Scriv Network Review: The “Supermarket” Of Blockchain Solutions
Historically, when we look at global markets, there is one success principle quite common among companies: They identify an area and then diversify within that area to solve the complete spectrum of needs the consumers may have in that segment. E.g., when we talk about technology products, companies like Apple or Samsung provide everything from mobile devices, music devices, laptops, desktops, tablets to wrist devices. Look at social media companies like Facebook. They provide everything from social networking, blogging, messaging, gaming, etc. on their platform. Talk about retail giant companies like Walmart or Amazon; they provide every retail solution ranging from groceries, FMGC, electronics, clothing, books, etc. under one roof. The key point to note here is that offering a wide spectrum of solutions within a particular domain has traditionally been one of the key success secrets of companies, which evolve over a period to become global giants.
The Blockchain Way
This trend has been common from the agriculture age to the industrial age, keeping the trend all the way to the technology age. As we are at the cusp of a transition to a new era, which might be termed the blockchain age, things will get interesting, as this age will lead to the evolution of a new set of players will become global powerhouses in years to come. The blockchain era, while still at a nascent stage of evolution, interestingly, has applications in a wide range of businesses, thus for a project to offer a solution to the complete domain will require a great level of business understanding, technical know-how, and quick time to market execution for converting ideas into product offerings. To understand what is needed to become such a powerhouse in the blockchain domain, we first need to understand the broad categories of offerings blockchain projects can do:
Peer-to-Peer transfers: This is the core of blockchain, the very reason this technology was invented. P2P allows the transfer of funds between two parties without the intervention of a central authority like banks.
Earning opportunity through mining: Mining is the basic process through which the transactions are verified, and the blockchain network is stabilized. The entities that do these verifications are called ‘miners,’ and they earn income for this service in mining output/rewards. The most common processes of mining are:
- Proof of Work: This is a difficult (costly, time-consuming) piece of data to produce but easy for others to verify and satisfies certain requirements. Producing a proof of work can be a random process with low probability, so a lot of trial and error is required on average before a valid proof of work is generated. It is done by setting up devices with high computation power called RIGS. Managing and operating these rigs require a high energy and processing power; thus, heat management devices also need to be plugged into the set-up.
- Proof of Stake: Transaction verification is done basis the resource (coin) held. The PoS protocol has lots of benefits, especially for privacy coins. The PoS protocol reduces the risk of double-spend or denial of service attacks, as the cost to conduct such attacks comparatively much higher. PoS can be earned either by setting up masternodes (a node or wallet that keeps a full copy of the blockchain and typically needs coin collateral to set-up) or staking coins in the wallet (good for retail miners who do not have resources to set up full masternode).
Decentralized markets and solutions: Decentralization is one of the key endeavors of blockchain technology. The power of control shifts from a handful of centralized players to the masses, thus creating a pure democratic economy.
Focus Projects: These are projects that use blockchain as a technology for a specific business need. The spectrum is huge as it encompasses almost all industries like gaming, streaming, retail, banking, logistics, entertainment, charity, privacy, travel, communication, social media, etc. to name a few.
Scriv Network – The Next Big Solution?
Over the past decade, we have seen lots of innovation in the blockchain domain, with many projects coming up with unique solutions and making great headway. However, when we looked at most of these projects, we found them having expertise in one or two of the above-mentioned domains only. A project which offers a complete spectrum was missing until we came across: The SCRIV Network, which is very close to achieving ‘near perfection’ in offering the complete spectrum of services needed in the blockchain field in current times, thus compelling us to dig down deeper and find out what SCRIV does.
SCRIV Network was established in Q1, 2018 by founders Mr. Lova and Mr. QLee with a vision to leverage blockchain to provide state of the art solutions to retail, business, and mining challenges. The current product offerings include Data Assurance (data storage, assurance, and verification product), Stack of stake (masternode service), Universal Miner (mining solutions for POW protocol miners), SCRIV coin (a cryptocurrency for P2P transfers).
How Does Scriv Network Stand Out?
Data Assurance: As we keep evolving to adopt technology in more and more usage in our daily life, the importance of data keeps getting higher precedence. Automation, Big data, data mining, higher IP traffic, etc. are fueling the need for stronger data processing and management needs. Big data itself is expected to cross the $50 billion market size, and retail+business storage on cloud is expected to cross $75 billion within the next couple of years.
