The Cognida ICO
What is Cognida?
Cognida is a decentralized network that allows enterprises to connect to multiple blockchains and manage security from a single interface. The Cognida team believes that many IT firms want to upgrade their existing infrastructure to blockchain versions. However, they are prevented from doing so because of several problems.
First, current IT practices require that the identity of users be known. However, blockchains are usually anonymous. This creates conflict between old and new systems that cannot easily be resolved.
Second, IT managers are accustomed to having ledgers and services on a central server where threats from hackers can be protected against. Blockchain networks violate this principle by distributing services and ledgers across the network.
Third, current IT systems allow for differing levels of access based on a hierarchical chain of command. Because of their decentralized nature, blockchains are inherently non-hierarchical, making it difficult to transfer current access privileges from a traditional IT system to a new, blockchain-based one.
The Cognida team believes this problem can be solved by creating a universal interface that will allow firms to assign levels of permission in a way that is intuitive and natural to them, but on a blockchain rather than a centralized network.
How does Cognida work?
Cognida provides a suite of services that enterprises need when using public or private networks. Devices and individuals can be authenticated through the network, ensuring that they are who they say they are. Once these individuals and devices are authenticated, the network can then authorize them, granting them access to the functions they are supposed to have access to.
Cognida can encrypt data on a firm’s network, and then decrypt it when it needs to be read by another entity. Cognida can also perform a "data integrity" check to verify that data has not been tampered with. A “subscription services” function is available on the network, which allows devices to sync to the platform and provide feedback and alerts in real-time.
Users on a firm’s network are called "agents" within Cognida. They are registered on the network using public/private key encryption. Any communications between these agents must be digitally signed.
All of these services are performed in a "blockchain agnostic" environment. Firms can connect to as many different blockchains as they want. They can read and write information to these blockchains, and security can be managed remotely across multiple chains.
Permissions that are granted are distributed across blockchains. This prevents the network from going down if the administrator’s server goes offline. This is one of the advantages that arise from using blockchains instead of traditional centralized networks for IT services.
Thanks to all of these features, the Cognida team believes the network is poised to grab market share from competitors as firms gradually move to blockchain IT networks.
How is Cognida unique?
There have been other blockchain networks that have been developed to handle the problem of IT security. However, Cognida is the first of its kind to be blockchain agnostic. For this reason, the team believes Cognida is uniquely suited to grow over time.
Who makes up the team behind Cognida?
The Cognida team is made up of experts in information technology, engineering, cybersecurity, and marketing. This includes CEO Michael Hathaway (former President and CEO of Information Exchange, Inc.), Executive Chairman Bing Byington (former entrepreneur in the wireless phone space), Advisors Frank Fernandez and Wayne Lawler, CMO Josh Jones (former Head of Marketing for Oh My Green), CFO Shari Joseph (former Head of Finance for Hatch Crypto), and Director of Customer Engagement John Burrus (former Area Director for Ericsson).
It also includes engineers Jon Saperia, Michael Anderson, Rosemary Holly, Nick Etson, JP Maxwell, Manuel Razzari, Fernando Aramendi, and Pablo Garcia.
The team is advised by Dustin Byington (former President of Wanchain), Steve Sprague (Founder of Rivetz), and Oliver Birch (Vice President of Wanchain).
More details about the Cognida ICO
The Cognida ICO is launching in July or August, 2018. No exact date has yet been given for either the start or end date of the ICO.
The price of Cognida will be US$0.0673 per token, to be paid in ETH or BTC equivalent. This is a tentative price based on the current fundraising goal and could change in the future. The team hopes to raise $20 million through this public sale.
This August 1 ICO will comply with the following allocation strategy:
54% of the tokens will be sold in the ICO
16% will be kept by the Cognida Foundation
12% will go to the team
8% will be given to advisors
5% will be held for future partners
5% will be held for future developers and contributors