Space.Cloud.Unit (SCU) ICO Review
Space.Cloud.Unit is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.
|Ico Time||Unknown – Unknown|
|Price||1 SCU = 0.2 EUR|
|Soft Cap||4,600,000 EUR|
|Hard Cap||15,600,000 EUR|
More about Space.Cloud.Unit (SCU) ICO:
Space.Cloud.Unit is going to develop the first Blockchain-based cloud marketplace and through this follows big sharing economy companies like Uber or AirBnB, just for the cloud-storage market. Through the Space.Cloud.Unit marketplace SCU Users are going to be able to build their own perfect and decentralized cloud, whilst choosing their own specific cloud criteria, like storage size or the best-priced provider. With its headquarter in Düsseldorf, Germany, Space.Cloud.Unit is not only having a big goal but also gets a heavy backup from the Powerfolder company, with 10 years of experience in the development of cloud-storage solutions.
Space.Cloud.Unit – or SCU for short – is a young German startup, founded by its CEO Christian Sprajc in 2017. Space.Cloud.Unit is going to develop the first Blockchain-based cloud marketplace and through this follows big sharing economy companies like Uber or AirBnB, just for the cloudstorage market.
Through the Space.Cloud.Unit marketplace SCU Users are going to be able to build their own perfect and decentralized cloud, whilst choosing their own specific cloud criteria, like storage size or the best-priced provider.
With its headquarter in Düsseldorf, Germany, Space.Cloud.Unit is not only having a big goal but also gets a heavy backup from the Powerfolder company, with 10 years of experience in the development of cloud-storage solutions!
Imagine a world, in which every person and every company can easily, automatically and securely manage and change their cloud storage according to their own wishes. You could also align the entire process to the most favorable offer and get an individualized solution for your needs. This scenario shall soon become reality. We achieve the basic principles of SCU – flexibility, independence, security – through the use of blockchain technology, making the Space.Cloud.Unit marketplace the world’s first and only trading platform for cloud storage that is completely secure and free of conventional markets thanks to its decentralized operation. This gives users the possibility to offer or call up storage offers freely and automated, according to his wishes. Providers benefit from the automated invoice and its payment as an additional market advantage.
SCU will simplify booking processes, implement transparent service functions and provide flexible booking and management capabilities for a wide range of currently connected cloud storage providers worldwide. In order to realize the vision of a cloud that can be freely configured for each user, the Space.Cloud.Unit team is working on an open-source blockchain marketplace that can freely connect providers and users according to their individual wishes. Transactions recorded on the Ethereum blockchain ensure complete security, transparency and automation of the entire contract process – from finding the right provider to using the storage. An integrated modular principle allows each user to put together his or her individual dream cloud and simply change it as required.
One interface for everything
There are many different cloud storage providers worldwide with different Service Level Agreements (SLAs). Up to now, there have been few ways to adapt cloud storage to user needs (e.g. in the area of compliance in different business units). Largely rigid contract models and management overhead present companies with unnecessary challenges in cloud-based data storage. Further, the current offer is strongly centralized by the four largest providers and thus an interesting target for hacker attacks. SCU will create a distributed solution using blockchain technology to protect the system against external attacks.
We decided to implement the SCU marketplace on a distributed system like the blockchain because we believe that such a system offers more possibilities than a centralized one. Transparency and a comfortable user experience, with the possibility to make individual adjustments is an absolute key requirement for our team. Furthermore, as private individuals, we are passionate supporters of the blockchain technology and see this community as early adopters of a new economic system, in which old structures are gradually broken up and improved by a new technology.
In our view, the blockchain delivers exactly the building blocks that make our cloud marketplace unique. A complete transparency of payment transactions enables the entire payment cycle between customer and SCU to be displayed and orders and deliveries to be tracked. Moreover, the cryptographic architecture makes it virtually impossible for hackers to manipulate the marketplace. The digital contracts (smart contracts) implemented on the blockchain are used to secure the service, which can be checked for validity by every participant in the network and thus offer additional security. Since the blockchain is operated locally by several thousand users simultaneously, georedundant storage is also available for our marketplace. These and other aspects lead to the decision to implement the marketplace on this technological basis.
