Given the constantly growing amounts of data, the demand for an efficient way of storing information became extremely strong. However, existing technological infrastructure is not yet ready for storing large volumes of data. It was hard to imagine just a few decades ago that a database would turn into a crucial and significant asset.
All businesses nowadays understand the importance of running their own databases for keeping their documents organized. Hospitals, for instance, need to keep huge volumes of medical records, while retail businesses have to store enormous data about their suppliers and customers. By using databases, companies can efficiently manage and access their data and as a result improve business operations.
With the introduction of the blockchain technology, there emerged a strong demand for storing non-financial data. TiesDB has developed the first decentralized distributed database to serve this need. It’s a long-anticipated product created by the crypto community for the crypto community.
Formerly known as Ties.Network, TiesDB is an independent software provider and the developer of the first public, decentralized, distributed NoSQL database, which was announced last month. It is the first public database for the storage of Ethereum- based decentralized applications (DApps). In October 2017, the startup held a Token Generation Event, raising more than $9.5 million by issuing 59 million of its Ethereum-based TIE tokens.
TiesDB is aimed at addressing the key problems of decentralized cloud storage systems. Current solutions are extremely limited in capabilities, as users cannot access their files or perform complex operations with them. Unlike these platforms, TiesDB allows users to easily access documents, modify them, add new files, and delete the old ones. One of the main features of the service is the ability to search and organize data in a way so that anyone can find a file by title or the content of the document.
Another problem of decentralized systems is the level of trust between its members. Participants of a single network do not know each other, can be in different parts of the world and even be in conflict with each other. However, they can still effectively support the work of the database. The lack of trust is a major issue for public, distributed, decentralized systems and solving this problem is a step forward in the development of the decentralized applications market.
TiesDB is the first solution in the cryptocurrency history designed to meet the rising demand of the decentralized application market to store non-financial data. The project emerged as a response to a growing need to store terabytes of non-financial documents, and the ability to conduct quick searches, due to the emergence of decentralized messengers, social networks, and large encyclopedias. It is a unique solution for the growing market of decentralized applications and blockchain-based businesses.
Earlier this year, the company’s TIE token was listed on the Tidex cryptocurrency exchange, a multifunctional trading platform that has attracted thousands of users from all over the world.