Scroll Network (SCRL) | Coin Review |
At its core, Scroll Network is a data storage and management platform built on Blockchain technology. Scroll allows its users a safe, private, and innovative way to store data and leverage blockchain based database scaling to achieve enterprise-grade transaction rates and high-security standards. This will allow businesses to utilize Blockchain technologies with competitive transaction costs and velocities comparable to the data management systems today. The company already developed three different products or rather sublayers to their platform: Aster Network, a tool to Optimize the efficiency of supply chain data, SlideDrive, a universal desktop and mobile platform that provides access and a means to transfer encrypted files, Osier, a protocol which allows communication between different systems and side chains.
What problem does Scroll solve?
All businesses store sensitive information and risk employee and client information to data leaks, not only do they store the data online, most companies nowadays rely on third-party cloud computing services. Cloud computing can increase these security risks because the data is stored with third-party data centers rather than an internal server.
Scrolls semi-private design allows for businesses to store, access, and analyze structured data sets in a private secure Blockchain, removing all vulnerabilities of publicly exposing data to third-party servers.
Another inherent risk of cloud storage solutions is its accessibility, which allows illegitimate users to masquerade as users to read, write, and remove data. Scroll network, therefore, implemented the concept of node IDs. For any users to access the Blockchain, they need to be registered with a node ID to interact with the data in the Blockchain, the rights to read, write, or remove data are determined by the node ID’s certificates, secured through its P2VP consensus protocol. This also allows for multi-layered access control, depending on the node ID, one user can access a transaction with multiple documents involved and only the documents cleared by the node’s ID will be decrypted when the file is unzipped.
Product and Vision
Scroll network is designed to help transfer data over a secure system, in a completely anonymous way. The Scroll Network is a semi-private permissioned blockchain that runs off a Peer to Verified Peer Consensus (P2VP), and implemented the Hypernode Protocol which sustains enterprise quality Blockchain conditions through consistent low latencies, immediate transaction finality, high performance, and extensive scalability. In the case of a business application, this approach definitely makes sense, as it provides security without limiting scalability and transaction speeds, while keeping transactions costs to a minimum. Furthermore, the increase in the user base, will lead the storage algorithm to increase the Transaction per second (TPS) rate. Data storage on Scroll happens in four steps:
User makes request to submit data,
Data is moved to chain once approved by a Verified Peer,
Scroll Tokens cover transaction gas costs,
Data successfully arrives and is then stored in the assigned block by a Verified Peer.
As mentioned above, the Scroll Network makes use of a P2VP consensus model that is comprised of a variety of node types. Each node represents an account that has a specific set of privileges assigned to it. By using such a system, the platform prevents third-party hackers and intermediaries from accessing/modifying the data contained within the network.
Standard Blockchain platforms automate peer to peer consensus in the network. Meaning, the transactions processed and annexed to the ledger cannot be controlled or prioritized. As a result, all nodes download the entire ledger history and exhaust incredible computational power to add blocks of data to the ledger. The Hypernode Protocol removes the uncontrolled automated nature of the standard Blockchain transaction processing methods. Instead, algorithmic modifications governed by the user’s base recorded transactional data, and a Verified Peer customized priority engine allows for an optimized transaction process, although node IDs have different privileges, they should still be able to facilitate transactions with a higher or lower privileged level node.
As mentioned in the introduction to this report, Scroll has build three products on top of their platform:
Aster is designed to integrate with existing data management platforms to constantly optimize the efficiency of data transmitted, structured, and analyzed to initiate a dynamic response to decrease the time it takes for a product to go from the hands of the supplier ultimately to the consumer.
SlideDrive is used to ensure that security and convenience of file transfers is always occurring. The software is a file transfer program that will guarantee the security of files and comes as a mobile and desktop application.
Osier is the blockchain protocol within the Scroll Network that is responsive to the communication needs within the network. To be a valuable business blockchain, there needs to be a method to communicate across corporate lines or across separate side chains.
The Team currently consists of 20 members, in this report, we will focus on three leadership roles. Nathan Pitruzzello is the CEO and co-founder of Scroll. Nathan has previously been involved with SoluTech Inc, a startup that primarily deals with the creation of non-traditional data management applications. He was also a member of the Forbes Technology Council in 2017. Mia Sumra is the COO of Scroll. In the past, she has worked as an Economic Development Consultant for the City of Western Haven and co-founded SoluTech Inc. Lastly, Samuel Opper is the CTO of this project. According to Sam’s online bio, he previously worked as a Prototype Engineer at 1215 Molecular Diagnostics. One of their advisors is David Salinas, CEO of District Ventures, one of the best-known accelerator programs in Canada.
Tokenomics: What is the SCRL Token?
Scroll Tokens (SCRL) are integral to the proper functioning of The Scroll Network. Transaction gas costs must be compensated from an established SCRL balance so that payment is automatic and instantaneous. SCRL can also be used for software subscription fees and other products and services within the Scroll Network ecosystem. Scroll as a total supply of 1.000.000.000 SCRL of which 153.559.844 SCRL are currently in circulation. During their ICO 20% of them were sold to the KYC verified investors, 20% to the institutions, 10% to incentives, 10% to the team, 40% to Escrow, and it will be released over an extended period of time.
Growth potential and Roadmap
The projects public roadmap highlights the next steps for Q1 2019 but doesn’t go any further. The main focus seems to be on community development, which in my opinion is not that important if their focus remains on B2B customers. Another large portion of their time and resources will be spent on product development, mainly SlideDrive.
The overall market, that Scroll is targeting, is potentially huge. Our modern world runs on data, and data security is an important topic, for companies and individuals alike. Even if Scroll only manages to serve a small portion of this market, they could build a big business in the future.
With Scroll providing customers with an enterprise-compatible blockchain main-net that also allows them to eliminate their dependency on centralized data storage entities, the team taps into the growing demand for security and privacy. Unlike traditional server farms and cloud-based data management systems, the advent of Blockchain technology in enterprise removes today’s inefficiencies including data redundancy, data losses, and data syncing compatibilities. Adoption of their product is highly dependent on whether companies see blockchain as a valid solution to this problem.
Scroll scored 49 out of 76 Points in our evaluation program.