Ever since a mysterious creator started the genesis block for Bitcoin, and began a technological revolution, blockchain has been becoming a greater part of everyday life. While blockchain in essence has stayed the same, the evolution of blockchain has happened in two distinct steps.
A review of the Genaro website, white paper (WP) and encompassing information was conducted by the team from CryptoCentral.io (CC). This process is going to speed the process of the ICO by becoming officially verified by the CC team, with our stamp of approval.
By being ICO verified, potential investors will have the confidence they need to know that the ICO information has been studied, and a thorough investigation into the ICO was conducted. By showing the stamp of ICO verified, it will give extra credibility to the team, and entice investors to trust the team.
The investigation was conducted with utmost care, and is understood to be above what the average investor would conduct during a due-diligence investigation. All information from the website, WP, and provided information is taken as true and factual.
Ever since a mysterious creator started the genesis block for Bitcoin, and began a technological revolution, blockchain has been becoming a greater part of everyday life. While blockchain in essence has stayed the same, the evolution of blockchain has happened in two distinct steps. Blockchain 1.0 being its name sake Bitcoin, blockchain 2.0 was Ethereum and smart contracts, and blockchain 3.0 is going to be data storage and information protection on the blockchain.
Genaro intends to lead the charge into Blockchain 3.0 with their Turing-complete public chain data storage solution. With this next step in the blockchain evolution, Genaro will be the leading data storage provide, while offering the ability to build custom decentralized apps onto their network.
The blockchain 3.0 protocol will be built on data storage and information coupling. With this advancement, people will be able to easily and safely store and access data that is protected and made hacker free via blockchain encryptment.
The Genaro platform is not just providing a way for individuals and companies to store data in the cloud. They are providing a combined smart contract enabled blockchain based data storage and usage solution. As per their white paper, the data storage sector is expected to grow by over 200% to roughly $1,300 million dollars. This, along with the current rise in blockchain technologies is shifting the way the current cloud storage providers offer their services.
Unlike other cloud storage providers, even those on the blockchain, Genaro is not a quick “lets rent storage space for our data”, it offers complete, secure data storage and analysis solutions. The way Genaro plans to incorporate their blockchain onto new cloud storage systems is revolutionary as it is enabled the combined use of smart contracts into the storage devices.
Genaro first showcased their Blockchain 3.0 concept in November of 2016 in China. From their presentation in late 2016, they received seed funding from two well-known crypto investing names, BlockAsset and ChainBase. The roadmap for Genaro projects has some big hitting mile stones in the near future. By the end of Q2 2018, Genaro will launch their Genaro hub, and finalize their blockchain accelerator. Once the hub and accelerator are up and running the team plans on having over 100 dApps running on the Genaro blockchain by early 2020.
As one can see, the Genaro blockchain and network will bridge the gap between cloud storage and smart contract assets. Within their network, users will be able to store their data and then run and write smart contracts into the framework in order to use and analyze the data that is stored.
White Paper Review
The WP reviewed was Genaro – 3.0 Blockchain with decentralized storage and dAapps
. No information or consideration will be given concerning grammar or spelling, unless it is extreme.
One of, if not the, most crucial pieces of information that an ICO can give potential investors is their White Paper (WP). It is of utmost important to have a clear, concise, and professional WP. With this document the company will have the opportunity to get their message across to the readers, and convince them that the project has merit and is worthy of receiving their investment funds.
The Genaro WP does a good job explaining the history of blockchain and how they are planning, on what they call, developing Blockchain 3.0. The theory behind Blockchain 3.0 is to create a place to securely store, transact, transfer, and analyze data on the blockchain.
The WP discusses in detail how the team plans on building the project and how their plans for the future are laid out. The details within the WP are technical enough to show the team is savvy in their approach, but explained in such a way that it will make sense to users who may not have a technology background.
The use of graphs and figures is very helpful to visualize the concepts behind the technology, and give a good break from the text.
The WP flows well, starting with the history and ideas, and then moving into what the project does and how it accomplishes this goal. There are a few missing sections, such as legal counsel (law firm), company incorporation, and ICO details.
A very important section that was not included is the ICO detail for the project. Investors will want to be able to read all about the token issuance, how much money the team plans on raising, how the tokens are distributed, and any bounties or free tokens from the platform.
At the very start, having a “one pager” executive summary of the entire project is advisable as the readers will then have an idea of the general scope moving forward.
Business Key Products
The key products that the Genaro project will provide are data storage and interpretation on the blockchain, and a coworking and living space for startups.
