During Bitcoin Wednesday on 4 April 2018, Symbioses CFO Shawn Capper discussed the predominant role of centralized cloud computing in delivering computational power to businesses.
In his talk, he explained how Symbioses delivers decentralized storage, cloud services and IoT on the same platform through a smart application that runs in the background and shares your device’s computational power with the network. In return for this contribution, the application rewards you with cryptocurrencies for sharing your unused resources. Shawn also gave a live demonstration of the platform.
When we developed the protocol, we had to overcome two major challenges. First, we had to consistently keep a check on the latency because we can’t have someone waiting for their order to process or they may abandon or switch to other payment options. Second was scalability, which we achieved by carrying out transactions off chain and bringing it back to the Ethereum chain after proof of work has been established. We also aggregate all transactions into one, so that we have much more scalability than by just using Ethereum.