Decentryk files key patent application for disruptive Physical Asset NFT technology

MIAMI, Florida, August 27, 2022

Decentryk Corporation, an NFT business that is owned and operated by Cryptyk Inc. and its founder Dr. Adam Weigold, this week has filed a groundbreaking new provisional patent application with the US Patent and Trademark Office. The patent application is titled “System and Method for Secure, Permanent, Traceable Digital Proof of Ownership for Unique Physical Items” and describes a highly innovative new technology for securely creating and verifying NFTs for physical real-world assets. Decentryk technology is targeted towards key luxury market verticals whose total annual sales turnover currently exceeds US$600 Billion.

Cryptyk CEO Dr. Adam Weigold commented today that “we are very pleased that we can finally go public with this transformative NFT technology whose development has been operating in stealth mode since the acquisition of Decentryk some 9 months ago. Decentryk’s products will be built on top of a new consumer-based cloud storage product from Cryptyk, who will also integrate the back-end with a new blockchain layer for NFT verification applications. Ultimately this means that upon the launch of the Decentryk platform in early 2023, Cryptyk Tokens will be driving both its own security and auditing blockchain, and also Decentryk’s NFT verification blockchain.”

Dr Weigold added “while to date Cryptyk has primarily focused its decentralized cloud storage technology on large one-off custom built solutions for enterprise markets, the company has long desired to deploy and launch a consumer focused-version as a Software-as-a-Service (SaaS) product powered by CTK Tokens. Unfortunately we have encountered numerous headwinds over the past year, including (1) major operational delays with a government-related enterprise contract that required significant technical resources, (2) the high cost of deploying a scalable SaaS infrastructure globally, and (3) the even higher marketing costs related to successfully launching a SaaS cloud storage product in a crowded consumer marketplace with numerous industry giants. This has been demonstrated by other decentralized cloud storage vendors who have struggled for mainstream market penetration despite their huge marketing budgets. We don’t think it is viable or profitable strategy to launch a premium ultra-secure cloud storage product for consumers at premium pricing structures in the current market climate without a massive marketing budget that we do not have. The only successful cloud storage product launches now rely on serving a disruptive new application or use case instead of simply providing a superior storage product with better security features. We first came to this market realization over a year ago and hence we were on the lookout for a unique consumer Web3 application that offered rapid and profitable customer adoption of cloud storage using a new pricing structure and business model. Decentryk technology offers us that opportunity and is targeted at consumers of hi-end luxury physical goods. It is important to note that CTK Tokens will be used to power both cloud storage security auditing processes and NFT verification processes, thereby improving CTK tokenomics significantly. Overall its a bigger development project but it offers a much bigger opportunity for relatively low cost penetration into the broader consumer market. Decentryk is a truly unique consumer application for Cryptyk cloud storage that offers us much more profitability for lower deployment and marketing costs than is possible for targeting the traditional cloud storage market”.

Cryptyk will deploy the consumer cloud storage and security auditing platform (already 80% complete) and then integrate it with Decentryk’s “Proof-of-QR” NFT verification library. This involves integrating two blockchain networks with our decentralized cloud storage platform and Decentryk will pay for the majority of infrastructure deployment costs. The entire back-end will be completed and deployed by the end of 2022 with multiple front-end UI’s being trialed through January 2023. After beta testing of Decentryk’s NFT marketplace and Cryptyk’s cloud storage product in Q1 2023 both products are scheduled for global launches in April 2023. Updates of development plans to Cryptyk and Decentryk web-sites will be made in the next few weeks. Copies of the provisional patent application files can be viewed at the Decentryk web site.

Decentryk Site with NFT Patent information   

Investor and CTK Token information