Genaro Network – GSP ICO Turing-Complete Storage Blockchain?
Genaro Network claims to be the first blockchain 3.0 ecosystem built on a Turing-complete blockchain. Find out how it works today in our review.
What is Genaro Network?
Genaro Network aims to provide blockchain developers with an easy-to-use solution where they can deploy smart contracts and store data at the same time. It’s designed as a one-stop service. Developers can also use Genaro to access a trustworthy online sharing community.
Overall, Genaro sees itself as a blockchain 3.0 company. Typically, when someone calls themselves “blockchain 3.0”, it means that bitcoin was blockchain 1.0 and Ethereum was blockchain 2.0.
In addition to its own blockchain, Genaro will offer the Genaro Hub and Accelerator, which are designed to promote the development of decentralized apps (DApps) on the platform, including decentralized apps that are moving from existing cloud platforms onto blockchain-based solutions like Genaro.
Basically, Genaro aims to offer a better data storage solution than existing cloud storage providers. That solution can be used by decentralized app and software developers, or by individual users.
How Does Genaro Work?
The initial goal of the Genaro Network is to create a Turing-complete public blockchain with a decentralized storage network.
That network will become the backbone for a new ecosystem of decentralized applications. These applications will use Genaro because they need access to big data based on the blockchain, including data from the internet of things, artificial intelligence platforms, and other technologies.
The company’s other two projects, the Genaro Hub and the Genaro Accelerator, will support the creation of the storage blockchain and DApp ecosystem. The Hub will consist of a physical coworking space where Genaro Network developers can collaborate, while the Accelerator provides specific support to DApp developers.
Genaro has three core platforms and products, including the Genaro Network, the Genaro Hub, and the Genaro Accelerator. Here’s a brief overview of each one:
Genaro describes its network as the “revolution of blockchain 3.0” and claims it’s “the first Turing 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.
Genaro Hub is described as “a revolutionary workspace where concepts of coworking, coliving, and cocreating are combined, and all linked together by a social and business community utilizing the Genaro ecosystem.” Basically, it’s a coworking space for people who are using or building on the Genaro network.
The Genaro Accelerator will be an incubation and acceleration platform designed to support the development of decentralized apps within the Genaro network. It will provide mentorship, technical expertise, marketing support, and community funding to allow teams and projects to succeed.
Genaro Features and Benefits
Why do we need another blockchain platform? What makes Genaro such a significant improvement that it’s calling itself blockchain 3.0? Here are the three advertised features and benefits of the platform, according to the official website:
Decentralized and Secure Storage System:
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.
Permanent and Efficient Server:
Genaro stores data on multiple nodes of a blockchain instead of a single, centralized node. This means your data is retrievable at all times.
More Affordable Storage Solution:
Genaro aims to create a cheaper storage solution than current services offered by 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.
Overall, Genaro sees its blockchain as an upgrade over existing cloud storage solutions. In addition to using the platform as a distributed storage platform, users can use the platform for smart contract operations.
Who’s Behind Genaro Network?
Genaro’s co-founders are serial entrepreneurs with years of experience in the blockchain industry. However, the development team comes from all over the world, and consists of a global network of contributors.
The company is organized under a Singapore-based non-profit foundation called Genaro Ltd. The Genaro community is an open and free group with supporters from 30+ countries.
The idea for Genaro was first proposed by co-founders Larry Liu and Waylon Wu in March 2016. The concept for Genaro was introduced to the public in November 2016.
Other founding members include Andrea Liu and Jason Inch.
The Genaro Token (GNX) Sale
The Genaro ICO for GNX tokens begins on November 17, 2017. There’s a total supply of 700,000,000 GNX tokens, with 85% of the supply allocated to the general public, and 15% reserved for the internal Genaro team (9% for co-founders and 6% for consultants).
During the token sale, the tokens are priced at a rate of 1 ETH = 3,000 GNX.
GNX tokens are described as “the oxygen that powers the brain and heart of the Genaro Network”. You can use GNX tokens to pay for space, or to use the decentralized apps on the platform. Some DApps will also use their own tokens.
The token sale ends on November 30.
Genaro Network Conclusion
Genaro is a blockchain platform built with two main functions in mind, including Turing-complete smart contracts and a distributed storage solution. Just like IPFS, you can store data on the blockchain and have that data encrypted and distributed worldwide. Developers can also build decentralized applications (DApps) on the platform, taking advantage of Genaro’s smart contracts.
The token sale for Genaro tokens (GNX) begins on November 17, 2017.