Author: Joey Bentlry
Web3 – full decentralization – has been touted as the next iteration of the Internet. For this to happen, distributed storage must become a practical reality, and many distributed storage projects have grown out of this need. In 2019, Filecoin innovatively used two consensus mechanisms, PoRep and PoSt, to create a lot of excitement around decentralized storage. Arweave is committed to providing durable storage services. In 2021, Sia, adopting the dual token model, joined the decentralized storage market. These projects address various aspects of decentralized storage, but there was a glaring market need: an efficient, fully decentralized marketplace for buying and selling decentralized storage. Datamall Chain (DMC) now solves this problem.
DMC is a decentralized memory trading market open to the whole world. It matches storage providers with storage seekers, allowing individuals and companies to become DMC miners (by providing storage), engage in storage trading, and receive token rewards.
As a premium decentralized storage trading platform, DMC has integrated two important functionalities to ensure that the DMC is a highly efficient and functional decentralized storage marketplace:
First, DMC requires storage providers to prove their storage service capacity. It also increases the cost of bad actors through a punishment mechanism. The Proof of Service Token (PST) refers to proof of the storage service capacity of the miners and the miners have to stake Datamall Coin to mint PST. A customer may initiate a storage challenge at any time during the term of a storage contract. The memory request is verified first. If a client finds that the challenge fails and the challenge is confirmed, the smart contract will penalize the miner with a significant fine.
Second, DMC encourages and supports individuals and companies to become DMC miners and receive token rewards as income by providing storage space, which is the foundation for DMC to build a strong ecosystem. DMC miners now have almost no entry costs. With just one device, anyone can become a miner and earn tokens by providing storage space and successfully completing storage trades. Recent website data shows that DMC miners come from all over the world, including Singapore, the United States, South Africa and Hong Kong. Like all decentralized projects, DMC deals with the centralized resources and power in the ecosystem. Centralized storage is more vulnerable to attacks and data loss. Distributing data across multiple nodes (and eliminating core services) makes the entire storage network more resilient and far less likely to lose data/unavailability.
Therefore, increasing the number of miners in the ecosystem is always a priority. The more miners there are, the more decentralized the network nodes are, the higher the security and flexibility of the entire network will be. This is a fundamental necessity in the decentralized storage market.
Acting alone is no longer a survival tactic in Web3. Only a coordinated ecosystem can pool the strengths and resources of those involved. “Acting Together” is another measure DMC has taken to build a powerful ecosystem. Just this month, DMC announced that it has formed strategic partnerships with five major companies: OKX Ventures, the investment division of OKX, Gate.io, the world’s TOP10 digital asset trading platform, BIT Mining, a technology-focused cryptocurrency mining company , IPFSMain , a world-class Web3 service provider, and BCT Inc., an international cryptocurrency mining company.
OKX and Gate.io are both digital asset trading platforms with a huge user base, and the projects carried out by these platforms have a growing demand for decentralized storage. DMC hopes to attract more storage vendors and storage demand. Additionally, Fog Works, Inc., an application partner of the DMC ecosystem, announced in August that it had closed $3 million in pre-seed funding, with OKX Blockdream Ventures as a lead investor. Fog Works has released its first product, Foggie, the world’s first all-in-one Web3 virtual appliance. They plan to release various applications and devices to make it easier for users to participate in the DMC ecosystem.
As Web3 continues to grow, increased attention is being paid to the decentralized storage industry. Decentralized storage is an inevitable trend, and DMC’s vision – to build bridges to easily access global decentralized storage, match decentralized storage requirements with decentralized storage providers, activate global markets for decentralized data storage and find a secure environment for every piece of data – is of crucial importance infrastructure to the decentralized storage industry and Web3 overall.
For more details, please visit DMC official Twitter account and DMC official website.