SCRIV Network provides decentralized data storage on the blockchain using an InterPlanetary File Sharing (IPFS) network and services like data assurance, verification, and time stamping. This helps users (ranging from critical government or business data to retail consumer personal data) in the secure storage of their data and verifying data at any given time using timestamp processes that confirm the data ownership originality. The process is straightforward. The user uses their wallet to upload data/documents, generating a hash (unique identification number). The wallet initiates the data assurance process and tags the data to the user using timestamps. The users have options to keep it public or get it encrypted. There are also public labels options being attached to the data by getting the user profile updated and verified. After time stamping on the SCRIV blockchain, the user paid the assurance fee and is saved to IPFS Network. Miners earn a reward for validating the blockchain data. The unique proposition here is that the ‘Assurance Fee’ earned is also shared with the miners. It is split into two parts: the first part is added to the next block and paid to the miner who finds that particular block; the second part is split equally to all running the masternodes
SCRIV data assurance provides solutions to the various data management needs like demonstrating data ownership (beneficial for copyrights by content creators, patents by innovators, property ownership and in general litigation in case of conflict), time-stamping (to verify true ownership), document integrity (changes cannot be done without validation of the parties involved), preventing copying/duplication of data. On top of it, the complete system is secured from breach by using enterprise-grade security protocols. SCRIV scores very well in comparison to its peers like Stamp, Stamped, Poex:
- Fast processing with a confirmation time of 30 seconds Vis 5-10 mins by its peers.
- It provides instant file access that other players are yet to launch.
- Meager verification fee of just $0.01, which in traditional set up runs into dollars.
- File storage integration is another unique feature.
- Internet of Things (IoT) is coming up, which will make the value proposition much stronger.
- If data storage, security, validation is something you are looking for then, SCRIV is a viable solution you should consider among your options.
StackOfStake: This is the latest offering from the SCRIV bouquet that was launched in February 2019. Currently, the majority of people involved in blockchain are either in the capacity of investors or users. Only a handful of people were able to identify the earning opportunity by becoming a miner using Proof of Work protocol (contributing to network stability by verifying the transactions). The major bottleneck for global expansion of this opportunity is the high cost of setting up the rigs and high management costs because of the immense energy requirements and high technical know-how. Masternodes have evolved as a solution that runs on PoS (Proof of Stake). This facilitates mass participation in the income creation process as setting up master nodes is relative, costs less investment, easy to manage, and consumes less energy. However, people wanting to set up multiple masternodes face challenges of setting up and managing multiple masternode wallets, lower reward frequency, lack of updates on best, and verified masternodes.
SCRIV came up with the solution by creating a community shared masternode pool management service. This is a single go. It provides a solution to all the above-mentioned challenges as the retail investor doesn’t need to set-up, be online or manage any individual wallet; SCRIV does this on behalf of its customer pooling in resources masternode setup for every coin on their portal. The biggest financial benefit a retail customer gain is that the frequency of rewards is increased exponentially. SCRIV receives the rewards from respective PoS coins basis the collective pool that is much higher than any retail investor is and hence commands a higher weight in the overall network leading to faster rewards. This increase in frequency allows the investor to multiply their income faster as the compounding effect is acting for a greater duration. SCRIV team, based on its vast knowledge and experience, also does due diligence before boarding a coin, thus making the options available on the portal as relatively legit and safer for an investor to park their money in. There are 16 masternode coins already live on their platform, with six more coming up soon.
The service provides full automation of the process with enterprise-grade security of funds. Also, the rewards, deposits, withdrawals, re-investments are all processed instantaneously. Additional income opportunities are available through the referral program. For more details or to signup, please visit StackOfStake.
Universal miner thus, under a single umbrella, simplifies the overall complex task of multiple cross-chain PoW set-up management along loads of other benefits like:
- Enhancing Profitability- Automatic switch between multiple pools, algorithms, and mining software.
- Hardware Management- Device status and heat monitoring, System information tracking for CPU, GPU, memory, and storage.
- Multiple Mining Algorithms- More than 30+ algorithms already supported with the facility to add new algorithms at any time.
- The software already supports exchange Support- Multiple exchanges like Bittrex, Poloniex, YoBit, CoinExchange, CryptoBridge, etc.
- Pool Management Service- To effectively monitor and manage mining pools.
- Automated Notifications- Executed by using bots on telegram and messaging services to ensure real-time updates to users.
If PoW is your route to the mining world, you might consider having Universal Miner in your bag to have a smooth and profitable mining journey.
SCRIV Coin (P2P cryptocurrency): This is the underlying digital asset of the SCRIV ecosystem and thus already has a well-established use-case in domains of data assurance, PoW mining software sales, masternode pool ecosystem. It can also be effectively used as a pure P2P protocol for cross-border payments or used in any decentralized cryptocurrency marketplace.
SCRIV COIN is generated as a reward for verifying and maintaining the SCRIV blockchain’s stability and is unique as it follows a combination of PoW and PoS protocol. Thus it can be mined by setting up the mining rigs or masternode. The reward structure is based on the blocks generated by any particular node. The blocks and transactions can be checked live any time on their Block Explorer.
The current ROI for masternode stands at an impressive approx 40%. There are currently 217 masternodes active, and the average time to generate a block is about 30 seconds. Masternode set-up requires a co-lateral of 100000 SCRIV Coins.
At the time of writing, SCRIV Coin is traded at $0.00441782 per coin at three exchanges: Graviex, Stex, and Crex24. The total SCRIV coin supply stands at 146 million, while the current supply in the market is 53.1 million.
To summarize, SCRIV does offer a solution to multiple global blockchain challenges and can become a global powerhouse. Overall, the project scores well on the technical aspects, reward outputs, identifying a global opportunity by launching a good product.