KRYPTOX Network is the first of its kind blockchain project comprised of a Turing-complete chain integrated with a decentralized storage network. The network runs on the ethereum blockchain to create an entire ecosystem on which decentralized applications (known as DAPPS) can be built. The platform offers a great deal of flexibility by allowing the deployment of smart contracts while providing a permanent and private method of storing and sharing data, videos, documents and other file types. It is also highly secure compared to other conventional systems and can be used by other blockchain solution providers as a replacement for cloud-based storage.
The KRYPTOX ecosystem is designed to provide a range of advantages for Internet of Things and Big Data implementations along with both added transparency of records and privacy of data for DAPPs and their users. The data is securely stored on the KRYPTOX Network, and it can only be decrypted by using the private key belonging to the file owner.
The KRYPTOX team has proposed to build a network on which many applications can be developed, which is the opposite approach the existing cloud network infrastructure today is build of.
The platform aims to offer a highly scalable and efficient solution that can overcome the shortcomings of the existing distributed storage and sharing solutions. A combination of smart contracts and decentralized storage makes use of unused storage space and processing power contributed by the network participants. KRYPTOX thereby eliminates the need for high-end data centers with centralized storage, which are more prone to security breaches, not to mention the need for additional resources to set up such a system. It also ensures the almost fool-proof protection of intellectual property.
At the same time, KRYPTOX believes in adding value to society, which it upholds by giving back to the community. This combination paves the way for KRYPTOX to set the foundation for the future of cryptocurrency technology and its implementation – Blockchain 3.0. In doing so, the project puts the power of controlling and managing the data back into the hands of its owners rather than large media and advertising networks, for example.
The future of blockchain has already begun, the question is are you in.
Martin Wilson has been following the crypto space since 2013. He is a passionate advocate for blockchain technology, and believes that it will have a profound impact on how people live their lives. In addition to being an avid blogger, Martin also enjoys writing about developments in the industry as well as providing useful guides to help those who are new to this exciting frontier of finance and technology.
