The members of CryptoRiyal team have committed themselves to develop the blockchain platform that must serve as the circulatory system of the emerging smart cities, one of which is Neom in Saudi Arabia, and become a natural complement to the Internet of Things. The CriptoRiyal system will be used not only to carry out peer-to-peer but also device-to-device transactions which will be duly categorized and analyzed by artificial intelligence, with the help of machine learning algorithms, in order to be further used to generate benefits for the residents of smart cities with the help of the CryptoRiyal (CR) tokens, which are compliant with the ERC-20 standard.
SmartRiyal is the name of CryptoRiyal’s blockchain-based ecosystem that is designed to undertake the following scope of activities.
Acquisition of data in a distributed and anonymous manner from the special information providers carried out on the basis of the Zero-Knowledge-Proof algorithm.
Distribution of remuneration in CryptoRiyal tokens among data suppliers for their active participation in the development of the network.
Maintenance of a native cryptocurrency exchange that enables users to seamlessly convert cryptocurrencies and fiat money to Cryptorial and back.
Employ the models of predictive analytics in order to generate valuable insights and provide references for different business sectors with the help of AI as well as different methods of machine learning. The users will be able to purchase this information with the CryptoRiyal tokens.
Serve as the medium for financial transactions associated with buying/selling goods or services via the internal platform dApps or the specially integrated mobile POS terminals.
All of the described functions, as well as the host of others that will be introduced over time with the advancements in AI development, will contribute to the vitality of the main elements of the CryptoRiyal financial architecture described below.
CryptoRiyal exchange will serve as the transaction intermediary for legal entities and residents of a smart city as well as the individuals and businesses that live and operate outside that particular metropolitan area. The utilization of this exchange expedites both domestic and international remittances and automates the vast majority of services within the smart city.
The trademark multicurrency wallet, compatible with Bitcoin and all ERC-20 tokens, offers a better scope for financial operations, such as sending/receiving crypto, managing digital assets and keeping track of all activities. The wallet can establish a direct connection with an IoT device through the SmartRiyal platform.
The CriptoRiyal data wallet encrypts and securely stores all bits of data gathered from data suppliers and IoT gadgets. The wallet’s interface also allows users to exercise control over their devices, view the data analysis and, subsequently, monetize the information and acquire CryptoRiyal tokens which then can be exchanged to fiat money.
The decentralized storage of data where users’ IoT devices act as the nodes for which the owners are rewarded with a certain amount of tokens.
These three major components are supplemented by the CryptoRiyal e-commerce platform and an educational resource called the Smart Riyal Academy.
The project is currently in the pre-sale phase that will end on July 7. The official ICO will be launched two days later, on July 9 and last to the entire year. 980 million tokens were allocated for sale with the price of one token being as much as $20. CryptoRiyal offers both airdrop and bounty programs. Citizens of the United States are not allowed to participate in this ICO.
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