Genaro’s Core Product Concept
The Genaro Network is a blockchain project, one of the key objectives of which is to change the way we keep our data as well as how we make use of our spare data storage — in this case, to benefit ourselves and others. As the blockchain revolution spreads around the world, Genaro aims to influence how people think about and adopt the technology. Blockchain can be confusing and many critics still doubt how useful it will be in practical applications. Read on to discover how Genaro will change things for cloud storage, the sharing economy and the continuing efforts to scale up the number of people, enterprises and applications using that technology.
1. Moving Data from the Cloud to the Blockchain
To understand one of Genaro’s core purposes — moving data from the cloud to the blockchain — you must first understand what cloud storage is, what the current issues around it are, and why it’s necessary to improve existing cloud storage with blockchain technology.
The system of larger external networks providing resources to supplement more localized computing is called the ‘cloud’. In recent years, with the explosive growth of Internet technology and global connectivity, cloud computing has gained in importance. Due to the advantages of low prices and convenience, cloud storage has developed more and more and has been successfully applied in many fields. The development of cloud storage has gone through three main phases. The first stage was from 1945 to 1969, mainly involving early technological breakthroughs such as binary code and other telecommunications inventions.In the second phase, cloud computing underwent a transformation from something deployed in specialized labs to a resource available to consumers. In 1983, CompuServe offered users disk space to store files, while in 1994 AT&T created PersonaLink Services, which provided a shared platform for business communication. In March 2006, Amazon’s Amazon Simple Storage Service (S3) cloud storage product officially began the rapid evolution of cloud storage services. Over the following 10 years, cloud storage entered its third phase: it began to permeate every aspect of business and personal computing, bringing great convenience to people’s lives for the storage of data, from documents and pictures to audio and video etc. Services such as iCloud, Amazon, Google Drive, Dropbox, and Ali Cloud, Baidu Cloud and others eventually became quite common.
However, cloud storage is not a perfect solution. In an age where every user is generating massive amounts of data, data protection and privacy, as well as the ownership of data, have become more of a concern. In sum, traditional cloud storage services have the following major problems: 1) The data stored on the cloud can be easily used and sold without permission; 2) VIP services are expensive and inefficient; 3) The server is vulnerable to hacking, data leakage and loss. The periodical occurrence of server failures that cause the system to temporarily fail to log in, and cases when even industry insiders have deliberately stolen user accounts and personal information — all of this has cast a shadow over the data security and privacy of all cloud storage service users. The recent Facebook Data Leak Scandal could be served as an example.
So why should we apply blockchain technology to storage? First, let’s take a look at what the blockchain is. Interestingly, there is no one definition that can satisfy everyone. Here we will argue that a “blockchain” is simply a way to store data with 3 very important characteristics:
- A blockchain stores its data in the form of an unbroken chain of information blocks, whereby each block references the previous block.
- A blockchain is massively de-centralized system, where each participant holds a complete copy of the chain.
- A defined consensus protocol provides a unique way of adding data to this chain of information.
We will see that these three key characteristics lead to a system that is resilient against attacks due to a lack of a central server and provides a secure data ledger where data can only be added and cannot be changed retrospectively — so-called immutable data storage.
In light of the existing shortcomings of cloud storage, Genaro uses the core cryptography and consensus algorithms in blockchain technology to create the world’s first highly efficient programmable public chain that incorporates peer-to-peer storage networks. The release of Genaro Eden is the first step to realizing this grand blueprint. It introduces innovations in storage and incentivized sharing of storage space, encryption algorithms and consensus mechanisms. In future, as more users and developers store their data with Genaro and build their projects within the Genaro ecosystem, the Genaro blockchain will grow larger and more secure.
2. Applying the Sharing Economy Model to Create an ‘Airbnb’ for Data Storage
The sharing economy refers to the process by which organizations or individuals with idle resources can share resources with others in need of them and receive rewards — or share their idle resources to create value. To sum up the economy, in one sentence, it is to make maximum use of idle resources. A successful sharing economy model usually requires the following features: first, the quantity of idle resources must be sufficient; second, resources must be relatively easy to standardize and regulate; third, there must be a unified and convenient channel to provide resources to the side where the demand lies.
