Cryptex, found online at Cryptex.network, is a two-biometric authentication system built on blockchain technology and smart contracts. Here’s our review.
What Is Cryptex?
Cryptex is a “2BA” (two biometric authentication) system built on blockchain technology. As a “two-biometric authentication” system, Cryptex allows for verification through fingerprint identification or face recognition.
You download the Cryptex app, install it, connect to the Cryptex network, then activate your fingerprint to authenticate. The facial recognition system uses a similar process.
The blockchain revolves around “micronodes”, which are nodes that can be run from any ordinary smartphone. You can run a Cryptex node on your smartphone to earn Cryptex tokens (XET).
The developers are currently preparing for the Cryptex ICO, which is scheduled to take place throughout November and December 2017. The platform is scheduled to launch (with version 1) at the beginning of 2018.
Overall, Cryptex claims its platform is the “foundation of decentralized security.”
What Problems Does Cryptex Seek To Solve?
Cryptex seeks to solve general problems in the world of authentication and verification.
Specifically, many security services that offer authentication and key management rely on trusted third parties, or TTPs. These TTPs provide a common root of trust, which enables secure communication among all users. However, in many applications, it’s not practical to assume universally-trusted TTPs. It’s not practical to have a single centrally-trusted TTP.
With that in mind, Cryptex believes that certain organizations can benefit from a decentralized verification platform. Any application that involves ad hoc groups using peer-to-peer systems, for example, can benefit from a platform like Cryptex, as can mobile ad hoc networks (referred to as “MANETs” in the Cryptex whitepaper).
Critical online services can also benefit from Cryptex, as they can use the platform for certification, revocation, and time-stamping. Centralized operation of security services like this is undesirable because it leads to a single point of failure.
Cryptex aims to solve all of these problems by building biometric authentication systems on blockchain technology.
How Does Cryptex Work?
Cryptex is developing an open source software for decentralized security. The software relies on the Cryptex Network, which is a worldwide collection of “micronodes” that use industry-leading cryptography.
Cryptex aims to revolutionize the security industry with biometric authentication built on blockchain technology, fueled by micronodes and the XET token.
Cryptex uses its own blockchain. That blockchain was built specifically for the decentralized web. It uses Cryptex tokens, or XET, as the fuel that runs the network. Although Cryptex uses its own blockchain, its XET token is an ERC20-compliant token built on the Ethereum blockchain.
Another unique feature of Cryptex is that you don’t need to use any special hardware – like for facial recognition or fingerprint scanning. Instead, you can use any device with biometric recognition built-in – like a smartphone, for example.
To run a Cryptex micronode and begin earning Cryptex, you’ll first need to start with 100 Cryptex tokens in your wallet. That micronode can run on your smartphone at any time. You just download the Cryptex app and install it, then begin earning Cryptex tokens through your node.
The Cryptex Token Sale
There’s a total supply of 25 million Cryptex tokens (XET). 60% of those tokens (15 million) are being sold through the ICO. 10% (2.5 million) are dedicated to the pre-sale, and 30% (7.5 million) are dedicated to bounties, referrals, future employees, the team, and development costs.
The Cryptex pre-ICO is scheduled to run from November 8 to 22, 2017, with the general ICO running from December 1 to 15, 2017.
Meanwhile, a beta version of the platform is expected to launch in February 2018.
Who’s Behind Cryptex?
The development team behind Cryptex first got together in October 2007, when they started working on the Ruby on Rails Platform. Since then, they’ve specialized in mobile app development. The team behind the company has built, developed, and deployed software solutions for Fortune 100 companies like Apple, Facebook, HP, Disney, and more. The team consists of 35+ developers, designers, architects, and project managers.
Key members of the team include Criss Albert (Solutions Architect), Abraham Anderson (Lead Software Developer), Jaxon Wollham (Senior Software Engineer), Kent Kevin (Senior Software Engineer), and Jason Burny (Design Lead).
Cryptex aims to disrupt the identification and authentication platform industry using blockchain technology. The Cryptex blockchain is fueled by micronodes – capable of running on a mobile device – and XET tokens – an ERC20 compliant token built on Ethereum. The Cryptex platform itself, however, runs on its own custom blockchain.
You can learn more about Cryptex and the upcoming ICO by visiting the company online today at Cryptex.network.