Co-working has been gaining popularity in the recent years, as new companies are sometimes unable to have fully “turn-key” office space due to their limited budget. The idea behind the Genaro platform is to have fully operational living and working facilities so that new startups will be able to create their decentralized applications (dApps) on the Genaro blockchain.
The data storage and analysis portion will also come from a sharing of local harddrive space. So for example, a user who has an idle HDD can share his disk space on the Genaro network and be rewarded tokens for his space. The platform will then build in ways for users to access their data, while having the immutable accuracy and security of blockchain.
The three main aspects of the project is Set, Get, and Analysis. Setting will allow users to “deposit” their data onto the Genaro blockchain for secure storage. Getting will allow the users to retrieve their data and pull it out of the storage of the blockchain. The last part, Analysis, is very interesting because protocols will be built into the platform that allows User A to analysis the data that User B has on storage, without User A ever having direct access to the data. This will allow companies and users to assess data and make calculations without having security issues arise.
The fuel for the entire system will be the GNX tokens, which will be paid as transaction fees inside of the platform. As is discussed in the WP, the tokens are purely utility tokens and will not be held to security regulations. Along with paying for gas, the GNX tokens will also be used as an internal payment system inside the shared living and working communities of Genaro.
After reading the WP, the next place that potential investors will closely scrutinize is the project team. It is imperative that the team information is accurate, up to date, and all information is readily available.
An in-depth review of the team was conducted in order to identify any potential weakness in the presentation or areas of concern. Investors will want to see that the team has the past experience, and strategic partnerships in order to fulfill the promises in the WP, and deliver on the milestones set forth in the road map.
The team for Genaro has a specialized, technical background. From reviewing the website and information regarding the team, it is easy to see they are top notch in their field. Many of their developers and engineers have post graduate degrees, and one of their main developers is a PhD candidate.
Their team have had positions at very reputable technology companies such as Google. Their executive board has great skill in the area of leadership and business development, with decades of experience among them.
After reviewing the team’s history, investors will feel very confident of the leadership since they have had similar positions in the past, and are bringing with them valuable experience that will translate directly into success at Genaro.
While a small summary of each member is given it is advisable to provide as much information as possible about the team members. Investors will look first at tech, and then at the team. Good tech will go nowhere without a top team. Giving information regarding LinkedIn profiles, or other publically verifiable information is recommended.
Larry Liu: Larry is the Project Lead for the Genaro project. Before founding Genaro Larry was a security engineer for HP in Silicon Valley. In 2015 he developed his own blockchain wallet. Along with his work for HP he has experience in startups as he formed his own company called SendBloom. He has extensive experience in technology and artificial intelligence.
Jason Inch: Jason is the Strategic lead for the Genaro project. Jason has a post graduate degree in Business, as well as over 20 years experience as an executive leader in technology companies. Along with his practical business experience, he is also a published author and founder of a business meetup community in China.
Waylon Wu: Waylon is the Chief Technology Officer for Genaro. He has extensive knowledge and working experience with technology companies and was once the core member of a technology company called Maxim Integrated. He has extensive blockchain experience and began coding and writing dApps on Ethereum in 2015.
Andy Wang: Andy is a PhD candidate with a focus on blockchain technologies.
Yuchen Yui: Yuchen was a Senior Engineer at google before joining Genaro. His specialty is in cloud storage and artificial intelligence.
Kenneth Oh: Kenneth is a practicing lawyer who specializes in venture capital and advising IPO and new companies that decide to go public.
Website and Social Media Review
The website for the Genaro project was visited and inspected on November 1, 2017.
Having a clean and professional website is absolutely critical to impressing potential investors who are investigation your project. The website is the visual, and written representation of the company as a whole, if the website is not up to par, potential investors will leave without a second look back.
The Genaro website is well designed and put together. All of the information is readily available and the website is visually stimulating.
Having a place to register the email address of potential investors at the forefront of the website is great. Investors are more likely to sign up for email alerts if it is immediately given as an option, as opposed to having to search for the link.
The social media presence of the company is strong. The main media outlets are well attended and information is readily available.
When conducting a Google search for the project, the official website is the first to pop up. Along with the website is their Facebook and other social media pages. It is recommended to have some Search Engine Optimization conducted on their Youtube and Medium channels in order to help drive traffic to the information sources regarding the project.
Overall the website and internet presence is well thought out and executed.
The technical details of the Genaro project are explained in great detail in the WP. For the average crypto enthusiast this may be too much detailed information, with not enough real world application explanations.
The GNX token will be a purely utility token. By being a utility token it will not fall under any regulatory laws. As is explained in the WP, GNX will be to the Genaro blockchain what gwei is to the Ethereum blockchain.
