During two days, on May 24th – 25th, the Blockchain Festival was attended by more than 30 speakers and representatives from the world's leading blockchain projects, such as Kyber Network, Genaro Network, Tomochain, PolicyPal, Matrix, DRC, TopChain, Achain, and the like. The event was organized by Huobi Pro at the GEM Center, Ho Chi Minh City.
At the event, reporters and investors had the opportunity to meet, ask questions and seek investment opportunities for the future. During the event, nami.today's reporter also had a brief interview with the founder of Genaro Network, Larry Liu, about future generations of blockchain technology.
Genaro Network, which is based in Singapore, is the first Turing-complete public blockchain, and also allows data storage for developing Decentralized Applications (Dapps).
When asked by nami.today about the aim of Genaro Network, Larry Liu said: We want to provide developers with a one-stop development platform that can deploy smart contracts and store the data required by DApps at the same time, and provide each person with a trustworthy internet that connects the real world to the blockchain via data. Blockchain can work to wrap all things up in the back-end. There is only one blockchain for all back-end operations, both users and developers typically just interact on the front-end. We move applications from the internet to blockchain”.
Blockchain 1.0, or Bitcoin's blockchain, was created to allow the exchange of digital assets safely and anonymously. Bitcoin, however, has a huge problem with its limited storage capacity. Then Ethereum - blockchain 2.0 - was created, and with it the concept of Smart Contracts emerged as the key to solve problems in all areas of life (securities, mortgages, intellectual property rights, etc.), as it eliminates the role of a third party in transactions. But Ethereum still has not handled the problem of the very low processing speed.
Since 2016, we’ve been dedicated to finding possible solutions to the drawbacks that blockchain technology is facing today. Genaro has 2 two main features: enabling the development of a Smart Contract, thereby developing Dapps, and enabling data of these apps to be stored on the blockchain.
Although blockchain 1.0 (such as Bitcoin) or 2.0 (such as Ethereum) also allows data storage on blockchain, the volume is too limited in both quantity (few megabytes) and quality (mostly in the form of a simple text).
For the next generation of blockchain technology, the process of creating DApps, developers want to store a lot of data, like data about users’ behavior, such as users’ interest, time of use, etc. These are very important features in the data revolution, when technology giants such as Google and Facebook are able to gain insight into customers' preferences, which empowers them to satisfy billions of accounts worldwide.
The CEO of Genaro said that they would improve the weaknesses of blockchain Ethereum, namely “low performance, lack of storage and no direct data feed”. Sharing with nami.today, he said: “We are a one-stop option for both smart-contracts and data storage. Our data storage, both encrypts and separates data into pieces which are randomly distributed nodes managed by the Genaro public blockchain, where no one can read or rewrite your data without your complex private key.”
Talking about Consensus protocol, Larry Liu said: “Consensus is the key part of the public chain, the gateway which allows people to jointly work in a secure manner, and only by combining with parts like distributed and encrypted storage can the public chain work”.
GNX is the token of Genaro Network. Within the network it is used to purchase and compensate those who lease hard drive space. Users of Genaro Eden can pay both Storage Sharers and Challengers (Miners) in GNX in order to store their personal data. Over time GNX will be scalable across DApps on the Genaro Network, creating a parallel economy. The main function of GNX is to be used within Genaro network, not acting as a security token, but rather a utility token.
He also said: “About Dapp's development, we target the global market. However, to expand the data storage, we first target three markets: in Russia, Korea and other Asian countries”. Genaro ICO has just finished its public sale and has raised $11,362,000 over its initial target of $29,600,000 (38%).
“We have incubated some projects and in the future we want to create a place to provide the project requirements, to work with each other to benefit from the project”, Mr. Liu said. If successful, Genaro Network will usher in a new blockchain era, where decentralized applications will be able to outstrip the rulers who dominate the user data market such as Facebook or Google.
Written by @daigv from nami.today