Genaro builds a decentralized storage network, allowing participants to rent their unused storage space and take part in a secure ecosystem based on the blockchain, which splits every file or document uploaded in dozens of pieces while also utilizing a very fast infrastructure.
Based out of Singapore, the Genaro team managed to raise a little bit over $11 000 000 for their project.
Genaro attempts to create a better, cheaper storage solution than current services offered by industry giants like Dropbox, Google Drive, and others. The network will operate as a fully competitive market for storage, allowing users to bid to offer cheaper storage to market participants. Genaro’s network stores important data for decentralized apps and individual users. Data is encrypted, separated into pieces, and randomly distributed to nodes on the Genaro blockchain. Nobody can read or rewrite your data without your private key – similar to how storage solutions like IPFS work.
The Genaro Network is the first smart data ecosystem with a Dual-Strata Architecture, integrating a public blockchain with decentralized storage. Genaro pioneered the combination of SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) to form a new consensus mechanism, ensuring stronger performance, better security and a more sustainable blockchain infrastructure.
Genaro claims that their protocol is an upgrade to blockchain 3.0, aiming to be the first complete public chain with decentralized storage network that provides blockchain developers with a one-stop solution for deploying smart contracts and storing data at the same time, but that’s not where the platform’s features end. Genaro will also host a platform engineered to support the development of decentralized apps within the Genaro network, is designed and provide mentorship, technical expertise, marketing support, and community funding to allow teams and projects to succeed.
The Genaro Network utilizes its own unique protocol, meaning its token are not based on the ERC-20 standard. One can use GNX tokens to pay for space, or to use the decentralized apps on the platform.
The main problem with the Genaro Network is that it is too diversified, and the fact that most of its products compete with established multi-billion dollar companies and other blockchain projects that are much more ahead in terms of development. It’s very hard to imagine a project that still doesn’t have a main net to compete anytime soon with Google Drive, or even IPFS, which also operates in the sector of decentralized storage.
The Genaro Network is an ambitious project. The team has many things on the way, but working on so many things at once definitely slows down development, and while there’s nothing particularly wrong with the project, there’s nothing particularly exciting about it. Not everything that works needs to be exciting, however, and we’ll be waiting to see what the future holds for Genaro.
