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September 16 2017

ICO Alert Report: Internxt

ICO Alert Report: Internxt

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What is Internxt?

Internxt is creating a decentralized cloud platform that will allow users to host files, apps and websites in a more private, secure, and efficient manner. We’ll be focusing on reaching the mass market, thus we plan on taking the existing decentralized technology and improving its speed, user experience, and resource consumption issues, so that it’s attractive for the average Internet user.
— Fran Villalba Segarra, Founder and CEO

Crowdsale Information
The crowdsale began on September 7, 2017 at 7 p.m. GMT and will end on September 28, 2017 at 7 p.m. GMT. There is a minimum goal of 500 Ether and a hard cap of 150,000 Ether. If the minimum goal is not met, contributors will have two weeks to request a refund.

In order to participate, contributors must send Ether to the crowdsale address on the website. The crowdsale also accepts other cryptocurrencies through the use of a TokenLot integration. There is an active bonus of 10% for the first 15% of total Internxt tokens sold and a 15% bonus for contributions of 100 Ether or more. The team suggests using a gas limit of 250,000 with 10–20 GWEI.

The conversion rate is 1 Ether for 300 Internxt tokens (INXT), not including the bonus.

Token Distribution Information
INXT is an ERC-20 token and an ERC-20 compatible Ethereum wallet should be used for contribution. Exchange wallets should never be used for contribution.

There is a total potential for 49,145,000 INXT to be created (assuming the hard cap is reached). Tokens will be distributed to contributors on September 28, 2017.

Allocation
There is a maximum of 45,000,000 INXT that can be created and sold during the crowdsale. This number varies because tokens are generated as they are sold.

There is a maximum of 4,145,000 INXT available for the team, company, and bounty programs. This number varies because the team will create tokens equal to what will be 2.5% of the total tokens sold. The Internxt company will receive 5% of the total tokens sold.

There is a maximum of 770,000 tokens created for bounty programs, assuming the hard cap is reached.

Use of Crowdsale Proceeds
The use of crowdsale proceeds will be primarily used for the development of a certain number of features. With more proceeds, the team can develop more functions. Other expenses will include marketing and taxes in order to properly launch the platform.

Team
Fran Villalba Segarra, Founder and CEO
Linkedin
Fran graduated from the Rotterdam School of Management at Erasmus University with a bachelor’s degree in international business administration.

Zoran Joka, Developer
Linkedin
Before Internxt, Zoran held various roles as a software developer. He held the position of lead Ruby developer at Upshare and MentorMojo. He has his master’s degree in information technology.

Srdjan Radulovic, Developer
Linkedin
Before Internxt, Srdjan worked alongside Zoran at NTT Data Romania as a team lead. He has held various roles as a software developer and web application developer.

Nikola Ivkov, Developer
Linkedin
Nikola currently works as a software developer at NTT Data Romania in addition to his role at Internxt. He has nearly three years experience in software development and his master’s degree in information technology.

Milan Vasic, Developer
Linkedin
Milan currently works as a lead software developer at twingz development Gmbh in addition to his role at Internxt. He has been in software engineering, web development, and other senior software development roles since 2006. He has his master’s degree in computer science and information technology.

Social Media
Github: https://github.com/internxt
Slack: https://internxt.slack.com/join/shared_invite/MjMyNDIzNDk5Mjk5LTE1MDM5MDYxNTEtODI4ZGQ1OTY0MQ
Twitter: https://twitter.com/internxt_io
Email: hello@internxt.io

Q&A

ICO Alert: How is the Internxt token (INXT) used on the platform and why is it needed?

Internxt: INXT will be used as the core means of payment for our platform. Users will be able to pay with it and hosts will get paid with it as well. It’ll also be on the major crypto exchanges.

ICO Alert: Why do users and businesses need decentralized cloud storage? Regarding network effects, how does Internxt plan to market to those who are not aware of the difference between centralization and decentralization?

Internxt: We’re building a decentralized cloud on top of already existing Internet protocols. Internxt will represent an evolution to the current cloud infrastructure, but it’ll mainly be usable using already existing applications and browsers to ensure a seamless transition from a centralized to a more private and secure decentralized one. We believe that governments and companies have too much say over user data, and this data is sometimes relatively easy to access by hackers. We want to fix these issues by building a decentralized cloud solution that makes more sense than what’s currently out there and features a seamless user experience and pricing structure.

ICO Alert: How does decentralized cloud storage function and why can users trust it over centralized cloud storage options?

