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Xiden Developer CryptoDATA Announces New Project To Defend Cryptospace Against Asset Loss – Press Release Bitcoin News
press release
PRESS RELEASE. CryptoDATA TechXiden blockchain developer and MotoGP Austrian Grand Prix’s title sponsor until 2024 is joining a new project that provides much-desired security measures 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, fraud and mismanagement.
Martoms Brothers & Co will provide several products that will insure users’ and projects’ assets against total losses of up to $1 billion (in the initial stages) on selected exchanges. The insurance process extends to hacks, defense of users’ wallets and protection against losses incurred through potentially malicious actions.
“Risk is always present in the crypto space, and this year has not been spared catastrophic events. The market crash caused by LUNA resulted in a domino effect in which Three Arrows Capital, Celsius and many others went bankrupt. This, combined with other actions taken by key players, like Elon Musk selling 75% of Tesla’s Bitcoin are good examples of how vulnerable crypto is, says CryptoDATA Tech CEO Ovidiu Toma. “This, together with the presence of several scams and failed projects, makes a solid case for the need for regulations and norms to reign in the wild west that the crypto world has become. We want to help the crypto world bounce back by helping the industry regain the trust of users through the protection of their assets. We want project developers to no longer blame errors and thefts on either real or fake hacking. And finally, we strive to emphasize the fact that user security is paramount and should be the norm, not the exception, period.”
Xiden Blockchain
Over the past few years, CryptoDATA has expanded its field of activity to include a wide range of blockchain-based solutions and projects. One of the most important projects is Xidena blockchain alternative built for developers, which introduces a new, low-energy way of crypto mining, giving users the opportunity to no longer be conditioned by excessive energy consumption or highly specific equipment.
Xiden can be considered an Internet of Things-native blockchain, which aims to deliver a new internet concept consisting of several decentralized networks that will act as a single network connection of nodes controlled by individual users. Thus, Xiden offers more tools by giving users the ability to use the integrated devices’ resources, such as storage capacity, computing power, rendering and decentralized IPs to develop and use apps or dApps.
Xiden’s eco-friendly Smart Distributed Resources layer allows users 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 at Xiden
Edain, the first project developed on the Xiden blockchain, is an AI-powered knowledge-creating ecosystem, designed to “make knowledge accessible to all; a ‘flat’ human knowledge sphere, 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 work together to solve problems. This is realized through the development of “knowledge applications” that analyze unimaginable amounts of data, and provide results that users can use in various aspects of life.
One of these apps is Decision Point Crypto, a sentiment analysis tool that integrates multiple indicators that analyze large blockchain-native projects using natural language processing technology and artificial intelligence.
Among the industries it can be used for is insurance, where risk analysis is more than important. The more comprehensive the knowledge, the lower and better defined the risk; and the more thorough and exhaustive the tools are, the easier it is to avoid said risks.
About CryptoDATA
CryptoDATA Tech is a global ambassador for promoting the importance of data security and digital privacy worldwide. The company has been a pioneer in the development of services and products based on blockchain technology which enables private and secure communication between users and which also delivers various solutions for blockchain projects. Based on the premise of discovering digital privacy, CryptoDATA Tech offers both hardware and software cyber solutions without limitations for users who want to protect their personal information by providing them with devices and applications that offer enhanced digital security. Continuing in this vein, the company is working intensely to bring blockchain technology into the world of motorsports.
This is a press release. Readers should do their own due diligence before taking any action related to the Promoted Company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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