MNGTS is a digital asset created on the basis of the Ethereum network. It was released in June 2022 by a decentralized blockchain-based application MNgts that enables encryption and safe storage of sensitive data. The MNgts platform aims to build a secure repository for the storage of private keys and passwords. The project targets users of the Ethereum network and employs such technologies as the Ethereum Smart Contract, IPSF protocol, and File System DLT.
MNgts is an abbreviation that stands for MultiNet Green Tech Solutions. This is a smart designation repository that operates as a storage app fueled by blockchain. As users predefine the inactivity period via the MNGTS mobile app, the product encrypts and secures the storage of users’ data on a p2p network upon the specified inactivity trigger. The app automatically gathers data and sends it to the named designated receiver.
The decentralized network operates with organizations and individual users of MNgts repository services. In addition, the company tries to attract investors of different kinds. At this, even not technically-savvy users can invest in the project since all they need to participate is to hold the tokens fueling the MNgts platform in the wallet. Such an approach makes the entry barrier pretty low as even novices can become investors hassle-free.
The team of MNgts platform employs an advanced military-grade encryption program AES1024 to store files of the network. The MNgts Ethereum-based smart contract is connected with the FSDHT network by the Ethereum infrastructure that is used for the verification of pre-set inactivity via the mobile app.
The solution runs on the FSDLT (File System Distributed Ledger Technology) network and AURA blockchain. The system features an architecture that includes three layers: a Mobile Application layer, an MNgts solution layer, and a DAPP layer.
AURA blockchain includes numerous technological layers and protocols that employ distributed storage. The blockchain uses innovative solutions such as the FSDLT layer and SHOUT protocol. The structure of each FSDLT block resembles the structure of a file including the necessary components, which are attributes and filenames. There is a unique fingerprint in each file that is known as the cryptographic hash that makes the content immutable. The cryptographic hash is also needed to prevent duplication across the network.
Blocks are stored through IPFS on the network nodes. Thanks to parallel chaining, it is possible to process transactions on one node simultaneously. The distribution of transactional data is fulfilled with the SHOUT protocol via the mDHT network.
How does MNgts work?
The MNgts app is a dApp that acts as an interface between end-users and the backend blockchain technology. It is available in the Google Play Store and the Apple App Store. Users set up the Small Designation Repository with the MNgts token that works like a key in this case. Then they determine a preset inactivity period on the basis of the app which can vary depending on their preferences. For instance, it can be 30, 60, or 90 days. The smart contract is triggered in the event of the mobile app's inactivity. It means that the algorithm of private data collection is activated automatically and then sent back to a receiver who was designated by the user.
With MNgts, it is possible to store wallet files, passwords, JSON files, keystore files, UTC files, recovery seeds, mnemonic phrases, etc. Besides, it is possible to store short text messages. As mentioned earlier, the platform employs a Smart Designation System to store data. The SmartDes System uses the Store and Transfer protocol which differs from traditional storage systems that rely on a Store and Retrieve protocol. The key point is that it is able to identify a triggered event, which can be a period of inactivity on a device or an account on social media that belongs to a user. When it detects such data, it activates the transfer command that sends the information to a recipient, so it acts like a will of a person who, supposedly, passed away and wants to transfer his or her wealth to someone else.
The MNgts security
MNgts token acts as a key for the activation of SmartDes Repository enabling members of the community to store their private data. The security of this data is guaranteed by the platform. Its fragmentation, replication, encryption, and distribution across a decentralized network occur as soon as the sensitive data enters the MNgts system fueled by FS DLT peer-to-peer protocol.
The MNGts token
The token sale started in June 2022. According to the plans announced by the platform, the token sale should last until February 2023. Users can participate in the token sale using one of the most popular cryptocurrencies within the time period mentioned above. The list of acceptable currencies includes USDT, BTC, ETH, WETH, USDC, and WBTC. At this, the minimum transaction amount is 1 ETH, 1 BTC, or 1 LTC.
The token was launched on June 6, 2022. On July 15, 2022, the asset was listed on Flooz.trade. On July 27, 2022, MNGTs went live on Vindex Exchange. In October 2022, the platform releases MN-Coin. The token is supported by Trust Wallet, Xcelpay, and Coinbase. In addition, the platform plans to release its own blockchain known as the M-Net blockchain in January 2023.
The funds gathered during the token sale are used in the following way. 53% of proceeds is spent on marketing and branding, 29% goes to gift code inventory, 12% is taken for the development of IT infrastructure, 4% is allocated to legal and financial overhead, and 2% is spent on bounty and overhead.
The MNGts team
Maqsood Mohommed, the CEO, is an Indian startup founder, passionate mechanical engineer, and an aspiring industrialist. Previously, he founded Custiv, the company that helps OEM companies reimagine supply chains. Akshay Indalkar, CTO, worked as a web developer and a software engineer before he took up the position. One more key figure of the platform is T. Ramesh, CFO. Osama Adam Abdalla helps the company solve all the legal questions.