As we continue to step further into the digital age, the demand for online storage is increasing and increasing. Everything we do needs storage and the costs add up quickly.
The rise of blockchain is no exception to this rule, except the difference is that decentralized applications face an additional dilemma. Not only do they have to store large amounts of data, they are also compelled to weigh up the costs and benefits of storing their data on the blockchain.
At a first glance, storing data on the blockchain seems like a no brainer. Data stored on a blockchain that is tamper proof with the added benefit of excellent security, what’s not to love? The problem is that it is very expensive to store large amounts of data on the blockchain. For example, it can cost $150,000 to store 100 GB of data on Ethereum. Not only that, but data placed on the blockchain is immutable, so it’ll be there forever. This is completely unnecessary for most data storage requirements and also means that data storage costs would continue to grow and grow over time.
These high costs push dapps to do the unthinkable… store their data using centralized systems. This is something that goes against their entire ethos. Yet, when blockchains are so expensive, it seems like there isn’t another solution. Of course, this re-introduces the problems that blockchains are trying to solve. When you start using a centralized data host, is the dapp really decentralized? The data store is now at the mercy of a centralized service provider, so hypothetically the data could become unavailable at any time as there is just one single point of failure.
As you can see, this decision can be a bit of a problem. It forces dapp providers to choose between being true to their morals of decentralization or to save a lot of money. This is where Bluzelle comes in.
Bluzelle is a decentralized data network that is designed to solve this problem by providing a decentralized data storage alternative that allows dapps on any blockchain to store their data in a decentralized cost effective manner.
A look into Bluzelle
Bluzelle is a cryptocurrency project that uses Proof-of-Stake (PoS) economic incentives to create a decentralized network of individuals who rent out their disk space to earn an extra income.
Storage space providers are required to stake BLZ tokens. These providers are able to receive a passive income if they continue to provide an amicable service, but poor behaviour will be financially punished by requisitioning a portion of the staked BLZ tokens. This financial incentive model encourages good behaviour and punishes bad, aiming to ensure network integrity and consensus all of the time.
Data is stored in at least 13 different places and each node is synced with the others. No node is the leader, instead they are all synced according to the PoS consensus mechanism of Bluzelle. This ensures that the data hasn’t been tampered with, because those nodes that don’t agree will be ignored.
Of course, while this data is now able to be decentralized, cost is still a question. But Bluzelle states that their service is highly competitive and is able to provide a saving of over 50% when compared to DynamoDB, Amazon’s data storage solution.
Not only that, but by storing data in this manner Bluzelle says that the environmental cost of data storage will be reduced, because instead of storing data in dedicated storage plants that need lots of energy, instead it will be stored using spare hardware.
Picking your storage
Bluzelle is aimed at developers. The customers are software developers of decentralized applications that are looking to maintain a decentralized data structure without breaking the bank.
It’s easy to get started – just sign up, choose where you want the data stored and the size of the database required.
Two token model
We’ve already introduced BLZ, the token that’s used for staking. This is an ERC-20 token that’s designed to be easy to obtain from exchanges and be used for staking purposes.
Bluzelle also has BNT, the Bluzelle Network token, which is used for processing transactions within the network. This can be exchanged for BLZ at any time. By using two tokens, value can be transferred within the network without being limited by the speed or scalability of Ethereum, but customers are able to cash out at any time by converting their BNT to BLZ.
Swarm of Duty
Swarm of Duty is a gamified program designed to introduce participants to staking and strengthen the Bluzelle network by increasing the number of contributors. The program is targeted at validators, token holders and developers. There is $30,000 up for grabs – go to the Swarm of Duty website to get started now! The program is running from April 9 — May 21.
Bluzelle is a decentralized data storage solution that uses Proof of Stake as a financial incentive to ensure that data is stored safely. This provides a cost effective, energy efficient alternative for decentralized applications to store their data without needing to rely on centralized systems.
*Disclaimer – Bluzelle are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.