The global data volume is rapidly increasing. The cloud storage market is estimated to reach US$88.91 billion by 2022, according to PR Newswire. Traditional cloud storage solutions like Google One, Amazon S3, Apple iCloud, and Dropbox are convenient, user-friendly, and immensely popular.
However, such systems are not without flaws. On the one hand, it is impossible to retain online files containing large amounts of data indefinitely. In the single-point storage option, however, any system crash or malicious assault may result in the devastating destruction and loss of data due to data overload pressure. As a result, decentralized storage is critical for the storage business to improve. Many blockchain storage platforms, on the other hand, are finding it challenging to achieve true decentralization. The whole NFT industry’s assets are stored on centralized servers. These assets will vanish whenever these servers are no longer operational. The blockchain storage market requires truly decentralized storage platforms.
DMC joins the ranks of decentralized storage platforms as a fresh force
DMC, which stands for Datamall Coin, is a decentralized cryptocurrency issued by the DMC Foundation based on the Datamall Chain. DMC can replace traditional cloud storage, which is a kind of decentralized blockchain storage. Through real data storage services, it creates a decentralized trading market to provide users with decentralized, efficient, secure, and open storage services. DMC offers an optimized solution to address the inherent shortcomings of traditional centralized storage infrastructures and devices.
1. Lower price
DMC adopts blockchain-based underlying storage technology. Its hardware requirements are fairly low, and it does not need professional refrigeration system maintenance. This enables DMC to effectively reduce overall storage system cost, thus benefitting every user.
2. Higher availability
Because the data is stored distributivity at various nodes, DMC achieves a higher level of overall network availability and efficiency.
3. Higher security
By storing data at various nodes in a distributed manner, DMC possesses better data reliability, disaster recovery, anti-DDoS, and other inherent security characteristics than centralized servers.
4. Better data privacy protection
The data is segmented and stored at various nodes, and there is an encryption mechanism to ensure data security and privacy.
Generally speaking, data storage at blockchain technology centers is realized through transactions. One appealing aspect of decentralized storage is that it can achieve a win-win. Participants can get rewards through leasing or renting. DMC storage also has such a transaction system.
How DMC storage works
- The first question to be asked is who will provide storage space? This involves Miner (“M”) who has storage space and Limited Partner (“LP”) who has funds to purchase DMC. The two cooperate to stake DMC to obtain a corresponding quantity of Proof of Service Tokens (“PSTs”) and complete the PST maker contract. Then, they are ready for storage rental service at the next step.
- After completing minting PSTs, Miners can put up the capacity and price of the storage service for bids, which is called BidOrder. Users may make queries about their needed storage services that are put up for bids, which is called AskOrder. The user’s DMC and the miner’s PST will be locked in the storage delivery contract together after the storage supply and demand service transaction is finalized, whereby the delivery processing process is entered, which is called MatchOrder. The process of reaching a transaction contract is to match and strike a transaction between the supplier and the demander. This transaction matching mode is the core improvement of DMC, which is called the consensus list. According to the deficit or excess of supply and demand on the list, the system will automatically carry out macro-control, provide more “bid order” liquidity incentives for the party in deficit, and achieve a truly decentralized storage exchange.
- After a transaction contract is reached, the delivery contract will be responsible for monitoring the data delivery status of both parties and for allocating corresponding benefits and rewards. At the beginning of this process, the user transmits the stored data in a peer-to-peer manner, and it may also initiate a storage challenge to the miner at any time. When the user’s data is stored and the storage challenge is successful, the user’s DMC will be unlocked and paid to the miner. In the meantime, the miner’s corresponding PST is also unlocked.
- Real storage requires incentives so that a healthy decentralized storage trading market can be established. DMC proposes an incentive for real storage transaction behavior, called Real Storage Incentive (RSI). After the storage service completes. Among them, miners and limited partners will be entitled to RSI rewards according to a proportion agreed by the two parties.
What effective protection does DMC provide for decentralized storage transactions?
DMC aspires to establish a secure, efficient, and sustainable storage ecosystem. In light of the specific project situation, DMC has customized a unique decentralized storage service network. It adopts a unique decentralized storage service network application consensus algorithm called Proof of Storage Service (PoSS) and ranks nodes by their voting right which is expressed by the quantity of the PSTs minted by staked DMC. This way, it can continuously select a certain number of storage service miners as the consensus nodes and ensure the continuous improvement of decentralized network storage service capacity. In the transaction contract execution process, a decentralized Market Price Oracle is set up. The system will provide a globally unified benchmark price basis for miners’ listed prices, ensure that such prices are reasonable and the market price floats stably while eliminating any attempt to bid up prices in the market. In the storage delivery contract execution process, any storage challenge failure will trigger the miner default mechanism, which will take punitive or arbitration measures against the miners. Strict control is exercised over any ill-intended act to release false storage services to defraud rewards.
In terms of design, DMC will continue to make itself compatible with existing decentralized blockchain storage projects. These projects can directly join DMC’s existing decentralized mines to become their suppliers, which will fast increase the storage supply capacity of the system. This is not only a dividend for storage users but also a booster for the harmonious development of the whole ecosystem among blockchain storage projects. Eventually, all parties and DMC will achieve ecological adhesion and activate the key to the long-term, healthy and sustainable development of the ecosystem.
The progress and airdrop activity of DMC
DMC officially launched the Testnet Beta 2 at the beginning of April. During the first quarter of 2022, DMC launched Testnet Beta1 and DMC scan and has finished the development of contracts. Now DMC is having an airdrop event to celebrate Easter. The participant will be rewarded DMC (datamall coin), which is the key to Web3.0.
DMC invites everyone to participate in the airdrop and win the reward.
For more details, please visit the DMC official Twitter and DMC official website.