Founded in San Francisco in 2008, Airbnb is a short-term rental site that uses a peer-to-peer model to share idle beds and rooms in apartments worldwide, providing travelers with localized residential options. In less than seven years, Airbnb’s housing leasing services have entered 40,000 cities in 160 countries, and the number of rooms exceeds 1 million, with a valuation of more than US$20 billion.
This principle also applies to the Sharer part of Genaro Eden — users can share their free hard disk space across the network, providing data storage space for others. In this way the sharing of resources allows added benefits for both parties. The more people who join the network, the further the operating costs of the network will be reduced. As with Airbnb, where the landlord leaves the spare bedroom for tourists to use, Eden uses spare hard drive space to store pieces of encrypted information. As we can see, Genaro Eden satisfies three conditions for a successful sharing economy model: First, the barriers to entry are low, and anyone with idle drive space around the world can become a resource provider. The second is that the model is easy to standardize, with the data being measured with a unified standard (MB /GB/TB). The third is that Genaro Eden opens a unified and convenient channel to connect supply and demand smoothly.
The sharing economy not only brings benefits to resource-sharers and users but also saves resources for society as a whole and is in line with a path of sustainable development. Just as Uber has reduced the proportion of empty car seats and given work to many drivers, Airbnb has increased the use of housing around the world. Genaro Eden sells unused space to make storage more economical and environmentally friendly and sets the stage for the optimal allocation of resources. That is what we call ‘green computing’!
However, the purpose of Genaro Eden is not to completely replace traditional cloud storage — rather it is to provide users that have higher requirements for data storage with a new possibility: higher privacy, better security and lower cost. Compared to traditional cloud storage service providers, Genaro Eden also includes a last core feature to add to its appeal, which is the renting of unused space, benefitting ordinary users.
3. Asia’s First Peer-to-Peer Storage Application — A Good Way to Get Started with Blockchain Technology
Compared to many blockchain projects on the market that focus on the construction of abstract concepts and theories, Genaro is one of the few projects that has released real applications and has clear product planning and a road-map for future applications. In particular, the release of Genaro Eden marks the appearance of Asia’s first peer-to-peer storage application for widespread use, creating a milestone in the formal entry of blockchain technology into the data storage industry.
In 2008, Satoshi Nakamoto’s paper, ‘Bitcoin: A Peer-to-peer Electronic Cash System’, appeared on the Internet, describing for the first time the concept of the blockchain. At the time, only a few people had ever heard about this technology; today, ten years later, the concept of blockchain technology is spreading like wildfire in investment circles and stories abound in the media. However, nowadays, despite Vitalik Buterin’s claim that “Blockchain solves the problem of manipulation,” there are still not many people who understand the technology clearly — most people are still amateurs.
Therefore, the emergence of Genaro Eden comes at just the right time. A simple and easy-to-use blockchain application can not only meet the needs of data storage but can also be used as a learning tool for navigating blockchain technology. Just like the iPod taught people new ways of listening to music on-the-go, the likes of Instagram have changed the way we take photos and upload media. Genaro Eden also has the capacity to enlighten people about a burgeoning technology through a few simple steps. We hope that you will take them and join our ecosystem.
- About Genaro Network -
The Genaro Network, the creator of the Blockchain 3.0 Ecosystem, is the first Turing-complete public chain that incorporates a decentralized storage network. Genaro’s original SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) mixed consensus mechanism aims to create a blockchain platform with a processing speed of tens of thousands of transactions per second, which opens the way for the technological shift to move data from centralized clouds to blockchain with decentralized storage. Genaro offers developers a one-stop combined platform for deploying smart contracts and storing the data needed for DAPPs, while also providing everyone with a more trustworthy Internet and a sharing community.
Official Website: www.genaro.network
Github: www.github.com/GenaroNetwork
Telegram Community: t.me/GenaroNetworkOfficial
