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. The project will be launched in September and will offer revolutionary products and services that will guarantee its users protection against crypto losses due to hacks, scams, and bad 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. The market crash caused by LUNA resulted in a domino effect in which Three Arrows Capital, Celsius, and many others went bankrupt. 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. We want project developers to no longer blame failures and thefts on either real or fake hacking. And finally, we strive to underline the fact that users’ security is essential and should be the norm, not an exception, period.”
The Xiden Blockchain
Over the last years, CryptoDATA has expanded its field of activity to encompass a wide range of blockchain-based solutions and projects. One of its most important projects is Xiden, a blockchain alternative built for developers, that introduces a new, low-energy way of crypto mining, giving users the possibility to no longer be conditioned by excessive energy consumption or highly specific equipment.
Xiden can be considered an Internet of Things-native blockchain, that aims to deliver a new internet concept consisting of multiple decentralized networks which will act as a single network connection of nodes governed by individual users. 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. The goal is to empower all humanity to cooperate in problem-solving. 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.
One of these apps is Decision Point Crypto, a sentiment analysis tool integrating multiple indicators that analyzes large blockchain-native projects using natural language processing technology and artificial intelligence.
Among the industries it can be applied to is insurance, where risk analysis is beyond essential. The more all-encompassing the knowledge, the lower and better-defined the risk; and the more thorough and exhaustive the tools, the easier it is to avoid said risks.
About CryptoDATA
CryptoDATA Tech is a global ambassador for promoting the importance of data security and digital privacy worldwide. The company has pioneered the development of services and products based on blockchain technology that enables private and secure communication between users and that also provides various solutions for blockchain projects. Starting from the premise of discovering digital privacy, CryptoDATA Tech provides both hardware and software cyber solutions without restrictions for users who want to protect their personal information by providing them with devices and applications that offer enhanced digital security. Continuing in this line, the company is working intensely to bring blockchain technology into the motorsport world.
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