PRESS RELEASE. CryptoDATA Tech, the Xiden blockchain developer and MotoGP Austrian Grand Prix’s title sponsor until 2024, is joining a new project that provides highly sought-after safeguards for crypto users. CryptoDATA Tech is partnering with Martoms Brothers & Co and several reinsurance companies to create a mutual guarantee fund that will provide safety for any crypto user and project that chooses its services.This project, which will launch in September, will provide innovative products and services to protect users against losses caused by hacks, frauds and poor management.
Martoms Brothers & Co will provide several products that will insure users’ and projects’ assets against total losses of up to $1 billion (in the initial stages) on selected exchanges. The insurance process extends to hacks, defenses for users’ wallets, and protection against losses suffered through potentially malicious actions.
“Risks are ever-present in the crypto space, and this year has not been spared from catastrophic events. Three Arrows Capital and Celsius were among the many companies that went bust after the LUNA market crash. This, combined with other actions undertaken by important actors, such as Elon Musk selling 75% of Tesla’s Bitcoin, are prime examples of how vulnerable crypto is,” says CryptoDATA Tech CEO Ovidiu Toma. “This, together with the presence of multiple scams and failed projects, make a solid case for the need for regulations and norms to reign in the Wild West that the crypto world has become. We want to assist the crypto world in bouncing back by helping the industry regain users’ trust through the protection of their assets. Developers should no longer be blameless for thefts and failures, real hacking or not. And finally, we strive to underline the fact that users’ security is essential and should be the norm, not an exception, period.”
CryptoDATA has grown its activity over the past years to cover a broad range of Blockchain-based solutions. Its most significant project is XidenThe newest, low-energy alternative to crypto mining was created for developers. This allows users to not be constrained by the use of high-specific equipment or excessive energy consumption.
Xiden could be described as an Internet of Things native blockchain. This new concept aims at creating a network of decentralized networks that act together to form a single network connected by nodes governed individually. Thus, Xiden offers multiple utilities by giving users the option to use the integrated devices’ resources, such as storage capacity, computing power, rendering, and decentralized IPs to develop and use Apps or dApps.
Xiden’s eco-friendly Smart Distributed Resources layer gives users the opportunity to get rewards in XDEN, Xiden’s native token, based on their mining power by providing a decentralized architecture network to which they can connect all their smart devices.
Edain – the first project on Xiden
Edain, the first project developed on the Xiden blockchain, is an AI-powered knowledge-creation ecosystem,designed to “make knowledge accessible to everyone; a ‘flat’ human knowledge-sphere, essentially.” The Edain team realizes its vision of equal access to knowledge through its data collection and processing mechanisms. All humanity should be able to work together in solving problems. This is realized through the development of “knowledge applications” that analyze unimaginable amounts of data, returning results that users can use in various aspects of their lives.
Decision Point Crypto, which integrates several indicators to analyze large-scale blockchain-native project using artificial intelligence and natural language processing technology, is one example of such an app.
Insurance is one of the many industries that it could be useful in. Without risk analysis, insurance is too complex. It is easier to avoid risks if you have more detailed knowledge.
CryptoDATA Tech has been a worldwide ambassador to promote data privacy and security. CryptoDATA Tech is an innovator in developing services and products that are based upon blockchain technology. It enables secure and private communication between users. The company also provides solutions to blockchain-related projects. CryptoDATA Tech, founded upon the concept of digital privacy, provides hardware and software cyber solutions for people who wish to safeguard their information. It also offers applications and devices that provide enhanced digital security. The company continues to work hard in order to introduce blockchain technology into motorsport.
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