You may not notice it when you hit the keyboard or read this page, but the Internet has already saved your personal behaviour data. Each piece of data drives the evolution and innovation of the Internet, from the birth of Web1 to the prosperity of Web2. People are no longer unfamiliar with terms like cloud computing, big data, IoT, and AI. The globe has profited from the integration of information technology into people’s daily lives. The introduction and investigation of the Web3 concept during the previous two years has resulted in the emergence of a more open, fair, and secure network. New technology revolutions have enthralled and enthused the world’s brightest minds, and a few of forerunners have secretly planned to embrace a new generation of innovators.
Rapid digitalization to fuel explosive growth of data
According to IDC study, “Global DataSphere Forecast, 2021-2025“, the global data creation and replication is projected to grow at a CAGR of of 23% during 2021-2025, leaping to 181 zettabytes in 2025.
That’s up from 64.2 zettabytes of data in 2020 which, in turn, is a tenfold increase from the 6.5 zettabytes in 2012. A single zettabyte, by the way, is about 250 billion DVDs, so that’s a lot of data.
Driven by this huge upsurge in data, the global cloud storage market is estimated to reach $92 billion by 2022, according to Anonlysis.
Traditional cloud storage systems such as Google One, Amazon S3, Apple iCloud, and Dropbox are popular, convenient, and user-friendly. Such systems, however, have their own challenges. On the one hand, it is impossible to save online files with vast amounts of data for an endless period of time. However, due to data overload pressure, any system crash or malicious assault in the single-point storage option may result in the devastating destruction and loss of data.
As a result, for the storage industry to improve, decentralized storage solutions are necessary. On the other side, many blockchain storage platforms are having trouble achieving real decentralization. The assets of the whole NFT industry are stored on centralized servers. These assets will be lost as soon as the servers become inoperative. This is why, web3 requires truly decentralized storage solutions.
Emerging opportunities for decentralized data storage solutions
What is a decentralized storage? In a decentralized storage system, data is encrypted and stored across multiple locations, or nodes, that are run by individuals or organizations that share their extra disk space for a fee. The private encryption key is only held by the data owner; storage providers do not have access to the data.
The enormous storage demand of massive data has catalyzed the fast development of blockchain distributed storage platforms such as Storj, 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, claims to become a pioneer in the global decentralized storage market.
Datamall Chain intends to break 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.
What preparations has Datamall Chain made for becoming a cornerstone of Web3 data storage?
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.
A perfect match between market opportunity and business thinking
Last year, the U.S. Congress concluded a special hearing. Executives of the six leading crypto firms, 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.
For more details, please visit the DMC official twitter and DMC official website.
Twitter: http://twitter.com/datamallcoin
Discord: http://discord.gg/dmcofficial
Website: https://dmctech.io
Source: Datamall Chain
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