Why an Initial Coin Offering (ICO)?
In order to accelerate the development of the marketplace and to be able to involve our community, we have decided to carry out an Initial Coin Offering (ICO). Since we are convinced of our idea, we have proven ourselves by developing a successful cloud enterprise with 18 employees and know that a large group of current cloud storage users would like to have a marketplace with this kind of functionality. Therefore, we are keen on sharing our project with users and investors directly to lay the foundation for further development by this type of token distribution. We decided against traditional methods of venture financing since we do not want to introduce our product only to a few large investors, but rather to emphasize the user community itself. An Initial Coin Offering facilitates the direct distribution of the SCU tokens, which can be used directly for using our marketplace after its completion. On this matter, SCU GmbH is in close communication with the BaFin in order to be one of the first German ICOs to offer a groundbreaking legal basis for further projects.
The problem of the usual market offers
Current cloud storage offerings often include a rigid contract concept with fixed terms and price conditions. They usually provide little visibility into location, server downtime, or compliance. Customers often do not get answers to their questions and need to do long research or various phone calls for them. In some cases, the information is not even visible to the user. In addition, current offers provide little individualization for companies and the end consumer.
Furthermore, due to the centralization of their servers and the immense data volume of their many users, large providers arouse the interest of hackers – they are then so-called honey pots, which represent lucrative targets. The end consumer must usually look out for both an online and an offline alternative.
Problems like these drove our team to develop a product that represents the best possible solution. We also want to optimize the sustainability of cloud storage by saving power and other costs for both providers and users.
Blockchain marketplace as an alternative
The blockchain-based marketplace is an ideal model for skimming off the predicted market growth and positioning itself as a service provider between global players. Centralized marketplace solutions such as Uber or Airbnb, which also mediate directly between suppliers and customers, are countered by a transparent, secure and inexpensive alternative through blockchain despite their initial great popularity. This offers the user more opportunities for participation and data responsibility. With smart contracts, agreements can be recorded digitally.
As we evaluated the market, we teamed up to create a more transparent alternative that gives users more control over their data, the ability to compare the advantages and disadvantages of different providers, and to determine in which country their data should be stored.
By bringing together cloud storage providers and its users in a virtual marketplace, we deliver the kit to make your own choice. Cloud storage service providers can post their offers within the marketplace. Users, for their part, can use an easy-to-use filter interface to compile their own, perfectly tailored cloud.
Offers and requests are automatically compared and merged. A cumbersome research is no longer necessary with SCU. If an offer suits you, a smart contract is then concluded. The scope, redundancy and availability are determined and reimbursed with the SCU tokens created by us. The provider must give technical proof that he has actually stored the data under the agreed conditions. All this works automated with the provided software.
At the same time, a Service Level Agreement (SLA) is defined, which records and automatically distributes contractual guarantee fees and sanctions in the event of non-compliance with one or more parameters of the Smart Contract. Additional costs in the dispute over services not received or paid for are thus completely eliminated. The SLA also applies if the provider does not provide the necessary technical proof. This is determined by an independent network of auditors. The sum insured is automatically stored on the blockchain and is automatically due pro rata or in full in the event of failure of the service. To guarantee a decentralized distributed network, as many participants as possible must participate in the verification process. Our consensus algorithm, which will be described later in more detail, enables this approach.
Our consensus hybrid model provides a combination of a proof-of-stake algorithm of the underlying blockchain and a proof-of-service algorithm. The Proof-of-Stake algorithm is more environmentally friendly than the alternative model Proof-of-Work (PoW), since no computing-intensive mining is required to generate blocks.
Our proof-of-service is based on the block generation algorithm to ensure irreversible communication between the user, the cloud service provider and the verifier. The service contract is responsible for payment, penalties and verification.
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