Categories
Startups

How Cryptelo aims to protect your digital privacy

Do you believe that your data is at risk? Do you think that you control the data you share? Cryptelo is a Czech startup that aims to solve a major problem and ensure that data never leaves the hands of the users, basically through data sharing and data mirroring.

Their goal is to protect digital privacy and offer an easy to integrate solution that developers and companies can use to incorporate state-of-the-art encryption and key management, without the need for advanced cryptography skills. Cryptelo has already been ranked number 1 on the cybersecurity index (NSCI) of the Czech Republic and it managed to sell more than 9 million coins in ICO, in less than one hour.

To understand more about Cryptelo, and why it is important as a solution, in the age of massive hacks such as the one that impacted Coincheck, one of the largest cryptocurrency exchanges in Japan, resulting in a loss of 523 M NEM coins, worth approximately $534 M, we had the chance to an interview Martin Baros, the CEO of Cryptelo.

 

Tell us about Cryptelo?

Our belief is simple – what’s yours is yours. Our mission is to bring top-level security in data sharing to all, and put control of your data in your own hands. We came together to execute this vision in 2014 and together we created Cryptelo, a blockchain-based encryption technology company that provides world-class, security-first data transfer, collaboration, versioning, and storage services.

 

What’s the problem it’s solving and how do people benefit from it? What do you have in mind when you say data-sharing reinvented?

Whenever you send a file it goes to a third party. This means your data, no matter what it is, is at risk. Sometimes this may not matter. But what if it is sensitive data? And what about businesses that manage their customers’ private information? With the Cryptelo Platform, data never leaves your hands because data is shared — not sent – using data mirroring. Data stays in one place through encrypted data storage. And our encryption is so secure that not even we can access it. We solve a major problem for developers because normally this type of advanced data-sharing requires high-level knowledge of encryption. But our open platform is ready to implement to any program. This brings top security direct data-sharing to all.

 

In the age of Facebook, do you think that people care who’s owning their data? Aren’t people giving away everything to Facebook, Google, Apple and the likes?

Yes, this is a good question and this is a major social change across the world. We live our lives publicly in a new way. There are many advantages to this. It is a modern form of social connection. But there will always be a need for privacy, indeed a right to privacy. The more publicly we live, it is even more important to secure our privacy and keep our data within our control.

We are also living in an era of massive data breaches and crypto theft. Equifax and Coincheck come to mind, and these are just the really big ones. You ask whether people care who owns their data? I am guessing those who lost millions in the Coincheck heist, or those whose identities were stolen in the Equifax breach care a lot!

 

Tell us about the ICO of Cryptelo? How can people invest?

The ICO for Cryptelo is to enable us to develop a globally scalable version of an underlying security layer, Cryptelo Platform. We have our existing products Cryptelo Drive and Cryptelo KeyRing, that are both running on Cryptelo Platform. Our vision is to make Cryptelo Platform globally available for software developers, enabling them to provide top-level security and easy to use and control key management features, without having to be a crypto expert. This will enable them to develop apps for any use case, that will be equipped with top-notch security features. Applications are in many industries: Medicine, IoT, M2M (Autonomous cars, Smart home), Online communications (e-mail, social networks), Data storage.

 

At Cryptelo, we believe we are at the stage where we are prepared to deliver success while scaling the product. We are well beyond a concept stage: Our products are real, we have paying corporate customers, we have fine-tuned our technology and prepared it for next phase – global scaling. This all is helping to eliminate the risks related to innovation and development process and increasing our chances for success.

 

What’s so exciting about ICOs? Is it a hype?

The ICO process and blockchain technology enabled alternative processes differ from traditional fundraising via VC and PE’s. ICOs democratize the process from both ends: providing the opportunity for companies outside the Silicon Valley scene to raise funds, while also enabling many smaller investors to enter the field.

Additionally, it helps new companies to generate early customer involvement through awareness of the company and its products and services, which is an important factor for future success.

Is ICO a hype? We refrain from making a general statement, but rather suggest thinking about each and every ICO individually. To increase the chances of future success, we believe companies need to combine several attributes, among them: relevant innovation, sufficient market potential, technical expertise and other capabilities to deliver it.

At Cryptelo, we believe we are at the stage where we are prepared to deliver success while scaling the product. We are well beyond a concept stage: Our products are real, we have paying corporate customers, we have fine-tuned our technology and prepared it for next phase – global scaling. This all is helping to eliminate the risks related to innovation and development process and increasing our chances for success.

 

Tell us more

We have developed advanced cryptography technology and turned it into functioning products with paying customers. Our two existing products, Cryptelo Drive and Cryptelo KeyRing are applications based on our proprietary Cryptelo Platform that enables anyone dealing with sensitive data to benefit from an easy-to-use cloud or onsite storage and powerful collaboration tools. Our services support fulfilling EU GDPR regulatory requirements.

 

Who’s behind Cryptelo?

We came together in 2014 to execute the vision of Security for All. We are a team of top-level engineers and cryptographers, including Vlastimil Klima, the infamous cryptographer and white hat hacker who successfully broke SSL protocol.

We have heavyweight strategic advisors like Jeff Burton who also leads BitDegree, the world’s first blockchain-powered education platform, and Philip Staehlin and Cedric Maloux who are behind many successful technology startups. Since our inception, we’ve also added business development, marketing, and investment roles to support our products.

 

What’s next?

Next, we plan to expand globally by building the infrastructure and converting the proprietary Cryptelo Platform into an open protocol solution. This will empower developers and companies to build top security standards into their applications, without the need for advanced cryptography skills. Boosting the Cryptelo Platform will shift our private technology into a globally available and multi-use case security tool for anyone.