Arcana Network: Abbreviated Introduction
Cloud storage is a colossal market dominated by a few entities such as Amazon Web Services. The growing popularity of decentralized technologies gave rise to decentralized storage solutions like Filecoin, Arweave, and Sia. However, these solutions have several shortcomings. Some drawbacks
are that these platforms do not offer the same level of User Experience (UX) enjoyed by developers using traditional centralized contenders and easy payments. It has been difficult to onboard Web 2.0 developers (or non-crypto natives) to decentralized platforms, and even crypto natives are pivoting to centralized data storage solutions for their dApps.
Arcana Network attempts to address these drawbacks by offering the best of both the centralized world and decentralized platforms to provide application developers with tools to manage data storage and preserve privacy for the users.
Arcana Network is a privacy-centric decentralized data store providing a suite of products to allow developers to build more secure and privacy-preserving apps for their users. The main design goals of Arcana are sovereignty, economic security, ease of use, decentralization, security, privacy,
and modularity.
Arcana’s core concepts involve:
● Storage (Proof-of-Storage).
● Identity and access management.
● Non-custodial key management.
● End-to-End encryption.
Arcana’s blockchain is a Proof-of-Stake network based on the Istanbul Byzantine Fault Tolerance (IBFT) algorithm. $XAR functions as the network’s native token and pays for the costs of the consumed computing resources. The project has not yet announced a token offering.
The project falls within the Indian jurisdiction, which has made headlines after banning crypto in 2018. Although the Supreme Court of India reversed this ruling, a new bill is still being discussed.
The project’s company has raised approximately $2.7 million from a prominent group of institutional and individual investors.
Arcana has completed its Alpha Testnet and aims to launch the Beta Testnet.
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