The importance of data cannot be overemphasized in today’s world, it is generally believed to be as important as an individual’s property, hence, the need for it to be respected as well as protected. In the past years, data has been collected and stored centrally through large enterprises, and although this has recorded its fair share of success, it is, however, impossible to overlook its lapses that have led to the compromise of so much user data, a case study being the recent data leak of over 533 million Facebook users.
Decentralized storage through Blockchain technology is generally believed to rectify this error inherent in Centralized storage because of the autonomous and incorruptible nature of the technology that is known to disrupt and bring improvement to industries in areas where they are otherwise lacking. This undeniable need for decentralized storage gave rise to the idea of the project called XRoad.
The XRoad Platform
XRoad deploys the decentralized infrastructure that is needed to serve as the intersection between blockchain technology and the world’s data. This is possible with XRoad Oracle, Decentralized storage, and the XRoad Locker for user-powered interoperability between the off-chain world and smart contracts, as well as for individual data self-sovereignty. The XRoad Initiative (XRI) operates a concept that allows for every business model in the real space to be reproduced in the virtual space through the combination of Oracle, scoring, and DAO technologies.
By creating a unique Metaverse (a virtual space that is beyond reality), XRoad aims to realize an unprecedented world of digital services and products in Digital NFTs (towns, e-sports stadiums, etc.), Autonomous and decentralized (DAO) business schemes, and Various revenue models through various business schemes linking the real world and the virtual world. This concept will see the entire digital town will be NFT, each parcel can be bought and sold as NFT land (same concept as land), and each NFTed parcel will be granted a license for XRI-related family patents and infrastructure applications.
XRI Related Family Patent
Using the XRI-related family patent, XRoad can provide optimal services through scoring (according to the characteristics of residents), provide advertising services based on scoring (DeAd), provide multi-value (Gold Debit, etc.) services, utilize E Game’s studio, hold events within the plot and enable the use of family patents such as Doreming and so on.
XRI Related Infrastructure Applications
By using the XRI-related infrastructure applications, on the other hand, XRoad can implement the use of data lockers – a feature that allows users to have total control over their data; who has access, which data to disclose, and the value of the disclosed data, scoring, and Fintech service groups to provide services to customers in the real world (VR/MR/AR support).
The controlling currency for the XRoad ecosystem is the XRI token, without this token, it is impossible to have access to the XRoad platform no matter the capacity in which a user wants to access the platform, be it as a contribution to the platform’s operation or just as a means of benefitting from the platform’s services. It is very critical to the sustainability and success of the platform.
In major news, the XRI token became available for deposit and withdrawal on the Coineal exchange on the 21st of July, 2021, and trading on the same exchange began on the 23rd of July with the promise of starting a 30-day staking launch pool that will see users earn CNV by staking XRI, and this launch pool is expected to significantly increase the price of the XRI tokens.
This is generally a piece of welcoming news for the XRoad project as Coineal is one of the biggest cryptocurrency exchanges in South Korea although launched in 2018. South Korea is regarded as one of the countries with crypto strongholds since its inception and there are already a lot of cryptocurrency exchanges emerging from the country. On March 21, 2020, Coineal amassed a trading volume that saw it placed in the 9th position among cryptocurrency exchanges in the world.
With the XRoad platform and it’s native XRI token, users can finally be rest assured that their data is safe and secure while basking in the feeling of having absolute control over their data. The only way that a user can risk having their data breached is through a fault of their own.
The following links below can be used to gain useful information on the XRoad project and its ecosystem:
Coineal official announcement: https://support.coineal.com/hc/en-001/articles/4403562356249-Coineal-Will-List-XRI-XRoad-on-July-23-2021