Datamall Chain is a project that is leading the way in web3 data storage. The project is part of the larger Decentralized Storage Exchange Network and is committed to breaking the barriers between the various decentralized storage service markets.
It also seeks to build a secure data storage bridge for decentralized storage services, as well as provide a free, real, secure, and efficient data storage infrastructure for Web3.
Big data has a huge demand for storage space, which has necessitated the rapid development of blockchain distributed storage platforms such as Sia, Filecoin, Swarm, and Datamall Chain. These platforms are transparent because they are built on blockchain technology, and so are attracting more resources to join decentralized distributed storage networks and diversify the development of the data storage market.
How Datamall Chain is pioneering Web3 data storage?
Datamall Chain has three key elements: storage application layer, storage transaction layer, and storage service layer. The storage transaction layer links the storage supply and demand sides as the core. This divides the roles of free participants such as individuals and organizations in Datamall Chain’s decentralized storage system into demanders, storage service providers (miners/mines), traders, developers, etc.
The native token of Datamall Chain is known as DMC. 1 billion of the token will be minted and released into circulation. Holders of the token can use it to buy storage space while those who have storage space can easily convert it to DMC.
Datamall Chain will use the Proof of Storage Service (PoSS) algorithm for consensus and transactions will be completed through PST Maker Contract, Trading Contract, and Storage Delivery Contract. The amount of voting power network participants have will be determined by the amount of PST minted by staked DMC.
Voting power is very important as it is used to decide on which nodes to screen out or confirm as consensus nodes. Miners basically provide storage space and Datamall Chain provides fairly distributed incentives for more of them to join the network and provide more space.
Bonus point rewards known as Real Storage Incentives (“RSI”) are added to users’ and miners’ real storage supply and demand transactions. The RSI is what determines the ecological value of Datamall Chain and also plays a critical role in facilitating the development of the decentralized storage trading market.
The system has a mechanism that punishes miners who engage in destructive behaviors of miners and ensures they provide the best quality of service to miners. The DMC governance allocation is used to buyback and burn RSI following the ABO (Asset Buyout) model. The accumulated transaction fee (DMC) of the project will gradually increase as the project continues to evolve until it reaches a “balance point”.
At this point, the DMC governance allocation will no longer be used for repurchase but the transaction fee (DMC) will be used for RSI burning.
Finally, Datamall Chain is stepping in to meet the growing demand for storage space as blockchain continues to grow as a critical technology in web3. With its vision of “Building a bridge for free data storage in the world”, the project represents the perfect match between business thinking and market opportunity.
The platform also provides supply and demand sides in the global decentralized storage trading market, making it capable of handling each piece of data in a proper and secure way. This makes it a solid foundation for web3 data storage in the future.