Place/Date: Australia - August 31st, 2018 at 8:46 am UTC · 4 min read
Contact: Joey Jones, Source: Unchainet
With various research studies pointing towards under-utilisation of computing resources with almost 30% of private data servers remaining unused and unutilised even though they are consuming energy.
Unchainet is developing an easy-to-install software with a user-friendly interface for organisations with private data centres, which will allow them to earn a dormant income by connecting them with the Unchainet network and leasing their underutilised computing resources to clients in need of computing. This platform is a user-friendly and easy to use open source technology and bridge interfaces, allowing easy migration from existing platforms and eliminates difficulties with staff training.
The team intends to develop utilising the blockchain technology (QoS chain and UNET chain) to ensure trust and transparency between customers and server providers and enable speedy peer-to-peer agreements and transactions.
It’s just a backbone technology for the platform users but is highly essential for the community to see the size of the network, volumes of contracts and free from any form of interference by the providers.
Computing resources are transacted in the UNET cryptocurrency. All UNETs shall be dispensed during the security token offering and new customers will be required to procure the coins from the existing token-owners/holders via various exchanges. The growing volume of contracts on the platform is expected to increase the demand for UNETs.
UNET tokens will commence as ERC20 tokens, but the roadmap is inclusive of developing a custom blockchain based on standards of the Tendermint blockchain and quick speeds of Red Belly blockchain while attaining a superior decentralisation on the algorithm layer (Proof of Beneficial Work algorithm) and even geo-distribution of voting nodes. This will enable Unchainet to migrate UNETs to its native blockchain and launch a Platform as a Service (PaaS) offering for 3rd party Dapp developers.
Unchainet’s new platform is set to disrupt the cloud in the following ways.
The Compute providers shall need to install the Unchainet platform in their hardware. The Unchainet platform is recommended on bare-metal installation, but the same can be installed on virtual machines in existing environments.
Post installation, Providers can then distribute their unused resources, entirely or partially to be made available to the network. Post the completion of the initial setup and allocation, providers are presented with a unique ID on the network, and it starts collecting reputation (quality score) which is fixed by continuous checks from peer nodes.
It monitors the availability, network throughput, latency, and also executes various tests to check for authenticity of nodes on which the software is running.
Upon consistent delivery of good quality service, the nodes are selected into a closed pool of approved nodes which can be selected to propose and verify transactions on the network. Higher quality and presence on the network provide better returns to providers, so they are motivated to keep the quality up. Providers are paid in UNET tokens which can be exchanged with any other cryptocurrency.
The clients enjoy access to Unchainet’s web console and Command-line interface which is almost the same as the existing cloud providers but with a simplified user interface for the launch of newer instances.
Unchainet’s main use-case post-launch shall be for analysis and research, artificial intelligence training, video rendering, special web services workloads etc. wherein clients can be provided with more economical pricing and ensuring post-launch clients do not face interruptions when more bidders enter the marketplace for computing resources by focusing on 99.99%
There is growth demand for decentralised platforms allowing faster transaction times and being kept out of the control of governments and large corporations. Unchainet’s new platform is expected to help small and medium-sized businesses and surpass the existing limited competition of large cloud players in the market.