The cryptocurrency market went through a bullish phase back in 2021, allowing mainstream blockchain networks such as Bitcoin and Ethereum to grab the world’s attention by virtue of their market performance. Several new layer-1 projects have now surfaced, and they are looking to overcome the traditional shortcomings of Ethereum when it comes decentralized applications (dApps), with some even hoping to replace Ethereum as the new king of dApps.
Making Up for The Deficiencies Faced by dApps
While a mainstay within the industry, dApps continue to decline in popularity due to certain shortfalls in Ethereum’s network, such as the lack of scalability in its underlying infrastructure and slow transaction speed. The solution to this is simple: if there is a new network that can prove that it can perform better when it comes to the aforementioned factors, dApps can once again be an industry staple.
The applications and products found within Web 2.0 have a significant problem: their creators are monopolizing user data with default opt-in settings and unnegotiable privacy policies. User data are now stored in centralized servers and databases, which also increases the risk of data theft and hacks. Faced with endless problems relating to data privacy, more and more developers are hoping to develop quality dApps using blockchain technology to solve these prevailing issues.
By relying on blockchain technology, dApp developers seek to empower users on data ownership, which can also improve data security and privacy. However, blockchain technology still needs to overcome some obstacles for large-scale adoption to happen. For example, data storage remains a major problem on some blockchain networks, severely impacting their throughput and transaction speed. Thankfully, the emergence of Genaro Network can effectively ensure that data is securely and effectively stored on decentralized nodes, which can improve the utility of dApps in the current market.
Employing a “Storage + Blockchain” Model
Several of the current mainstream blockchain networks do not pay much attention to data storage. This should not be the case, and Genaro is looking to change things with the debut of its blockchain network and distributed data storage solution that will completely revolutionize the way that data is stored.
Genaro Network has spent a lot of time and resources to develop its decentralized storage solution, and its commercial potential has grabbed the attention of major corporations and foundations worldwide. Genaro exhibits major differences when compared to other blockchain storage projects such as Filecoin, SC, Storj, etc. For example, the project hopes to incubate a dApp ecosystem within its network, while also ensuring that its decentralized data storage solution remains competitive and relevant in terms of industry standards. dApp developers can easily deploy and build applications on Genaro’s blockchain network, and they can also directly upload the data produced by their dApps on-chain. Before this, dApp data was usually distributed between multiple storage servers, or even on centralized cloud storage platforms like Amazon Web Services. These storage methods are largely inefficient, and may hinder the development of dApps in the future.
Genaro has adopted a PoS+SPoR hybrid consensus mechanism, with PoS being the consensus mechanism of the blockchain network and SPoR serving as the consensus mechanism of the storage platform. While many users are familiar with PoS consensus mechanism, most of them may not know that SPoR is a direct upgrade from the PoR consensus mechanism that Filecoin is using.
Genaro Network believes that the ownership of users’ data belongs directly to the users, and that data should be stored and preserved securely indefinitely. Because of this, the project has been a stalwart of distributed data storage, and will work towards providing long-term data storage for individuals, enterprises, and developers so that the ecosystem can continue to grow.