OTTAWA, Canada and Singapore, November 13, 2018 – At a press conference in Singapore, Leonovus Inc. announced the release of Ver 1.0 of the Galaxa Whitepaper with an introduction by the Canadian Trade Commissioner to Singapore, Mr Guy Bélanger. The Canadian data storage solutions company was a part of the Canadian Trade Mission to the inaugural Singapore Fintech Festival, Singapore being a major global blockchain hub.
“We are proud to release this first version of the Galaxa whitepaper and invite feedback from the global blockchain community to help us reflect on, and improve, the architecture and document. We expect several iterations of the whitepaper before the close of financing. The whitepaper is available for downloading on the Galaxa website – galaxa.com,” said Michael Gaffney, Chairman and CEO.
The Galaxa project challenges the current oligopoly of the cloud storage and compute market and is an important strategic initiative for Leonovus which has invested USD 26 million in research investment. Gaalaxa is the first blockchain-enabled, enterprise-class, Anything as a Service (XaaS), distributed storage and compute marketplace. Gartner predicts a more-than-30% compounded annual growth rates for enterprise cloud data storage and cloud compute. Galaxa will introduce a new blockchain architecture designed to accelerate the global development and implementation of XaaS offerings by independent developers that will share a worldwide network of enterprise-grade distributed data storage and distributed compute assets.
As a follow-up to the Smart Contract by Ethereum in 2015, Leonovus believes that Smart Services will become the next step in the blockchain evolution. The blockchain methodology of using programming languages such as Solidity, Java, and Python to program smart contracts currently incur costs in time and money to develop, test and run on the blockchain. These costs can be prohibitive for many services, and do not work well with normal enterprise business practices. Smart Services allows developers to use the Galaxa blockchain and build applications for the web-based, XaaS Galaxa marketplace using high-level natural language constructs and open web APIs, eliminating the need for complex smart contract coding and logistics and addresses the challenges faced by developers and enterprises that want to adopt and gain the benefit of cloud and blockchain technology in an effective, efficient and secure data marketplace,.
To finance the Galaxa project, Leonovus plans to complete a Security Token Offering (“STO”) by issuing a security called a Simple Agreement for a Future Token (“SAFT”). When approved by the Toronto Stock Exchange (TSX), the GAAX SAFT will be a tradable security on the TSX Venture Exchange. The SAFT will convert into the GAAX tokens 18 to 24 months after the close of the financing. GAAX tokens will be a security and will pay regular distributions of GAAX to the token owners. Details about the distributions are in the whitepaper. Leonovus believes that GAAX is the first cryptographic token designed for the exchange of value between a corporate information technology buyer, an application service provider, and a storage/compute infrastructure supplier.
“Galaxa is much more than most typical ICOs or STOs in that it will incorporate the Leonovus Smart Services blockchain innovation, along with a global enterprise-class marketplace that embeds Leonovus’ hyper-secure software-defined cloud storage technology which is in production today. The marketplace provides a platform for thousands of cloud services developers who are locked out of the current market because of the oligopoly. This is also great news for the enterprise as there will be more choice for cloud service products and less cloud vendor lock-in,” said Gaffney.
Leonovus is a cloud solutions software developer of a blockchain enabled software-defined object storage solution. Designed with the IT manager in mind, Leonovus’ patented algorithms encrypts, shreds and spreads data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage that provides GRC across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Leonovus provides petabyte scalability and allows the enterprise to utilize its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise’s overall ROI. To learn more, please visit www.leonovus.com. Further information on Leonovus’ public filings please visit www.sedar.com.
Media Relations: Cecilia Wong, cecilia@yourPRstrategist.com