Place/Date: - May 28th, 2022 at 4:00 am UTC · 6 min read
Contact: Datamall Chain, Source: Datamall Chain
When you tap the keyboard or browse this article, you may not realize that the Internet has already stored your personal behavior data. From the birth of Web1 to the prosperity of Web2, each piece of data accelerates the progress and innovation of the Internet. Terms like cloud computing, big data, IoT and AI are no longer new to people. The penetration of information technology into people’s everyday life has benefited the world. In the last two years, the introduction and exploration of the Web3 concept has led to the emergence of a more open, fairer and more secure network. New technological revolutions have lifted and excited the smart brains of the world, and various pioneers have quietly planned to embrace a new generation of information technology.
Behind the rapid development of the Internet, data carries a huge incremental loading. IDC’s monitoring data show that global big data storage reached a size of 4.3ZB (equivalent to 4.724 billion 1TB mobile hard disks) in 2013 and grew to 50ZB (1ZB=1024EB) in 2020. This volume is predicted to continue to grow to 175ZB in 2025, which is equivalent to the generation of 200 million DVD data in the world every day. The enormous storage demand of massive data has catalyzed the fast development of blockchain distributed storage platforms such as Sia, Filecoin, Swarm and Datamall Chain. Leveraging the transparency and equal collaboration advantages of blockchain’s decentralized distributed storage network, these platforms encourage more storage resources to join the decentralized distributed storage network, which in turn further stimulates the diversified development of the data storage market.
Among the not many explorers of Web3 data storage, Datamall Chain, as an important part of the Decentralized Storage Exchange Network, will become a pioneer in the global decentralized storage trading market. Datamall Chain is committed to breaking the barriers between various decentralized storage service markets, building a secure data storage bridge for decentralized storage services, and providing a free, real, secure and efficient data storage infrastructure for Web3.
In the face of the global data storage market, an integral, rigorous and sustainable decentralized ecosystem will be vitally important. Datamall Chain’s decentralized storage ecosystem consists of three important elements: storage application layer, storage transaction layer, and storage service layer. With the storage transaction layer linking the storage supply and demand sides as the core, the roles of free participants such as individuals and organizations in Datamall Chain’s decentralized storage system are divided into storage demanders, storage service providers (miners/mines), traders, developers, etc.
Based on the enormous structure of the ecosystem, a total amount of 1 billion DMC tokens will be minted, which is the governance token of Datamall Chain. With DMC, one can buy storage services, and those who own storage space can convert it into DMC. Transactions are completed through the complex economic models of PST Maker Contract, Trading Contract and Storage Delivery Contract. The decentralized storage service network, uses the Proof of Storage Service (PoSS) algorithm for consensus. Taking the amount of PST minted by staked DMC, as the voting power and taking the voting power as the condition for screening out nodes and make them consensus nodes. These miners provide storage services, namely mining. Moreover, the system of Datamall Chain follows the reward rules to give out incentives and attract more miners who can provide storage services to join and become a constant driving force for the continuous improvement of the storage service capacity ability of the decentralized network. The collaboration between PoSS and the storage transaction model not only guarantees fair incentives, but also provides a powerful safeguard mechanism against node hijacked attacks and collusion attacks.
In governance system of Datamall Chain, bonus point rewards called Real Storage Incentive (“RSI”) are given for users’ and miners’ real storage supply and demand transactions. RSI plays an important role in Datamall Chain, as it reflects the ecological value of the Project. Incentives can stimulate the benign and orderly development of the decentralized storage trading market. In relative terms, the punishment mechanism of the system can restrict the destructive behavior of miners and ensure the storage service quality of the miners. At the beginning of the project, the DMC governance allocation is used to buyback and burn RSI following the ABO (Asset Buyout) model. With the evolving of the project, the accumulated transaction fee (DMC) of the project gradually increases and reaches a “balance point”, the DMC governance allocation will no longer be used for repurchase. Instead, the transaction fee (DMC) will be used for RSI burning.
Just earlier this year, the U.S. Congress concluded a special hearing. Six encryption companies from the industry, including Coinbase, Circle, FTX and Stellar, testified on the growing importance of the market and the desire of the encryption industry for better oversight. Hosted by the Committee on Financial Services, the U.S. House of Representatives and with the participation of members of both Republican and Democratic parties, the hearing lasted five hours.
Among the participants from the business community, Brian Brooks, CEO of encryption mining company BitFury, introduced the concept of “Web3” to the attending congressmen. This was the first time for U.S. regulators to stress that Web3 is the future. As blockchain fast emerges as a key technology of Web3, the global data storage market now urgently needs a powerful new mechanism to meet the growing storage demand. Adhering to a vision of “Building a bridge for free data storage in the world”, the ecosystem of Datamall Chain represents a perfect match between business thinking and market opportunity.
By providing a platform for the supply and demand sides in the global decentralized storage trading market, Datamall Chain can handle each piece of data in a proper and secure way, and offer a stable and solid infrastructure for a more open, fairer and more secure Web3.