What Is Cirus Foundation (CIRUS)?

Cirus Foundation (CIRUS) is a nonprofit organization supporting the Cirus ecosystem, a platform that turns data into cryptocurrency. Cirus aims to create an ecosystem to allow full data ownership by providing both a platform and hardware. In other words, individuals can use the platform to own, manage, and monetize their most valuable digital asset: data. Cirus intends to be a trustless, secure, and decentralized network.

According to the whitepaper, the Cirus ecosystem includes the Cirus Device, Cirus Core Platform, and Cirus Confluence Network. All three components seek to work together to enable individuals to interact with, profit from, and contribute to the ownership economy. An ownership economy is a system where all participants have a financial stake or value in the ecosystem they contribute in.

The Big Data space is highly centralized where a handful of companies control the user data. The value generated by this data seldom trickles down to the owners. Hence, they remain largely excluded from the monetary benefits of a digital economy. The platform aims to shift Big Data's existing monopoly to a decentralized system that delivers value to customers. The system aims to allow users to seamlessly transact with others globally using their Digital Key(s) supported by a dynamic NFT.

The CIRUS token is the network's native currency. The token has three primary utilities:

1. Authentication: Twenty-five CIRUS tokens are required to activate each Cirus device and its subsequent functions, such as node validation. The stakeholders and/or devices in a blockchain network are known as blockchain nodes, and they are responsible for keeping a copy of the distributed ledger and serving as communication hubs for various network operations.

2. Remittance: The CIRUS token aims to serve as the settlement currency for data revenues. The token also aims to act as a means of value transfer on the Cirus Network.

3. Bridge & Transactions: The token aims to bridge internal value creation and external payment systems. The platform charges a transaction fee, paid in CIRUS, on all trades on the ecosystem. Further, users need to pay a nominal fee while exchanging CIRUS for external tokens.

4. Network Validation: Users who run a virtual data node or mine with the Cirus Device receive CIRUS as a reward.

History of Circus Foundation (CIRUS)

Daniel Bland, Samartha Nagabhushanam, and Michael Luckhoo cofounded the platform.

Bland is also the cofounder, co-CEO of Cubera International, Inc.

As a CEO/president in four public companies, Nagabhushanam has steered higher company value with his technology and business acumen.  

The whitepaper of Cirus Foundation: Empowering the Ownership Economy was released on June 9, 2021. The whitepaper mentions the maximum total supply of the CIRUS token as 250,000,000.