Xiden Developer CryptoDATA Defends the Crypto Space From Malicious Asset Losses

CryptoDATA Tech, the blockchain developer sponsoring the MotoGP Austrian Grand Prix title until 2024, is launching a new project that provides highly sought-after safeguards for crypto users.

CryptoDATA Tech has joined forces 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 offer revolutionary products and services that will guarantee its users protection against crypto losses due to hacks, scams and bad management.

In most countries, cryptocurrencies are not considered legal tender, and thus they aren’t extended the same governmental protection mechanisms that cover traditional assets and securities. Martoms Brothers & Co., though, will provide several products that will guarantee users’ and projects’ assets against total losses of up to $1 billion in the initial stages. These include safeguards against losses suffered on selected exchanges as a result of hacks, defenses for users’ wallets and protection against losses suffered through potential scam projects or bad management.

From a legal point of view, the crypto world has been, and still is, mostly unregulated. However, this will not be the case indefinitely, with multiple governments and institutions introducing legislation to create order in this chaotic space. Still, it would be good practice for the private sector to get ahead of the rule makers and put safeguards in place. That’s where Martoms Brothers & Co. comes in. While few, if any, insurers would mitigate financial risks related to sudden changes in market conditions or an investor’s own injudicious bets, Martoms Brothers & Co. has been developed to take on those preventable, avoidable losses from ill-intentioned actors.

“Risks are ever-present in the crypto space and this year has not been spared from catastrophic events,” says CryptoDATA Tech CEO Ovidiu Toma. “The market crash caused by LUNA resulted in a domino effect in which Three Arrows Capital, Celsius Network 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.”

Events like these, he says, along with “the presence of multiple scams and failed projects, make a solid case for the need for regulations and norms to rein 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 protection of their assets. We want project developers to no longer blame failures and thefts on either real or fake hackings. And, finally, we strive to underline the fact that users’ security is essential and should be the norm, not an exception, period.”

The Xiden connection

CryptoDATA’s Xiden blockchain 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.

By using a combination of three consensus algorithms – and avoiding proof-of-work – Xiden ensures that all validators conform to standards, that they are properly deployed and that each transaction is accurately signed and time-stamped. These validators are CryptoDATA’s smart devices, so Xiden can be considered an internet of things (IoT)-native blockchain, with a decentralized resource layer.

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 internet protocols (IP) to develop and use apps or dapps. Xiden’s eco-friendly Smart Distributed Resources layer gives users the opportunity to get rewards based on their mining power by providing a decentralized architecture network to which they can connect all their smart devices.

Xiden’s utility token, XDEN, is mined with CryptoDATA-developed IoT devices and is currently listed on BitMart, WhiteBIT, DigiFinex and Latoken. In addition to CryptoDATA’s devices, users can connect all their smart devices to boost their mining power.

On top of providing low-energy mining, Xiden is also open to developers who are interested in launching their own projects on the blockchain.

Filling knowledge gaps

These developer projects would follow in the path of Edain, the first project developed on the Xiden blockchain. Edain is an AI-powered knowledge-creation ecosystem, designed to “make knowledge accessible to everyone; a ‘flat’ human knowledge-sphere, essentially,” according to its website.

The Edain team is able to realize its vision of equal access to knowledge through data collection and processing mechanisms. The goal is to empower all humanity to cooperate in problem-solving. This is achieved 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 that integrates multiple indicators to analyze 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. The more thorough and exhaustive the tools, the easier it is to avoid said risks.

Xiden projects are interconnected at many junctures. The blockchain itself is just the foundation. Force multipliers come from the decentralized resources layer and the knowledge apps. Xiden is now in a position to link IoT devices up in a matrix that provides actionable insights to insurers based on real-time data. Since insurance – like law, banking or IT – is an endeavor that touches every enterprise large or small, the starburst opportunities are endless.

About CryptoDATA

CryptoDATA Tech is a global ambassador for promoting the importance of data security and digital privacy worldwide. The company has pioneered blockchain-based services and products that enable private and secure communication between users and provide 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.

Over the last several 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 the development of an electric vehicle, Momentum, in which blockchain technology is integrated. The company is working intensely to bring blockchain technology into the motorsport world, where it is the official title sponsor of the Austrian MotoGP until 2024.