Place/Date: Singapore - November 3rd, 2022 at 1:54 pm UTC · 5 min read
Source: Datamall Chain Foundation
The Datamall Chain (DMC) Foundation announced new strategic partnerships with OKX, Gate.io, BIT Mining, IPFSMain and BCT Inc. As strategic partners, these five institutions will be actively supporting the decentralized storage ecosystem built by the DMC Foundation and Fog Works, a Web3 decentralized application company. Each of the partners has large user bases and mature commercial services mechanisms. Their addition to the DMC storage ecosystem not only significantly enhances the DMC network, but also affirms the value of decentralized storage and accelerates the industry-wide transition to Web3.
OKX is an innovative cryptocurrency exchange with advanced financial services. OKX relies on blockchain technology to provide everything its customers need for wise trading and investment. Gate.io is one of the top 10 crypto exchanges in the world listing crypto assets that are great in quality and have a high rate of return. BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. IPFSMain is the leading global service provider for web3.0. BCT Inc. is an international cryptocurrency mining company with operations in the United States and the Asia-Pacific Region.
The DMC storage network is a fully decentralized marketplace that was created exclusively on CYFS, an open-source protocol that enables the creation of completely decentralized apps. The DMC network matches demand for decentralized storage from consumers with supply for decentralized storage from miners. The network also addresses many difficulties and risks faced by decentralized storage customers, such as price gouging, insufficient liquidity, and false storage service capabilities. All of the above is accomplished with no centralized servers or services in place.
To achieve a highly efficient marketplace for decentralized storage, DMC creates a sustainable operating environment for each role in the ecosystem. All stakeholders – including storage customers, miners and mining pools, Limited Partners, traders, and developers – are indispensable participants in the DMC’s ecosystem.
Thi Thumasathit, CMO of Fog Works, said:
“We’re very excited that OKX, Gate.io, BIT Mining Limited, IPFSMain and BCT Inc. have joined the DMC ecosystem. The commitment these 5 partners are making to the DMC network and decentralized storage is significant. Their early participation sets an example of how individual miners and larger mining pools can reap the benefits of an industry-wide transition to Web3.”
Miner plays a crucial role in the DMC storage network. The 0-threshold setting makes it possible to rent decentralized storage space to any storage customer in a decentralized manner, thus removing the information barriers brought by intermediaries.
Miner includes both individual miners and large mining pools, as anyone can mine DMC. The most important parameter is idle, online storage capacity, which is the main resource of the network. By allowing anyone to mine DMC, this ensures that supply in the DMC ecosystem will be both highly diffuse and geographically distributed, improving network resiliency. Individuals only need one device to become DMC miner and get rewarded for storage deals and trading, which can help them expand their operating scale accordingly.
Large, enterprise mining pools — including new strategic partners OKX, Gate.io, BIT Mining Limited, IPFSMain and BCT incorporated — provide long-term and stable encrypted storage services for customers with large amounts of data, and mining pools get more stable storage deals and better returns as a result. In addition, these larger customers have higher expectations with respect to persistency, availability, and response time. DMC’s Mining Pool community provides these customers with more flexible, cost-effective storage solutions for their data.
In addition, DMC will introduce more functions into the ecosystem as the network develops to enhance miner’s value. Miner will continue to be critical members of the DMC network.
DMC Foundation is the entity that created the Datamall Chain ecosystem. The Datamall Coin (DMC), the governance token of Datamall Chain, was issued by DMC Foundation and has been carefully designed to accurately reflect the true value of decentralized storage. The Datamall public blockchain is an open-source public blockchain that is open to users worldwide. The decentralized storage market created by this project provides users with a safe and efficient decentralized storage service that cannot be controlled or exploited by any single entity.
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