Ethernity CLOUD, founded in 2017, is a decentralized confidential computing network driven by smart contracts. Ethernity CLOUD is working toward a secure future for cloud computing. The core of its mission is decentralized confidential computing.
Cloud computing allows people to store information remotely on a centralized server. While convenient and hassle-free, the information on cloud computing servers is not fully protected from hackers during processing.
This is essentially the industry’s Achilles heel and something Ethernity CLOUD is working to resolve by decentralizing cloud computing with the help of blockchain technology.
Ethernity Cloud’s white paper discusses several challenges that exist when trying to create cloud infrastructure that is fully decentralized.
It continues to say that the solution needs to provide similar performance and scalability, while maintaining the software’s continuous availability, privacy, anonymity, and integrity.
Ethernity CLOUD has utilized blockchain technology to build a decentralized ecosystem that allows traditional cloud software to run as cloud-based decentralized apps or dApps.
The project’s mission is to ensure that the ecosystem exists long-term and is sustainable. To realize this mission, Ethernity CLOUD has various incentivization mechanisms in place at the smart contract level, to facilitate growth and usage within the ecosystem.
Ethernity CLOUD’s vision for the future of cloud computing has four essential features: decentralized, private, anonymous, and continuous availability.
Ethernity CLOUD is a decentralized cloud computing network with its roots embedded in confidentiality, supported by smart contracts.
Special hardware ensures confidential computing by leveraging the use of the Trusted Execution Environment (TEE) technology.
The Ethernity CLOUD team is creating an ecosystem where users’ right to privacy and integrity is fully protected. By using blockchain technology, users’ data is protected within the ecosystem, with the help of smart contracts.
Within the ecosystem, users may run cloud computing activities through a decentralized network while holding complete control over the confidentiality and transparency of the data, and the reproducibility of the process.
The project incentivizes developers and service providers into growing the network into a fair ecosystem. Overall, the ecosystem will evolve through developers and next-generation dApps that operate at cloud-native speed.
Additionally, Ethernity CLOUD is a member of the Confidential Computing Consortium (CCC). This is a “community focused on projects securing data in use and accelerating the adoption of confidential computing through open collaboration.”
The CCC brings hardware vendors, cloud providers, and software developers together in order to fast-track the adoption of TEE technologies and standards. Ethernity CLOUD is also in a partnership with the Bank of Memories, Bloxberg, and the Institute for Internet Security.
Circular economy and cloud computing
Ethernity CLOUD allows users to monetize their inert computing power by adding it to the decentralized ecosystem. The decentralized aspect of the ecosystem will essentially contribute to the diversification of the cloud computing market, and help reduce the cost of operations.
ETNY is Ethernity CLOUD’s ERC-20 native utility token, with a total supply of 1 billion. Ethernity CLOUD’s goal of creating a sustainable circular economy model where users are either a service provider, developer, or cloud computing consumer is getting closer to reality.
The pre-sale of ETNY token, held in June of 2021 was a roaring success with 90% of its available tokens selling out in 9 hours. Early the next day the remaining 10% sold out, raising a total of $200,000 USD.
Token holders will be able to exchange the value for computation power. This means service providers can lease out their extra processing power in exchange for ETNY tokens.
The solutions that Ethernity CLOUD’s brings to the cloud computing industry are:
- Incentivize network operators to maintain data integrity and confidentiality
- Allow users to encrypt data and programmatically define tasks
- Decentralized architecture allows wide adoption and lower barriers to become a network operator
- Buy and sell computing resources: CPU with TEE, Memory
- Buy and sell bandwidth
- Buy and sell storage: on-chain, off-chain, internal, external
- Processing fee: Ethernity CLOUD develops and provides a smart contract performing token exchange between data owners (buyers, network users), network operators (sellers, data processors), and dApp developers. The processing fee varies based on service price and network operator rating as well as the developer fee.
- Staking: Network operators are incentivized for their availability to process new tasks from data owners.
- Settlements: Additional fees could apply during the execution of the tasks, based on how the tasks are developed, especially if the tasks themselves use third-party blockchains or tokens, and/or cross-chain bridges for permissionless chains.
Token value proposal
The fairness and integrity of the project’s ecosystem are maintained through smart contracts that utilize the blockchain’s layered transaction process. These transactions define short and long-term tasks/ services.
ETNY captures the following values:
- Computing power: CPU with confidential computing functions
- Off-Chain storage
- Decentralized DNS services
- Data owner
- A network operator (miner)
Transitioning to Ethernity CLOUD
The decentralized cloud applications running on Ethernity CLOUD are based on regular cloud applications and software. Ethernity CLOUD strives to make the transition to the decentralized cloud as smooth as possible for cloud computing business users as well as developers and enthusiasts.