Cryptelo aims to reinvent data sharing using a zero-knowledge blockchain-based platform. Find out how it works in our review.
What Is Cryptelo?
Cryptelo aims to create a safer way to share data by providing encryption as a service. Today’s data sharing system has major flaws. We give data to corporations, but have limited control over where that data goes. Corporations can freely share data with other corporations. They can sell it to advertisers. They can use your demographic information to market new products to you.
Cryptelo envisions a future where your data stays in one place, where it’s shared and not sent, and where it’s secured using blockchain technology. Cryptelo’s key feature is a zero knowledge proof platform that uses private keys to unlock and secure your data.
The Cryptelo token sale starts on December 19, 2017.
The development team behind Cryptelo formed in 2014. They initially launched an ultra-secure drive called the Cryptelo Drive. This latest project is called the Cryptelo Platform, and it’s scheduled to be released in 2018.
Overall, Cryptelo seeks to capture part of the encryption as a service industry, which they list as a $20 billion industry with 30% annual growth.
What Problems Does Cryptelo Seek To Solve?
Cryptelo believes today’s data sharing program is inefficient and problematic. Here’s the crux of the problem:
“Whenever you send a file, a photo, money transfer, anything — it goes through a third party. That means your data is no longer in your hands and can put your personal information and assets at risk.”
When you send money, a file, or even an email, for example, it always needs to go through a third party and that third party’s servers. Your data is handled by intermediaries for virtually any type of data sharing. As we’ve seen with the numerous data leaks over the past few years, we can’t always trust those third parties.
How Does Cryptelo Work?
Cryptelo was built with four core goals in mind. Overall, those goals make the platform a safer place to share data. Your data never leaves your hands. It’s secured in a zero-knowledge platform, which means you never need to share data to complete a transaction. As the website explains, “your data is so secure, not even we can access it.”
The four core goals of the Cryptelo platform include:
- Your data stays in one place with encrypted data storage
- Your data is shared not sent (using data mirroring)
- You enjoy secured direct sharing and blockchain-based key management
- Your data is easy to implement, and the open platform is ready to be implemented into any program
Cryptelo uses blockchain-based key management and encrypted storage to ensure your data never leaves your hands. Not even Cryptelo can access your data. The proof of concept for the platform has already been created. That platform is already in use by Cryptelo’s clients in high-security sectors.
Use Cases For Cryptelo
Cryptelo’s platform can be used for any situation where data sharing is important. Some of the use cases outlined on the official website include:
- Social messaging
- Cloud storage
- Medical data
- Machine to machine communications
- IoT data
- ICO data
All of these sectors can rely on the Cryptelo Platform to provide encryption as a service.
Some of the core features of the Cryptelo Platform include:
- Bulletproof key exchange where keys are created and stored only on the user side
- Homomorphic encryption where specific data operations are processed without decryption so sensitive information cannot be leaked
- Easy to implement, including an open protocol platform that can be implemented into any program, enabling top security standards without the need for deep knowledge of encryption
Benefits Of Cryptelo
Cryptelo advertises the following benefits for customers and developers:
For Customers And Clients
- Reduces the risk of leaking customer data because of strong encryption protection
- Enables integration in days instead of months thanks to smart contracts
- Get professional technical and maintenance support
- Implement state-of-the-art security in a few lines of code without the need for deep cryptography knowledge
- Get first-class support during implementation
- A well-documented API with examples of usage
The Cryptelo ICO
The Cryptelo token sale is scheduled to start on December 19, 2017 at 15:00 UTC.
The Cryptelo Platform will require applications to use tokens. Every application that will use the Cryptelo platform will use a server API to connect applications together, and the server API will be paid for using Cryptelo tokens.
The tokens are listed under the symbol CRL. They’re priced at $0.10 during the token sale, with a total supply of 500,000,000 tokens. Of the total supply, 25% is going to the company, 20% is going to a closed pre-sale, 30% is going to a public sale, and 25% is going to a bounty program.
The crowdsale has a maximum cap of $15 million. You can contribute using Ethereum.
Who’s Behind Cryptelo?
Cryptelo is headquartered in Prague, Czech Republic. The company was founded in 2014 by a team of top cryptographers. The company’s first initial product was the ultra-secure, NSA-proof Cryptelo Drive. In 2018, they plan to release the Cryptelo Platform, which is the platform we’re talking about today.
The company is led by renowned cryptographer and white hat hacker Dr. Vlastimil Klima, who made headlines for successfully breaking the SSL protocol. Dr. Klima has 35+ years of professional experience as a cryptographer for the Federal Ministry of Defense as part of Czech National Security. He has participated in government and commercial projects, including the creation of the world’s first on-the-fly encryption system for Windows 95 and later versions of Windows.
Czech Republic, by the way, ranks first on the world’s cyber security index. The country is home to antivirus companies like Avast and AVG. it also produced the first bitcoin hardware wallet (Trezor) and the first pooled bitcoin mine (Slush Pool).
The Cryptelo Platform is an encryption as a service platform that empowers developers to provide maximum security without being a crypto expert. The platform currently has a proof of concept in use by several organizations. Cryptelo envisions a future where their encryption service can be used for social messaging, emails IoT communications, and more.
To learn more about Cryptelo and the ICO, visit online today at Cryptelo.com.