The year 2018 will be remembered by a global scandal around Facebook and the transfer of user data to third parties. At first, the market was shaken by the information that the most popular social network gave access to user data to third-party applications, in particular to the UK-based Cambridge Analytica, suspected of using this information to interfere in the presidential elections in the USA in 2016. Later it became known that Facebook раssed the data of its users to 60 major tech producers such as Apple, Samsung, Amazon, Microsoft and others.
Information, especially personal information, becomes a highly liquid asset, in great demand with the companies that use it for marketing. In this case, the users do not get any advantage from the transfer of their data.
Another new issue related to personal data is the burden for the budgets of the companies that are often obliged to preserve the information about their customers either on paper on in cloud storages which are, similar to any other centralised service, more vulnerable to hacker attacks and data leaks.
The Deloitte consulting company studied the expenditure of financial companies relating to execution, verification and preservation of paper documents on the example of a South African bank and discovered that the cost of paperwork, requiring manual input and verification of information, as well as keeping them, amount to 350 million rands ($25.8 million) yearly. Almost 40% of this amount is spent on the execution of documents.
The cоst of paperwork for American companies is at least $8 billion per annum. According to the estimate of PWC, on the average the execution of one document costs American agencies $20. At the same time, verification of many types of data such as certificates, diplomas, and contracts, is made difficult by the absence of an integrated database. The multilevel blockchain platform ENDO aims to solve both issues and make information exchange safe, comfortable and profitable to all the parties, including those whose data is used for the aims of marketing.
ENDO is a decentralised platform allowing safe custody and transfer of data whose authenticity is guaranteed by the public blockchain. The business will be able to reduce paperwork costs, making such documents as acts, invoices, bills of exchange and letters electronic and cryptography-protected, and private persons will be in a position to certify their identification documents, marriage and birth certificates, driving permits and diplomas with the help of the ENDO blockchain platform. The platform provides increased information security: thanks to the cryptography and decentralised storage, the risk of leaks is minimised. The ENDO company carried out an experiment, connecting a freight company to its corporate service ENDO Workflow. In just two months, the use of platform reduced the probability of cargo loss to 15%.
The ENDO blockchain platform follows the DPoS (Delegated Proof of Stake) algorithm and Byzantine Fault-tolerant Consensus, characterised by high bandwidth and, besides than, enabling cheap storage and blockchain data processing. Two ENDO solutions, ENDO Docs and ENDO Base, are based on the Graphene blockchain platform. Besides, there are plans to deploy future solutions based on the fork of the EOS platform, launched in early June 2018. For private networks, the Hyperledger blockchain will be used.
A key difference between ENDO and a great number of other projects that promise to protect data storage by cryptographic methods is that data would be stored both in centralised cloud services (Dropbox etc.), local services and decentralised ones (Filecoin, Sia etc.). It is the company that chose to join the ENDO platform that would make the choice.
Such services are already partially offered by other blockchain projects: for instance, several Greek universities choose Cardano blockchain for diploma verification and storage, and IBM launched the TrustChain blockchain platform to track diamonds, enabling its participants to create, update and check records of provenance and participation in purchase and sale of precious gems and metals. However, ENDO stands out by being universal and having a simple interface. The architecture of the platform makes it easy to use and applicable in many fields: from visa centres, insurance companies and banks to hospitals, law enforcement agencies and educational institutions.
The users that agree to participate in marketing campaigns will also touch their benefit from offering their personal data. They will get a share of the money that the company earns by selling the result of its research. The final decision to participate in market research will be taken by the users themselves: they are free to refuse their personal data being sent to the third party.
Rank and file users will also find useful the ENDO Reviews application, to be launched in 2019. This is a service of feedback about companies, products and services that records the feedback in the blockchain and does not allow deleting and editing them, as dishonest sellers on popular traditional websites often do.
The EToken (ET) will the the unit of measure in the ENDO ecosystem. The general amount of tokens issued will not exceed 100 million. 40 million tokens will be distributed during the token sale that would continue until 25 August 2018. During the token sale, tokens are sold $0.375 apiece, with special discounts of up to 30% for early or large investors. After the end of the token sale, coins would be sold $1 apiece.
Unlike many other blockchain projects, the ENDO company enters the world market with a partially created service. The private launch of the test platform and first integrations with companies took place in 2017. In the beginning of 2018, over 20 organisations cоnfirmed their willingness to join the platform.
The project team brings together IT specialists and businessmen from other branches of economy – real estate, marketing, investment business.