As a cryptocurrency enthusiast, I always try to find new and promising ideas that would have an impact in the current cryptocurrency industry. What I always look at when I’m reading about a new cryptocurrency is the idea, what they want to change and what are the objectives.
This is how I found Cloud. Cloud as a company has three established objectives: to decentralize, to simplify and to monetize. By Decentralizing, they want to change how the cloud industry work. Instead of having a couple of big giants which owns all the market – Cloud wants to create a blockchain based peer-to-peer system where millions of small providers can contribute to the cloud. A better example can be seen in figure 1.
Figure 1 – A virtual infrastructure operated by millions of clous service providers working together
By simplifying, they actually want to make the cloud services available for anyone. Right now, there’s a small part of the people that use cloud services – mostly the people with the technical knowledge. Cloud services should be easy to understand so that anyone can use them – which is also what the Cloud company wants to do.
And by monetizing, Cloud wants to reward their contributors using Cloud tokens. A contributor is a person who’s using the computational power of his computer/server to act as a node in the Cloud Network. The cloud services market is estimated to grow until $195 billion by 2020. A better example of the Cloud Token can be observed in figure 2.
Figure 2 – A global payment system working on smart contracts
They created a DAP – Decentralized Application Protocol – based on ethereum blockchain which will enable decentralized peer-to-peer cloud applications such as watching a movie, listening to a song, financial services and many others. There won’t be any central governance, everything will be decided by the Cloud blockchain and the contributors will be rewarded using Cloud Tokens.
Using the GridNode network, Cloud company plans to reduce the cloud services costs and also to secure the users data. This means that giants like Amazon AWS or Microsoft Azure would have to either cut their prices lower or use the Cloud Token. Even though it might take a while, their services will be at least 50% off compared to Amazon AWS or Microsoft Azure.
Right now Cloud have an initial coin offering which will close on 25 August. At this moment, 1 CLOUD = $10 and you can pay with BTC/ETH and even with your credit card. Yes, you can buy it using either USD or EUR and also get a 2% bonus. There will be a maxim of 30,000,000 tokens issued in the ICO and a total of 60,000,000 tokens maximum. If you wish to know more details, I recommend you to read their well-written whitepaper , the ICO presentation or the technical details about how the GridNode will work. And don’t forget to check their ICO in case you are interested in buying Cloud tokens.
If you also ask yourself what does Cloud token have and Golem or IEXEC doesn’t – you can check the video where Asaf Zamir, the Cloud company Founder, speaks about the differences between Cloud and the others. You can also check the Cloud Youtube Channel for more interesting concepts.
Cloud looks like a very promising idea to me, especially for the GridNode part where you can contribute to a global network of cloud services.