Blockchain technology is a digital ledger which stores data blocks that are highly encrypted. This technology has begun to decentralize data, and the innovation it represents could well be the future of data storage. Already, businesses utilizing Blockchain are seeing many benefits, even companies across multiple industries are storing all of their files and data digitally. From financial records to personnel files, digital networks are storing companies' internal data. The data companies collect from customers is often stored this way, as well. Decentralized storage allows for drastic reductions in pricing, so that any company, not just the largest ones, can leverage the technology. With Blockchain-based data storage, small companies don’t have to spend money and resources building the infrastructure to hold data and files. Those companies pay only for the amount of data storage they need.
THE CURRENT PROBLEM WITH DATA STORAGE
It’s estimated that in the next 5 years there will be over 20 billion connected devices all of which will generate and then require management, storage, and retrieval of enormous amounts of data. Connected devices, combined with consumer personalization apps and the increasing need to share data across business lines, are all playing their part in increasing demand for storage. Businesses wanting to launch new, data-driven applications face a mountain of time, effort and coordination to provide new databases today.
This drive towards a richer, more data-centric (and data-heavy) way of working is taking place against a global backdrop of major data breaches from centralized data centers. It’s a worrying combination: commercial dependency on data leading to extraordinarily large volumes of it being stored in vulnerable centralized databases, creating risk at a scale seldom seen before.
The advent of decentralized applications built on blockchain technology also creates new challenges, as they will exchange massive volumes of data that need to be stored and managed. Blockchains like Ethereum are not designed for data storage and management, and using them to do so would consume too much space and too much time. This is why we need DxChain. The DxChain Network is a big data and machine learning network which is powered by a computing-centric blockchain with a native protocol token called DX. This network can be used as a data exchange platform to trade data and as a business intelligence analytics platform to analyse data for supporting business insights. The protocol of the DxChain has a mechanism to control the reliability of a file access since the storage platform is designed using the principle of decentralization.
HOW DxChain WILL WORK
The DxChain Network is the solution because it provides two fundamental capabilities, that is, computation and storage. It is designed to serve as a data trading platform for users who want to sell their data. As for the big data machine learning computation is intended to make the use of data easier and more flexible. It is true that information is profitable so people need to have the capacity to possess their own information. The DxChain Network is set to handle major enormous information issues, for example, protection, proprietorship, and security while supporting business knowledge and machine learning applications. With DxChain’s decentralized Network, businesses would have the capacity to possess and control their own particular information, and safely exchange and investigate information, also the expenses of information recovery and capacity would likewise be decreased altogether.
DxChain network will be using a chains-on-chain design which incorporates one ace chain and two side chains. It was designed this way to solve data issues with regards to calculation, stockpiling, and security. The DxChain is made up of the master chain and side chains structure and also the immutable master chain and elastic side chains. The master chains is in charge of transactions while the two side chains which are Data side chain and Computing side chain are in charge of storage and computation.
Diagram OF DxChain Network
FUNCTIONS OF THE MASTER CHAIN, DATA SIDE CHAIN AND COMPUTING SIDE CHAIN
Just as the name implies the master chain stores the ledger and asset information such as state, transaction and receipt as well as the smart contracts. It is very good for storing small pieces of information since it is unchangeable. It manages the overall transactions of both the data side chain and the computing side chain. The master chain stores the final state of a job, the related cost and the incentives through smart contract. It makes use of the Ethereum-compatible data structure that is made up of hash-linked blocks. This blocks are connected through hash pointers. When a transaction is valid, it is added into the master chain to enable the asset transfers between the master chain and side chains.
For the data side chain (DSC) it is been used as the consensus method for microtransactions. It is the best because it is built on a peer-to-peer storage network like the InterPlanetary File System (IPFS). Since the data and files are broken down into many small pieces, they are stored into the peer-to-peer storage network of the IPFS. It provides the foundation for the decentralized storage network. Its functions are faster setting times, lower transaction fees, faster transaction speed, higher privacy and the ability for transparency.
As for the computing side chain (CSC)
it contains the header, transaction sets, contracts of the DxChain Network and data allocation. It also wonderful since it provides an environment for organizing and distributing parallel computing tasks between users and nodes on the network. When a user makes a computation request, it is sent through the network to miners. If the request is completed the result is sent to the CSC for verification. Two mechanism determines verification: verification game which is between the nodes who take tokens or Provable Data Computation. The CSC will then save a time-bound log of the task and results.
The DxChain Network is the best since it is designed not only to provide storage functions, but it gives the flexibility of retrieving files easily. Through a purpose-built, multi-chain architecture, DxChain provides a comprehensive solution for data acquisition. Computation and storage, with emphasis on privacy and security. This project is really important because for smaller entities, accessing and analyzing large data sets holds enormous potential but remains both technological and financial prohibitive.
FOR MORE DETAILED INFORMATION ABOUT DxChain Network, PLEASE VISIT THE FOLLOWING:
Website: https://www.dxchain.com/news
Telegram: https://t.me/dxchain
Twitter: https://twitter.com/DxChainNetwork
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