PRESS RELEASE. CryptoDATA TechnologyBlockchain developer Xiden and main sponsor of the Austrian MotoGP Grand Prix until 2024, joins a new project that offers highly sought-after guarantees for crypto users. CryptoDATA Tech is partnering with Martoms Brothers & Co and several reinsurance companies to create a mutual guarantee fund that will provide security 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 mismanagement.
Martoms Brothers & Co will provide several products that will insure user and project assets against aggregate losses of up to $1 billion (in the early stages) on selected exchanges. The assurance process extends to hacks, defenses of users’ wallets, and protection against losses incurred by potentially malicious actions.
“Risks are always present in the crypto space, and this year has not been spared from catastrophic events. The stock market crash caused by LUNA led to a domino effect in which Three Arrows Capital, Celsius and many others went bankrupt. This, combined with other actions taken by major players, such as Elon Musk selling 75% of Tesla’s Bitcoin, are great examples of the vulnerability of crypto,” says Ovidiu Toma, CEO of CryptoDATA Tech. “This, combined with the presence of multiple scams and failed projects, makes a strong case for the need for regulations and standards to reign supreme in the Wild West that the crypto world has become. We want to help the crypto world bounce back by helping the industry regain user trust through the protection of their assets. We want project developers to stop blaming failures and thefts on real or fake hacking. And finally, we strive to emphasize that user security is essential and should be the norm and not an exception.
The Xiden Blockchain
Over the past few years, CryptoDATA has expanded its scope to encompass a wide range of blockchain-based solutions and projects. One of his most important projects is Xidena blockchain alternative designed for developers, which introduces a new low-power crypto mining method, offering users the ability to no longer be conditioned by excessive power consumption or highly specific equipment.
Xiden can be considered a native blockchain of the Internet of Things, which aims to provide a new Internet concept consisting of multiple decentralized networks that will act as a single network connection of nodes governed by individual users. Thus, Xiden offers multiple utilities by giving users the ability to use the resources of embedded devices, such as storage capacity, computing power, rendering and decentralized IP addresses to develop and use applications or dApps. .
Xiden’s eco-friendly distributed smart resource layer gives users the ability to earn 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’ sphere of human knowledge, 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 of 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 such application is Decision Point Crypto, a multi-metric sentiment analysis tool that analyzes large blockchain-native projects using natural language processing and artificial intelligence technology.
Among the industries to which it can be applied is insurance, where risk analysis is more than essential. The more comprehensive the knowledge, the lower and better defined the risk; and the more complete and exhaustive the tools, the easier it is to avoid said risks.
CryptoDATA Tech is a global ambassador for promoting the importance of data security and digital privacy around the world. The company has been a pioneer in developing services and products based on blockchain technology which enables private and secure communication between users and also provides various solutions for blockchain projects. Based on the principle of discovering digital privacy, CryptoDATA Tech provides unrestricted hardware and software computing solutions to users who want to protect their personal information by providing devices and applications with enhanced digital security. Continuing on this path, the company is working intensively to introduce blockchain technology to the world of motorsport.
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