Cloud storage has become the prime concern for all enterprises. Sending ripples across the enterprise space, reports of breaches continue to rise in parallel to the rate of cloud adoption. In spite of the fact that, cloud storage and cloud computing, in general, have ushered a paradigm shift in the way the internet is being utilized, the technology has its fair share of complexities, many of which stem from its centralized nature. Basically, current cloud storage platforms are highly centralized and hence vulnerable to breaches at a single point of attack. Not to mention, the multitude of potential attack sources that are prone to multiple security threat requires software vendors for protection. This will cost of $10 per user per month and will typically cost $40 - $50 per month in cyber-security services from 2-3 different vendors. Hence, conventional cloud security solutions are both technically ineffective and highly cost inefficient. Notably, for every $1 spent on cloud storage $4 is spent on security to protect the storage. Although, for every $4 spent on cyber-security around $25 is still lost to cyber-crime. Conversely, the best efforts of the $150 Billion cyber-security industry, losses to cyber-crime are now approaching $1 Trillion annually.
On the contrary to conventional centralized enterprise storage and security solutions, CRYPTYK leverages the inherent security of two decentralized platforms. To emphasize, San Francisco-based Cryptyk offers Vault, an encrypted and decentralized cloud storage solution, which is backed by Sentry, a blockchain-based trail-auditable database.
Significantly, cloud storage and file sharing platform with inherent protection against external, viral, operational, internal, and surveillance threats are built. Cryptyk’s Vault provide trackable file sharing which in turn enables enterprises to keep check on the data in motion. Coupled with encryption of uploaded files and sharding them into five segments, each of which goes through another round of encryption before being stored distinctly on major cloud platforms such as Dropbox and Google Drive. While Sentry offers functionalities such as ID Verification, digital leak prevention, and user access monitoring. Vault delivers unprecedented security from external threats via its two layers of decentralized storage architecture, in particular an encryption model that would take years for even quantum computers to decrypt.
Comparatively, any virus that may have crept into the vault will be grafted and rendered incapable of execution. Even in the instance of a major cloud provider failing, as in the massive Amazon cloud service outage earlier this year, Vault’s RAID-like architecture can retrieve the ‘lost shard’ from other storage nodes and can ensure user access to authorized files. Cryptyk offers a one-sized-fits-all solution, an aspect which, until recently sounded too good to be true. As against to the conventional approach to achieving cloud security, Cryptyk eliminates the need to resort to multiple independent security vendors many of whose pricing tends to be much more than the monthly cloud storage rates. Then, unlike other blockchain-based storage systems where access latency exceeds more than 20 seconds, Cryptyk uses blockchain purely as a record keeper and data tracker, and so can offer less than 200 msec latency. Correspondingly, to facilitate their product development and build a new cyber-security ecosystem, Cryptyk is launching its own crypto-currency called the Cryptyk Token (CTK).
The company are its final stage of the launch Cryptyk Tokens Initial Coin Offering (ICO) which aims to create a new cyber-security platform, a global open source community, and a digital economy that provides incentives for participation by enterprise customers, software developers, blockchain miners and ICO investors. From an investor standpoint, acquiring CTKs will result in more immediate returns given their value will grow directly with product revenues rather than company earnings. The utility of the Cryptyk Token should drive its price increase more than speculative market sentiment. “Cryptyk s an enterprise security and storage platform, an open source ecosystem and a new cyber-security economy …… all in one product” says Dr. Adam Weigold, the CEO of Cryptyk. Weigold is a quantum physicist and startup veteran of six startups and two public acquisitions. Backed by a team of enlightened industry experts such as the company’s CTO – Raghu Kotha, a renowned white-hat hacker and coder, and Dennis McMasters aka ”the guy who automated the NYSE, “Cryptyk is rightly positioned and on track to redefine cloud storage and security.
