Ethereum (ETH), Chainlink (LINK), and Privesecure (PRSC) – Three Open-Source Crypto Projects Solving Pressing Problems In Blockchain
Since the founding of blockchain, crypto projects have keyed into this relatively new form of technology. So far, there are close to 20,000 decentralized crypto projects. The goal of each of these projects is to solve existing problems. However, only a few protocols live up to expectations.
Interestingly, the crypto ecosystem still has solid projects that were built to solve specific problems. Ethereum, Chainlink, and Privesecure (PRSC) are three crypto projects built to trigger a paradigm shift.
The Ethereum blockchain was founded in 2015 by Vitalik Buterin. The seasoned developer and crypto advocate had the goal of creating an open-source blockchain different from that of Bitcoin. The Ethereum blockchain was to support more functionalities, namely; smart contract and DApp development.
Features of Ethereum (ETH), Chainlink (LINK), and Privesecure (PRSC)
So far, the Ethereum blockchain has played its role well. Ethereum is one of the most used blockchains in decentralized finance. While Ethereum has come so far, smashing milestones and performing beyond expectations, the network still has its downsides. Some of its downsides are atoned for in other crypto projects like Chainlink and Privesecure.
Chainlink is another open-source protocol in the crypto and blockchain ecosystem. Chainlink permits blockchains to interact with external feeds. The Chainlink protocol is widely known for its oracle and off-chain data integration. The ecosystem has more than one billion data points at the moment, and the protocol is still expanding.
Privesecure is an infant project in the blockchain ecosystem. Privesecure was founded to improve existing cloud storage models. Just like Ethereum and Chainlink, Privesecure is an open-source project and the project is open to all. Privesecure will transform cloud storage into a market for crypto users. Participants of the protocol who secure and store data will be rewarded with the Privesecure token.
Benefits of Privesecure
Privesecure will prevent unwarranted data exposure to centralized organizations. In the digital world, the data of users has been mishandled by several centralized bodies. Centralized authorities and Web2 giants have access to virtually every basic information about individuals. These data can be sold or transferred without the approval of users.
Privesecure aims at changing this. Rather than storing users’ data on centralized platforms, Privesecure will serve as a decentralized platform for data storage. The protocol will solve a major problem in the web2 ecosystem.
Further, to prevent data breaches and unwarranted access by hackers and cyber criminals, Privesecure will encrypt users’ data. Privesecure will implement TLS/SSL 128-bit encryption to protect data in transit. The protocol will also implement AES 256-bit encryption to protect dormant data.
With traditional data storage models, data stored on hard devices can easily be lost or damaged. Data stored in the cloud can also be breached or corrupted. To prevent any of these, Privesecure will implement an off-site storage solution that will fully protect the data of users.
Interestingly, in a decentralized ecosystem, users have full control of their data. With the use of private keys for data storage, not even Privesecure will be able to access data stored by individuals.
Traditional methods of storing and handling data need to be improved. Internet users are fed up with being vulnerable to centralized platforms. The evolution of the technological world will see more individuals transcend from web2 to web3 gradually. Privesecure will lay a fundamental role in promoting web3 adoption. The protocol will bring decentralization to data management and control.
In 2015, the introduction of Ethereum to the blockchain space solved a pressing need. Two years later, the introduction of Chainlink to the blockchain space solved another pressing need. Right now, the introduction of Privesecure to the blockchain ecosystem will solve one of the most pressing needs in 2022, which is decentralization, ownership, and data control.