Whenever a bit of information is “get” or “set” a transaction is made on the blockchain. In order to facilitate the blockchain GNX tokens will need to be paid. So like gwei, GNX tokens are the cost of sending the transaction and incorporating it into the blockchain’s ledger. In simple terms, anytime data is moved across the Genaro blockchain, a fee of GNX will be paid.
The consensus algorithm will be Proof of Stake (PoS) for the platform. The locking of coins inside of the platform to verify blocks and transactions will allow the owner of the coins to receive rewards from the transaction fees paid. Users will be able to portion parts of their HDD/SSD capacity on the platform in order to get paid GNX tokens.
Users or other companies who wish to have their data stored on the blockchain will have to pay GNX tokens in order to facilitate the transaction on the blockchain and pay for the storage space put up by the collateral.
For a more detailed explanation please refer to the WP.
Online data storage, and what is commonly referred to as the “Cloud” is currently a ~$600 million dollar a year industry. According to the WP the Cloud storage sector is expected to grow by over 200% to almost $1,300 million dollars by 2020.
It is evident from this information that having a blockchain based storage solution for big data is and will continue to be a major source of income for companies who provide storage services.
What is not immediately clear from the WP is how the company plans to monetize the platform, either from transaction fees or regular “service” fees. More detail will need to be explained.
From a token standpoint, it will be openly traded on any exchange that lists it. The largest detriment to the token price will be lack of adaptation, and selling off of initial investors. Since it is a pure utility token, the value will be driven by the use of the token, and how much the community values its use.
From a user standpoint, they will have two options. They can hold and stake GNX tokens in order to get the block rewards, or they can leverage their unused hard drive space in order to receive GNX payments. By applying either method, users and investors will be able to receive an income stream from the system.
From the perspective of a person in need of data storage, the Genaro platform price will fluctuate with market conditions. According to the data from the WP the price to use this platform will be significantly less for GB stored, and have faster transaction speeds than leading competitors. Companies or Individuals in need of storage space pay be incentivized to buy tokens during the ICO in order to leverage a lower price of storage in the event of a price appreciation.
Genaro has a very solid team and is experienced in the building and developing of tech startups. This coupled with their extensive knowledge in blockchain will be one of their key strengths. By combining the trend of co-working, learning and creating they are melding the world of modern work force engagement with a massive growth industry. As the sector continues to grow, and companies and startups use the Genaro platform, the reputation and client base should increase also.
A starting hurdle for the Genaro team is not having first mover advantage. There are already a number of pseudo-storage on the blockchain type companies. These companies have some established business and are recognized for their accomplishments. Also, the mixing of the blockchain storage and the co-work mentality almost make it look like the project is 2 separate entities. The major weakness of the platform is the utility token itself. If the community does not adapt the Genaro blockchain and platform the project will grind to a halt.
The biggest opportunity for Genaro will be to catch the next five year of increased growth in the Cloud storage industry. As more companies and industry move toward blockchain, industries will continue to be disrupted. With the advent of “Blockchain 3.0” the team could be positioning themselves to become the market leader in a new kind of blockchain based data storage.
As was previously discussed, the biggest threat to the viability of the platform is its inherent utility token setup. If the community does not embrace the technology, and companies or those in need of storage do not put their data on the blockchain then the project will not succeed. The expected growth is there, however, it will take some convincing to have companies embrace the new blockchain storage solutions.
The overall presentation of the team, WP, and technical data is well done. After reading through the website the investors will have a good understanding of the quality of the team, and a fair understanding of the general idea behind the product. The idea of having a Blockchain 3.0 will create a lot of community buzz if the team plays it as the next big thing for blockchain.
The project will offer great incentives for users to render their storage space, and for people in need of storage space to use the platform. By having a passive income, and a speculative aspect, investors will be able to double leverage their tokens. By having the blockchain technology with a single ledger, immutable blockchain, data storage users will be assured their data is real, secure, and quickly transferable back to them.
The team for Genaro is extremely talented, and they have the past experience and connections to make the project happen. In the current crypto world, having a solid team is just as important as having a real product. By building the next big step in block chain Genaro will position itself to be a market leader in blockchain data storage.
As discussed in the SWOT section, the weakness of the platform will be a lack of adaptation by the community and those in need of storage services. The utility token will ease the regulatory hassle during the ICO, but also be a challenge. The team will have to do an excellent job of hitting their timelines and keeping the community involved in order to maintain the trust of their investors.
With a few minor changes the Genaro project will be in top shape in order to present themselves to the crypto community and market their product to investors. Below is the summary of the P1 suggestions from the report.
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