Internxt: In comparison to traditional cloud storage solutions, decentralized storage has many advantages. In traditional cloud solutions, users put their data in the hands of a third party who accesses this information and, in most cases, the data is not securely encrypted against hackers or the company itself. This is where blockchain and truly decentralized storage comes in. Centralized cloud solutions spread their data in big regional data storage centers, and each one of them makes a big point of failure. On a decentralized solution, data is spread over many smaller, independent nodes in different locations and, therefore, it is difficult and almost impossible for a major failure to happen. Also, due to such a spread of data, no single third party owns user data, and can’t use it for their own benefits. Only the user can access his own data and other parties in the network only hold small encrypted fragments of it. Each user that is willing to participate in this decentralized network, and provide his resources to others, is rewarded for it, depending on reliability and amount of resources provided. In fact, the general price of storage is much lower and profit is spread among all the participants. As technology is progressing, a decentralized web is becoming a reality and a new cloud storage will be the foundation of it.

ICO Alert: What is OpenShift and how is it utilized on the Internxt platform?

Internxt: As quoted from their site, “OpenShift is a container application platform that brings docker and Kubernetes to the enterprise.” We will use their product to enable our applications to be hosted on nodes inside the network. Wide out of box support of languages like Java, PHP, Node.js, Python, Perl and others, gives users a flexibility and freedom in deploying products to our platform.

ICO Alert: Internxt plans to create a peer-to-peer cloud computing network, as well as decentralized applications on top of the network. How does the team plan to achieve both of these large goals, while not sacrificing either portion of the project?

Internxt: The goals are big, but not for that reason less realistic. We have an internal project map, and we plan to follow it, but nothing is still fixed in terms of technology. Blockchain is progressing every day, and in 6 months we could see some new tech that will be a game changer. For some parts of the system we are creating there are already good solutions that we can implement, and some other parts we will build in-house. There are already a lot of projects that bring real value to decentralized computing (like IPFS), and we plan to use them, and not reinvent something that is already doing a good job. What will be the real challenge is to put all the pieces into a puzzle, and make a solution that will be easy to use, maintain, and extendable by other developers. Also, some of our features like decentralized cache and decentralized serverless computing, which are completely new on the market, bring real, unique value to our product. We will deliver our solution in parts, and each phase will be a complete, ready to use product by our users.

ICO Alert: As stated in the whitepaper, there is competition within the decentralized cloud storage space. How does Internxt plan to utilize User Experience as the strategy for success into mainstream usage of decentralized cloud storage?

Internxt: There are a few competitors to Internxt in the decentralized industry (MaidSafe, DFINITY, IPFS, Substratum, Storj, Sia, etc.), and in the centralized, traditional industry (Google, Amazon, GoDaddy, Microsoft, etc.). Internxt provides a more private and secure cloud infrastructure than the centralized ones the mass market uses. Unlike many of our decentralized competitors, we don’t want to become completely opaque, welcoming those who want to use the Internet for illegal activities. We want to provide a higher level of privacy and security than the one traditional cloud providers like Google or Microsoft offer, but still make sure no illegal content is being hosted on our network. Additionally, we are also focusing on improving the reliability and speed of our service, so that our cloud can compete with traditional cloud infrastructures in these aspects. We also want to focus on providing a similar UX and pricing structure to the one traditional companies have. So, overall, we want to reach the average user (mass market) by providing a more private and secure cloud infrastructure that’s as fast, cheap, easy to use, and reliable as traditional clouds. In general terms, decentralized providers tend to target developers and those who want to use their decentralized service for illegal activities by providing a more complex and opaque technology.
Our technology will be ready by the end of 2018, as specified in our whitepaper.

ICO Alert: The amount of money raised is directly correlated to how many features the Internxt team will be able to develop. Which features are most important to the platform and what does the roadmap look like for those features? When can contributors expect to use each piece of the platform?

Internxt: Our cloud infrastructure will see the market by the end of 2018. We’ll have an alpha version by the end of this year or the beginning of 2018. Our main clients include companies and the mass market, and we believe that our decentralized cloud storage solution followed by website decentralization are the most important features for Internxt.

ICO Alert: As a non-Internxt question, we like to ask the team for unique predictions on the ICO/cryptocurrency space in the future. Where do you see the industry in 3–5 years?

Internxt: We believe that most ICOs and blockchain related projects going on right now will not make it too far. There are nonsense projects who, in many cases, just wanted to grab some money through an ICO. We, however, believe that some other projects in the industry will make it far and become a main driver in our future lives. Well applied blockchain and decentralized technology make a lot of sense.

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View the Internxt Website here.

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References
(1) Internxt Website, Internxt, (2017)
https://internxt.io/

(2) Internxt Whitepaper, Internxt, (2017)
https://internxt.io/whitepaper.pdf

Topics: Blockchain, Cryptocurrency, Internet, ICO, Decentralization