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October 22 2017

ICO Alert Report: Genaro Network

ICO Alert Report: Genaro Network

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What is Genaro Network?

Genaro Network is the first blockchain 3.0 ecosystem built on a Turing-complete public chain with decentralized storage, providing blockchain developers a one-stop solution to deploy smart contracts and store data simultaneously. Meanwhile, Genaro provides everyone with a trustworthy internet and a sharing community. As the creator behind the blockchain 3.0 concept, Genaro aims to contribute to blockchain infrastructure technology development. Through the Genaro Hub and Accelerator, we aim to foster thousands of DAPPS, to move applications from “Cloud” to “Blockchain” and thereby create a global blockchain ecosystem.
— Larry Liu, Co-Founder and Project Leader


ICO Alert: How does the Genaro Network token (GNX) function within the platform and why is it needed?

Genaro: The GNX token is the oxygen that powers the brain and heart of the Genaro Network. It is of course used by the storage platform as a way to compensate and pay for leasing space, but GNX is going to be scalable across all of the DAPPs on the Genaro Network, allowing people and organizations to use them in multiple places and creating a parallel economy. Of course, some DAPPs will use their own tokens and that’s fine as well, but we will create convertibility mechanisms to allow GNX to be exchanged for other tokens and vice-versa. There will be a way to get GNX too, or with fiat currency, but the primary use of GNX should be within the Genaro ecosystem.

ICO Alert: Genaro is developing their own public blockchain. When you say it is Turing complete, what do you mean, and how far along is development of the chain?

Genaro: Turing Complete means the chain is programmable. In other words, developers could deploy smart contract on the chain. A great example is Ethereum. Specifically, Genaro pubic chain uses PoS (Proof of Stake) as consensus and each block is generated by storage activities. Storage and transaction receipt is made and proved on blocks.
As for a development timeline, we will first deliver the Genaro Network built on top of Ethereum as a beta version, which will be delivered at the end of December 2017. Then we will move to our own chain which will be released the summer of 2018.

ICO Alert: Genaro is using a hybrid Proof of Stake (PoS) and Sentinel Proof of Retrievability (SPoR). What is SPoR, why is it important for this platform, and has it been used by other projects already?

Genaro: The Genaro Network is a hybrid of SPoR and PoS.
Genaro decentralized storage network creatively uses SPoR (Sentinel Proof of Retrievability) as consensus to increase scalability and speed. User data is cut into pieces, encrypted and stored redundantly onto decentralized nodes.
Genaro pubic chain uses PoS (Proof of Stake) as consensus and each block is generated by storage activities. Storage and transaction receipt is made and proved on blocks.
In SPoR, challengers are chosen to prove storage retrievability, and the challengers will become “staker” nodes for PoS. This hybrid solution makes Genaro Network much more efficient and scalable than using Ethereum and IPFS (or other storage providers) separately.
SPoR is Genaro’s innovation in terms of engineering. It has never been used by others. As far as we know, all other storage projects use PoR and have a mining mechanism instead of PoS.

ICO Alert: What number of transactions can Genaro scale up to with the PoS/SPoR hybrid model?

Genaro: We are still under developing and testing phase and the estimation is 5,000,000–20,000,000 user/sec, 50–200 times higher than current solution.

ICO Alert: A broad goal of Genaro is to bring cloud storage users over to the blockchain. How does the team plan to do this, especially with competition that has been around for much longer like Sia and IPFS?

Genaro: We provide blockchain developers a one-stop solution to deploy smart contracts and store data simultaneously. Meanwhile, Genaro is a sharing community to provide end users with a private, efficient, economic, secure and permanent storage space. Specifically:
Storage Sharer: all individuals can become a storage sharer and share their unused storage to earn GNX as reward.
Challenger: Challengers can share their computing power to earn GNX as a reward, because the computing power is used for both SPoR (Sentinel Proof of Retrievability) and PoS (Proof of Stake). Genaro challenger is like a Bitcoin or Ethereum miner. The SPoR process also helps choose the “staking node” for the PoS process.
Storage User: all individuals can use the Genaro Network as personal storage, which by doing so, they need to pay both Challenger and Storage Sharer GNX as fees.
Developer: A developer could build applications on the Genaro Network by deploying smart contracts on the Genaro public chain and store user data on Genaro decentralized storage, which by doing so, a developer needs to pay both Challenger and Storage Sharer fees.
The four parties above make the Genaro Network a sharing community and trustworthy internet that everyone can benefit from. Also, they make Genaro Network an ecosystem that blockchain applications could be built on where everyone will have access to DAPPs.
Regarding storage solutions, Genaro’s competitors are Storj, Sia, Madesafe and IPFS. But all of them only solve storage and they either do not have their own public chain, or their public chain is not Turing complete. This means users can only use them for storage space but cannot deploy a smart contract or build applications on them directly. Developers need to write smart contracts on other chains like Ethereum and write the storage part on them separately, using a traditional cloud provider or something like IPFS, but this is unwieldy. Genaro provides a one-stop solution to save developers a lot time but more importantly, our unique consensus mechanism makes the public chain more scalable and storage network more efficient at the same time.
Some may also compare Genaro to Ethereum’s Swarm approach. In terms of the difference, our own public chain and decentralized storage is the equivalent of an SSD hard drive, while Ethereum’s Swarm can be compared to a low capacity memory with the slower speed of a disc drive. The Genaro solution provides more storage capacity at faster speeds.

ICO Alert: Is the Genaro team developing applications itself or simply allowing for developers to build on top of the platform? If you’re building them yourself, are you able to say what you have planned and for when?

Genaro: The Genaro team is building the Genaro Network and its first application — Genaro Eden. Genaro Eden is the first Genaro Application developed by the Genaro development team. Genaro Eden aims to provide everyone a trustworthy internet with a user-friendly interface, and meanwhile create the Genaro Network sharing community. Through Genaro Eden, the storage nodes of Genaro Network are acquired. Therefore, Genaro Eden is not only an application, but also the infrastructure of the Genaro Network.
Genaro Eden will be released in November 2017 and the preview can be found here.
Based on Genaro’s underlying technology, users in the Genaro development community may create their own storage-related applications or/and Genaro itself may provide more powerful applications. Some examples include:
1. A decentralized computing machine on the blockchain
2. A secure market for data and the right to use data
3. A decentralized wallet or exchange
4. A decentralized content sharing application
5. Any decentralized application that needs to use data storage.

ICO Alert: How does the Genaro rewards system work for those running a node? What will be required to run a node?

Genaro: To encourage both end users to share their storage space and “challengers” to contribute their computing power, Genaro Foundation has also created the Node Reward program.
Firstly, on the initial stage when there are very few users, whoever shares storage space or computing power will get GNX as reward whether there are users requiring storage or deploying applications, or not. The GNX they get is a certain percentage of a full usage scenario. This way the Genaro Network growth can increase rapidly.
Secondly, for areas with a lower population, sharers have the chance to get more GNX than users paid to help build up the local community elsewhere.
And there are two kinds of nodes as stated above:
Storage Sharer: They share their unused storage to earn GNX as reward. Requirement: Storage, like PC, Mac, smart phone etc.
Challenger: They can share their computing power to earn GNX as a reward. Requirement: computing power, like Bitcoin or Ethereum miners.

ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?

Genaro Network Development Milestones
The Genaro idea was first proposed by co-founders Larry Liu and Waylon Wu in March 2016. During the past one and half years, the Genaro Vulcan and Epsilon plans have been accomplished successfully. The Genaro team is now working on what are known as its Romulus plan and Eden plan — building the decentralized storage network for DAPPs and user-friendly applications for users to share their unused storage space. Finally, the Genaro Altair plan will see the creation of the whole blockchain 3.0 ecosystem, where DAPPs can be easily deployed via the Genaro public chain and storage network.
Genaro Network Strategy Milestones
Genaro’s conceptual blockchain 3.0 model debuted to the public in Nov. 2016, at China Business Event’s Shanghai Fintech forum, where co-founder Larry Liu shared the basic framework. Then Genaro received seed funding from two of the top global blockchain supporters, BlockAsset and ChainBase, and has attracted thousands of supporters from all over world so far. In order to both develop its community and product faster, Genaro has decided to launch the Genaro Support Program in October, 2017, where contributors can donate ETH/BTC and get GNX in return. For its future strategy, Genaro is building a “Genaro Hub” and “Genaro Accelerator” to incubate and support over 100 decentralized applications built on the Genaro Network.

ICO Alert: As a non-Genaro question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Genaro Network: As a blockchain pioneer I’ve been working in this industry for over 4 years. During the past few years, passivated developers from all over the world established stronger and stronger blockchain infrastructure to make more and more applications come true. Genaro is also working on infrastructure development and created the concept of “Blockchain 3.0”. We believe that only when a blockchain is able to store and analyze big data in the real world can DAPPs be as useful as Internet APPs. Genaro aims to release our public chain in order to create the blockchain 3.0 ecosystem in the next 3 years. I expect all blockchain infrastructures will become as strong as today’s internet technology in next 5–10 years where people can then use DAPPs in their daily life. At that point, I cannot tell if people will still use the ICO mechanism, but cryptocurrency will become thousands of times more valuable than it is today. The more people in a network, the more valuable the network becomes.

The Genaro Network has received strong support from seven blockchain foundations and the community around the world in its initial crowdfunding program (GSP Round I). Now GSP Round II is the final opportunity for the public to directly participate in the Genaro Community via formation of the fixed supply of GNX tokens.

Presale Information
The Genaro Network presale is now live. In order to contribute you must fill out this form. Only Ether is accepted as contribution and an ERC-20 compatible Ethereum wallet address must be submitted for receipt of the Genaro Network tokens (GNX). The minimum amount to participate in the presale is 10 Ether. The following bonus schedule exists for the presale:

Contribute 10 Ether or more: 1 Ether = 3200 GNX
Contribute 100 Ether or more: 1 Ether = 3350 GNX
Contribute 500 Ether or more: 1 Ether = 3500 GNX

There is also a special airdrop bonus amount of GNX that will be sent to all presale contributors on December 31, 2017. The airdrop bonus will range from 1% to 5% of the total amount of Ether contributed during the presale. If you contribute in the 10 Ether range you’ll receive a 1% bonus; if you contribute in the 100 Ether range you’ll receive a 3% bonus; and if you contribute in the 500 Ether range you’ll receive a 5% bonus.

There is a hidden cap on the amount of GNX tokens available during the presale, so the presale functions on a first come, first serve basis. If the hidden hard cap is not reached, the whitelist will end on November 14, 2017. Those who contribute during the presale will receive their tokens when the ICO closes.

Crowdsale Information
The crowdsale will begin on November 17, 2017 at a precise block number to be decided by the Genaro team. The crowdsale will end in roughly two weeks (based on block number) and the Ethereum smart contract address will also be disclosed by the team in the near future. The GNX tokens are ERC-20 tokens, so only Ether is accepted as contribution during the crowdsale. An ERC-20 compatible wallet must be used to receive the GNX tokens.

There is a hard cap of 67,812.5 GNX tokens and for every one Ether contributed participants will receive 3000 GNX tokens.

Token Distribution Information
There are a total of 700,000,000 Genaro Network tokens (GNX) being created. Of the total, 595,000,000 GNX will be available to the general public. Tokens will be distributed after the ICO closes, so roughly December 1, 2017.

Genaro Public Community: 85%
14% (98,000,000 GNX): Genaro Support Program Round I (Private Funding)
31% (217,000,000 GNX): Genaro Support Program Round II (Presale and Crowdsale)
15% (105,000,000 GNX): Community Fund
9% (63,000,000 GNX): Blockchain 3.0 Ecosystem, Genaro Hub & Accelerator
8% (56,000,000 GNX): Development Fund
5% (35,000,000 GNX): Node Reward
3% (21,000,000 GNX): Bounty Program & Airdrop

Genaro Internal Team:15%
9% (63,000,000 GNX): Cofounders
6% (42,000,000 GNX): Consultants for laws, finance, scientific research, business development, etc.

Use of Crowdsale Proceeds
As a part of the Genaro Foundation budget, the crowdsale proceeds will be used as follows:
Genaro Romulus Plan (SPoR): 20%
Genaro Eden Plan (DAPP + Storage network): 20%
Genaro Altair Plan (Release Public Chain): 30%
Initial Node Acquirement: 10%
Ecosystem Development: 10%
Operation and Management: 5%
Legal and Finance Affairs: 5%

For further details on the Romulus, Eden and Altair plans please visit the Genaro Network whitepaper.

Larry Liu, Co-Founder and Project Leader
As the project leader of Genaro, Larry was once the security engineer at HP, Silicon Valley and the co-founder of Sendbloom, a Silicon Valley technology company. He graduated from Northwestern University, U.S.A. and independently developed a digital cross-border transfer wallet based on the blockchain in 2015. He has rich development and research experience in the fields of Blockchain and artificial intelligence.

Waylon Wu, Co-Founder and CTO
As the chief technology officer of Genaro, Waylon has rich experience in blockchain technology. He was once the core technical member of Maxim Integrated, Silicon Valley. In 2015, he cofounded Rum Tech, a technology company in the trade industry. He started in Ethereum DAPP development early in 2015 and his past Ethereum project obtained investment from the Xiaoshan Government in 2016.

Andrea Liu, Co-Founder and COO
As Genaro’s chief operating officer, Andrea has rich experience in marketing. She is a serial entrepreneur who successfully cofounded the social enterprise LOHAUS, a business consulting company, and ICT Learning and China Business Events, a community organization. She was an early enthusiast of the blockchain and is also skilled in marketing, public relations, branding, organization & operation management and strategy making.

Jason Inch, Co-Founder
As a key contributor to the Genaro Network, Jason brings a depth of knowledge and experience from more than 20 years in the technology industry as an executive and entrepreneur. He has an MBA from the Richard Ivey School of Business. Jason is also an accomplished writer with several books about China’s economy. His most recent book is called China 4.0 and he is also founder of the China Business Events meetup community.

Yuchen Wang, Core Developer
Yuchen is a Ph.D. candidate of finance at Shanghai University of Finance and Economics. His research is focusing on blockchain and smart contracts. He won the golden prize of Challenge Cup National Startup and Innovation Contest in 2014. He joined Genaro in 2017, and now he is responsible for the development of Genaro desktop client.

Alex Yang, Core Developer
Alex was once a Google data scientist and co-founder of Aile Entertainment LLC., Silicon Valley. He obtained a bachelor’s degree from Nanjing University and a master’s degree of computing from Washington State University. He is an expert in machine learning and distributed system design and joined Genaro in 2016.

Yuchen Liu, Core Developer
Yuchen is a former Google and Mentor Graphics senior engineer in Silicon Valley. He obtained a bachelor’s degree from the University of Science and Technology of China and a master’s degree of computing from Northwestern University. He is an expert in cloud storage and artificial intelligence systems and joined Genaro in 2017.

Social Media
Slack: https://genaronetwork.slack.com/
Twitter: https://twitter.com/GenaroNetwork
Github: https://github.com/GenaroSanada
Telegram: http://t.me/GenaroNetwork
Facebook: https://www.facebook.com/GenaroNetwork/

View the Genaro Website here.

View the only comprehensive list of active and upcoming ICOs here.

(1) Genaro Website, Genaro, (2017)

(2) Genaro Whitepaper, Genaro, (2017)

Topics: Blockchain, ICO, Cryptocurrency, Finance, Investing