The first collaboration between two pioneering blockchain companies in Qatar, the Blockchain Research Institute (Middle East) and Genesis Technologies, came to fruition recently, when they announced the successful launch of a decentralized data storage system, using blockchain technology to backup databases in a distributed way, which increases security, availability and readiness to data, and secures continuous connectivity without downtime.
Genesis CEO Mazen El-Masri noted that the system was developed for a Qatari company, adding that Genesis will showcase its new products at the Qatar Web Summit, held between February 26-29.
In 2022, Genesis launched its first product Maxya, a blockchain that requires miners to solve complex logistics problems and produce business-usable data, unlike other proof-of-work blockchains that require solving complex computational puzzles with no usefulness beyond securing the network.
Mazen El-Masri described Maxya’s consensus mechanism as Proof of Useful Work, and indicated that designing blockchains this way makes them carbon negative, because they create two uses for electricity – solving logistics problems and validating transactions.
On the other hand, the Middle East branch of the Blockchain Research Institute was established in Doha, Qatar in 2021, and organized the Web3 Summit in Riyadh last year.
