to their advantages, such as flexibility and ease of use.

Among geographic regions, North America is expected to account for the largest market share by 2024. However, APAC is expected to have the highest annual annual growth rate during the forecast period. It is expected that the changing workload to the cloud environment and the growing need for an efficient computing framework will drive the global cloud storage market.

MAIN ACTORS IN 2018:

Currently the market is large, but its potential is even greater, that causes it to be the large multinationals of computing that are already positioned in it.

Still, there are sites for everyone, since specialization is a key factor.

GenesisX, as we will see later, offers solutions that multinationals have not wanted or could not develop.

Even so, these are some of the solutions (there are many more) that are currently on the market, as you can see, they are all large multinationals.

These are mostly services offered globally, without specialization or adaptation to the client or the company.

GENESIS X MARKET

The fact of being a young, specialized and community-based company gives GenesisX a few differentiating factors.

An example of the risks of working with multinationals is that, in general, the solutions are general, and the measures and offers provided, the same.

Do you know how much you really care to companies like Dropbox? Nothing, that is the big difference.

Example: DROPBOX: The security of Dropbox was compromised by its own mistakes in 2011 when they uploaded an update that had not been sufficiently reviewed and tested on its platform.

This update had a major bug that allowed access to user accounts with any password. The ruling was active for more than 4 hours and compromised approximately 1 million accounts at that time. … Or so they said.

This caused havoc in the internet community because not only 200 million users were exposed, but the highly sensitive data of 8 million business accounts were also compromised.

Four years later, Dropbox revealed that they underestimated the impact of that error and that instead of 1 million accounts, there were more than 68 million accounts that were compromised.

A situation at least embarrassing because it took the company four years to calculate, or at least publish, the impact of only four hours of lack of security.You can check it Here: https://www.theguardian.com/technology/2016/aug/31/dropbox-hack-passwords-68m-data-breach

Christopher Soghoian (Employee of the Dropbox) also revealed that Dropbox lied to his customers that their employees did not have access to the stored files. Actually, some employees see what users upload to their Dropbox account.

Other companies such as Apple, Google and Microsoft have taken precautions to avoid security lapses like Dropbox but nothing is guaranteed.

The lack of adequate encryption to protect the user’s privacy in these services is a major concern for companies.

THE SOLUTIONS THAT GENESISX CONTRIBUTES

In a global environment operated by some of the largest multinationals in the world, with generalist solutions, where the user is the least important part, where specialization does not exist and the concern for privacy is only apparent, GENESIS X offers the following:

· Point to point encryption (Most do not offer it).

· 2FA

· File password protection.

· Platform to proof of hackers attacks.

· XGS will also create its version of Zerocoin protocol which is improved.

· XGS coin:

o Clamps down the size of coin transaction to below 1 k

o Keeps the time on spend-transaction verification to under 6ms.

o Enables anonymous transactions to be done in variable amounts.

o Covers transaction amounts, as well as the coins kept by users.

o Payments may be directly to a fixed address without any user interaction.

In addition to all this, it offers innovative solutions in the cloud storage industry, such as the possibility of having a file uploaded to Genesis X and being able to sell it directly from there, completely anonymously and safely for both parties thanks to its incredible Gateway.

$XGS PRICES BEHAVIOR:

After less than 1 month of monitoring their prices and quotes, and without being affected in the least by the continuous startles of bitcoin, it is clear that investors see in this project the potential and the seriousness enough to continue trusting and investing, every time more in the project:

At the time of writing this article, $ XGS has a daily volume in Crypto Bridge of about 8 Bitcoins.

The current demand is in more than 6 masternodes and the total supply is of 6 masternodes, what assures us the stability of prices in the short term.

You can check this data here:

https://wallet.crypto-bridge.org/market/BRIDGE.XGS_BRIDGE.BTC

ROI, BLOCK REWARDS AND COIN SPECIFICATIONS:Currently the ROI is at 1.062% as it has just reached the figure of 200 masternodes.

Block rewards are still in its most generous phase, currently being near the block number 60,000, and the rhythm of high rewards will remain until block 100,000.

This aspect, without a doubt, shows the confidence in the project deposited by the developers, as well as allowing investors to have the absolute certainty that no one tries to make a profit in the short term with the project, just the opposite.

Onnly 1% of premined coin is a number that undoubtedly endorses the team and demonstrates its firm will to make grow the project and develop it until it reaches the final product and use by the end customer.

That is to say, to fulfill the initial objective of bringing a storage solution in the cloud that is truly safe for the general public.

The almost 70% of currencies that are currently stored, credit that confidence on the part of investors.

HOW WILL FUTURE FUTURE BE?

Once the final product is developed, I imagine a marketing campaign focused on both, individuals and companies, with the firm intention of making the public see (crypto and not crypto related people) that security and anonymity are essential in a globalized world.

Also, large multinationals are not the solution, but companies created by people for people, based on community and service excellence.

PROS AND CONS:

PROS:

· Allows payment and collection anonymously .

· Adaptation to the market.

· Focused on customer service, not being an unattainable multinational.

· Democratic, based on governance through Masternodes and the community decisions.

· Transparent, in budgets, expenses and incomes.

· Versatile payment gateway that will allow different types of deposits.

· The market target is global, not just the public crypto.

· Active in all social networks. Being aware of the importance of them.

CONS: