MIAMI, Florida, August 27, 2023
Decentryk Corporation, a developer of Phygital ID technology for anti-counterfeit applications in luxury markets, has announced that Cryptyk will be its key co-development partner for its upcoming Phygital ID technology that enhances real-world physical items with digital features. Key to the partnership will be Cryptyk's low latency decentralized storage solution that offers the privacy and security of Web3 blockchain design with the speed and scalability of global Tier1 Web2 storage vendors.
Cryptyk CEO Dr. Adam Weigold commented that "as part of our development work for Decentryk we will be building the worlds first cloud storage solution with accounts designed on a per item basis instead of a per user basis. Decentryk's novel phygital ID technology not only has anti-counterfeit and anti-theft applications, it can also be used as a document and media library for peoples most valuable, unique, collectible physical assets. Hence fast, secure Web3 storage is the ideal solution for their application and use cases in the massive luxury market."
Additionally, Decentryk also announced the filing of a full non-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.
Decentryk COO John Meijer commented today that “we are very pleased that we can finally go public with our key partnership with Cryptyk for this transformative NFT technology whose development has been operating in stealth mode for over 15 months. 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 2024, 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. Decentryk technology offers us a new market 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 for its own Web3 apps to be launched in Q2 2024 while also integrating the back-end with Decentryk’s Phygital verification blockchain 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 for Decentryk will be completed and deployed by the end of Q1 2024. After beta testing of Decentryk’s NFT marketplace and Cryptyk’s cloud storage product together in Q2 both products are scheduled for global launches in May - June 2024. 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: www.decentryk.com
Investor and CTK Token Information: www.cryptyk.io