Place/Date: - May 18th, 2023 at 2:00 am UTC · 5 min read
Source: Datamall Chain
Decentralized storage is crucial for Web3, and achieving decentralized storage of Web3 data is the foundation for building widely used applications on Web3. However, there are no solutions in the market that can achieve this goal and the mainstream solution is multi-copy proof based on zero-knowledge proof. However, it has fundamental flaws, which makes it impossible to achieve such vision in the future.
We were pleasantly surprised to see a brand-new decentralized storage public blockchain project called Datamall Chain in the market, which has abandoned the old path of zero-knowledge proof and innovatively adopted a brand-new consensus called “Nash-Consensus”. It has found the right path to achieve decentralized storage of large-scale Web3 data. Now the following will explain the drawbacks of multi-copy proof based on zero-knowledge proof and why Datamall Chain based on Nash-Consensus has the potential to become a leader in the decentralized storage industry?
To learn about a Web3 project, there are many factors to consider, such as tokenomics, the number of users, the number of ecosystem applications, token price, protocol completion, ease of use, and more. While these factors are very important, the essence of a project should gain more attention, because the key is whether its technology has the potential to achieve the vision it depicts or not. To use a simple analogy, when the firelock was first invented, its capabilities were weaker than those of a bow and arrow. It may have seemed like the bow and arrow was more valuable, but the technology of the bow and arrow determined that its ability has limits, while the matchlock gun’s technology gave it far greater potential for the future. Therefore, it is important to get the essence of the technology that the project adopted and understand what it can do and where the bottleneck is.
The core concept of the multi-copy proof mode is to quickly verify that a miner has a copy of a certain data, then the miner who has stored data will be incentivized. While different projects may optimize the zero-knowledge proof or the incentive model, the core concept remains the same. For example, the existing model of decentralized storage projects is such that the miners who store a larger proportion of data on the network receive more token rewards. Another approach is to encourages miners to store rare data on the network and make this behavior easier to reward with tokens, thereby ensuring that every piece of data on the network has been backed up by multiple miners and enabling permanent storage of the data.
However, regardless of how they optimize their solutions, they all face a fundamental problem: all data are treated homogenous on the block chain. This means that all data has the same storage reliability, access performance, and storage cost. However, the importance of human data varies greatly, so the demands for data reliability, access performance, and storage costs are also different. For example, you may be willing to pay huge money to store your NFT but may not pay more money for ordinary photos.
That’s why the multi-copy proof model based on zero-knowledge proof is not feasible. The existing models cannot meet all the needs of data storage, even it can satisfy a small number of users’ needs, but the overall efficiency is very low, making it impossible for large-scale commercial use.
DMC adopts a brand-new Nash-Consensus to solve the problem of data homogeneity on the chain. Since different people have different needs for storage medium, DMC adopts storage contracts to establish a decentralized storage exchange, so that storage demanders and storage providers can be matched through Nash-Consensus and each kind of need will be satisfied. Ordinary data can be stored in idle hard disk space with a low cost, and important data can be stored in highly reliable mines. Eventually, the storage efficiency can be highly improved, and all the idle resources will be utilized. Then decentralized storage of Web3 data can be finally achieved.
The Nash-Consensus of DMC has the following three aspects:
The storage provider can freely set the price per unit of storage space, and the storage demander can also freely choose the storage provider.
When a storage provider offers storage space, a certain amount of DMC must be deposited as a guarantee. If the storage provider loses data during the contract period, the deposit will be paid to the data owner. However, the amount of the deposit is not mandatory. Storage providers can set the deposit amount based on the market and their storage capacity.
Projects adopting zero-knowledge proof mode, storage proof must be put on the chain, however, the block generation speed is limited, and its storage scalability is low. Nash-Consensus is in line with the principle of “matters are only put on the chain when there is a dispute”. This is similar to the logic of the real world, after the storage demander signs a contract with the storage provider, the storage demander can initiate off-chain storage challenge to the storage provider. If the provider failed to respond or does not respond, the demander can start a storage challenge on the chain.
As the Web3 era advances, data storage has become a crucial component. The traditional centralized storage has faced numerous challenges in terms of data security, reliability, and censorship. However, with the continuous expansion of the decentralized storage industry, innovative and authentic storage projects like Datamall Chain are emerging, bringing us new hope. Let us eagerly anticipate the development of these projects and how they will break through and transform the future trends in data storage.
For more details, please visit the DMC official website, Twitter, Discord.
Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.