IQ Protocol Welcomes DeNet
It would be difficult — if not impossible! — to overstate the critical role that accurate and reliable data plays for users of blockchain technology, businesses and individuals alike. Having been created by a blockchain platform focused on data streams (i.e., PARSIQ), the team here at IQ Protocol is acutely aware of this fact. We also believe that mainstream adoption of blockchain technology is on the horizon. If that’s the case, then projects that are already demonstrating good stewardship of blockchain data are not just providing the foundation for the future of blockchain, but they are securing for themselves a promising position in that future as well. That is why we are always glad to connect with projects that share with us in this understanding.
Today, IQ Protocol is thrilled to welcome DeNet into our ecosystem!
Let’s learn a little bit more about DeNet …
DeNet
DeNet is a decentralized data storage platform, built on a sharing economy rather than on a centralized storage hub. That is, DeNet transforms the standard, cloud-based data storage models into something fit for the Web3, decentralized world. Besides issues relating to security — since so many people and organizations store their data with potentially vulnerable, centralized storage providers — there will come a time when it becomes less feasible to store the masses of online data in centralized servers. DeNet is working to provide realistic solutions to these problems. At the foundation of DeNet sits a simple, yet remarkably under-developed concept of utilizing the unoccupied space on users’ computers, worldwide, to build a system of decentralized data hosting and storage. Users that loan their storage space may earn rewards for their participation in the DeNet platform.
Importantly, this does not mean that users’ files are available to the individual upon whose computer the files are stored. In fact, one’s files are not stored on any single device at all. Instead, DeNet uses a decryption process that keeps everyone’s files private and secure: the files that enter the system are split up into fragments and distributed to the networked devices around the globe. Only the owner of the files has the decryption key. Their goal is to provide the convenience of traditional cloud storage services with the high level of security made possible by blockchain technology. On their model, the data belongs solely to the users, and not to big corporations (or anyone else, for that matter).
IQ Protocol + DeNet
IQ Protocol will provide key support for the expansion of DeNet’s network. DeNet is not simply an online file storage platform. Rather, they are creating an entire ecosystem for storing and managing data. For example, a new feature DeNet is introducing is the storing of NFTs. IQ Protocol will power this feature, allowing not just for the safe-keeping of NFTs, but also for the risk-free lending and borrowing of these online assets. Upon the release of their NFT Storage feature, DeNet will provide NFT holders with opportunities to stake and lend NFTs, allowing users to gain a steady profit from their assets. But the benefits don’t stop there: soon (after an official release) DeNet will allow NFTs that are lent and rented through IQ Protocol to participate in DeNet NFT staking, providing users with a steady interest on their NFT.
We said our NFT renting model was risk-free. How does that work?
IQ Protocol’s model for NFT lending and borrowing is built to be risk-free. Typical modes of lending an asset puts the lender at risk, say, if the borrower loses hold of the asset (for whatever reason). With IQ Protocol, such risks are not a concern. Instead of giving the original asset to the borrower, IQ Protocol mints an expirable version of the NFT (which contains all of the unique metadata and features of the original). This NFT is then given to the borrower. This guarantees that the original NFT is always safe and can be returned to the owner after the agreed-upon rental contract has expired. Now, users can rest easy renting out the items that they aren’t currently using, providing a source of passive income without having to sell their favorite assets.
DeNet is providing services that are foundational to the growth of Web3 and IQ Protocol is excited to support their vision!
About DeNet
DeNet is the truly decentralized storage based dApp ecosystem. DeNet has been developing solutions for a decentralized world since 2017, creating a secure and profitable alternative to the traditional cloud services.
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About IQ Protocol
IQ Protocol is a decentralized money market for digital asset renting and on-chain subscriptions. The next money lego that allows users to rent wrapped expirable versions of digital assets without collateral for their utility, while allowing holders to earn by providing liquidity without risk.
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