Ties.Network, an Ethereum-based business platform for crypto community, has recently unveiled plans to launch a new blockchain database product on its network. Called Ties.DB, the system is designed to enable the storage of large volumes of data on the Ethereum blockchain.
According to the company, Ties.DB is the world’s first decentralized, public NoSQL database that will serve as the basis of the Ties.Network. The platform will allow developers, investors, and other professionals to market DApps, including smart contracts, and cooperate with peers. Moreover, it lets users to receive feedback from industry experts and conclude business agreements via a single platform.
Shortly after the announcement was made, the startup’s native currency, TIE, demonstrated a significant surge in value. The token was trading at about 15¢ in the beginning of the year, but reached almost 65¢ by January 15, 2018. The overall supply of the cryptocurrency was estimated at $172,190.
The TIE price has quickly increased after the token was listed on the TIDEX cryptocurrency exchange. The trading platform, which is based in Rotterdam, is designed to offer seamless trading of cryptocurrency assets. There are now over 70 altcoins listed on the exchange.
As of today, the price of the token is standing at $0,36, according to the data from CoinMarketCap, while its market volume is valued at $67,576. TIE Token is an Ethereum-based cryptocurrency that was issued for the Token Generation Event in October, 2017. The startup has managed to raise more than $9.5 million during the token sale campaign.
Owners of the TIE tokens will be able to use the cryptocurrency to buy Ties.DB services at a discounted rate.
“Ties.DB is aimed to the whole market of decentralized applications – all of them need decentralized data storage,” the Ties.Network website states. “And Ties.DB can satisfy their demands.”
Ties.DB is not the only solution for creating distributed databases existing on the market today. However, unlike Ties.Network, they are not designed for use in a public network. The current solutions, like MongoDB, Cassandra, and others, are virtually centralized and are subject to a single source that distributes access rights to content and provides access to the platform only to previously trusted sites.
Ties.DB is a new type of database that is completely decentralized, where all nodes are equal and anyone can join the network and become a node. All the content is stored in a structured form, providing the ability to quickly find information within the platform.
The release of Ties.DB is scheduled for April 2018.