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With the advent of the digital age came an explosion of data growth, leading to an increasing need for storage. Traditional centralized storage solutions have security, reliability, and sustainability limitations. Decentralized storage is emerging to provide a more secure, decentralized, and scalable solution.
After researching several well-known decentralized storage solutions in the market, Datamall Chain stands out. Based on its design, the marketplace created by Datamall Chain can maximize the matching and transactions between real consumers and providers of data storage. The aim of this article is to provide a detailed explanation of the governance system and the incentive mechanism of the datamall chain in a simple and concise language, and to provide information for reference to users who are interested in mining.
HHow to participate in the Datamall Chain
Datamall Chain adopts Proof of Storage Service (PoSS) as a consensus algorithm. Miner: Vendors employ DMC to mint PST to provide storage services, also known as mining. Specifically, the PoSS consensus algorithm uses the number of PSTs to proportionally generate the corresponding number of voting rights, and ranks the nodes to select a certain number of MPs actively providing storage services as consensus nodes and incentivize them according to the reward rules.
How to participate in storage mining on the data mall chain? There are three roles involved in the whole process.
miner The Provider (MP)
MP is the storage capacity provider by selling PST on the platform to earn DMC, and is also the service provider that takes the storage challenge during the storage service transaction.
MPs can be individuals with unused storage space or professional miners who can provide storage services. Due to the datamall chain’s low barrier to entry, individuals, miners, and mining pools can participate in storage mining and earn profits. In addition, it is ensured that professional members of parliament do not monopolize the survival space of individual members of parliament.
This allows the data mall chain to have a diverse range of miners, which not only upholds the ideal of decentralization, but also ensures the stable operation and shared benefits of the entire ecosystem. This design has significant value.
To ensure storage space is genuine and improve user experience, Datamall Chain strives to ensure each miner has authentic storage capacities.
1. Introduction of the Proof of Service Token (PST)
PST is generated by MEPs by staking DMC. 1 PST represents a standard unit of storage service, ie 1 PST corresponds to 7 days of storage service of a defined data capacity. PST=DMC/m’*p, p stands for the unit price of PST based on DMC and m’ represents the stake rate which MPs can set themselves, which corresponds to the ability to compensate. The higher the value of m’, the more DMC the MP has to employ, indicating that the storage services provided by the MP are more stable and reliable.
2. memory challenge
After MCs purchase an order and complete a transaction with MPs, the two sides enter into
Challenge Preparation Phase. At this point, it is necessary for both sides to submit to Merkel’s roots
reach consensus. Once consensus is reached, MCs enter a 7-day delivery cycle. MCs can initiate storage challenges during the deployment cycle to ensure MPs have the data stored.
The unplugged DMC serves as the first insurance and ensures that MPs provide real storage space. The storage challenge serves as a second insurance, ensuring that MPs save the data provided by MCs. The insurance effectively prevents MPs from making false claims or behaving maliciously, keeping the Datamall Chain ecosystem running smoothly. If an MP fails a storage challenge, for example by mistakenly claiming storage space or losing MC’s data, they will be required to pay a default penalty for breach of contract.
The payment of the default penalty will be made according to the following rules: the DMC paid by the MC for the order will be refunded to the MC, while the DMC amount (based on the real-time stake rate) for the purchase of the PST of the order will be refunded to the MC by from dated MP, 50% of which is credited to the MC as compensation and 50% to the buyback account.
Deterred by storage challenges, MPs who deploy significant amounts of DMC gain greater credibility. Therefore, based on the number of PSTs, the system generates corresponding voting rights in proportion and ranks the nodes accordingly. It continuously selects a certain number of deputies who actively provide storage services as consensus nodes and rewards them according to incentive rules.
In the process of technological development, it is not advisable to rely on human nature. Therefore, a design is required that incorporates scientific and rigorous penalty mechanisms and incentive mechanisms to minimize the possibility of miner misconduct and encourage MPs to actively provide genuine storage space and storage services.
limited partner (LP）
The limited partner invests a certain amount of DMC in the MP. The MP imprints PSTs by staking the invested DMC. When LP claims the staked DMC, the smart contract calculates the profit based on the share of the investment.
If the MP does not have enough DMC while using DMC to mint PST, he has to rely on the support of LP (foundation or other investors), thus achieving a cooperation model where LP provides DMC to help the MP to invest. The maximum investment rate of LP is between 0% and 80%, which means that the MP must hold at least a 20% stake in the minting of PST.
Mdescends The Consumer (MC)
MC is the consumer of storage capacity by purchasing PST on the platform and is also the verifier that initiates a storage challenge during the storage service transaction.
When purchasing services, MCs can only choose from the service duration provided by MPs and have to pay two expenses, namely the warehouse service fees and the deposit. Regarding storage service fees, MCs must pay the fees for at least one cycle (7 days).
In the service process, MCs can top up DMC at any time to renew their contracts or withdraw DMC whenever needed. During the delivery phase, MCs are eligible for delivery rewards.
As for the deposit, MEPs can set the amount of the deposit (which should be a multiple of the weekly contract price) when placing the order. Once the deposit is set up and the MC defaults within the service time (e.g. if the MC does not have enough funds to pay the cost), the order will be canceled by the contract and the deposit will be deducted. 1/(1+r) of the withdrawn deposit is paid to the MP and r/(1+r) to the MP’s stake pool. where r represents the current bet rate.
Because a properly functioning system runs smoothly and efficiently, it is important to conduct a review for each participant. As MPs experience memory issues, there should be corresponding penalties for MCs in case of breach of contract. Datamall Chain serves as an example to other projects that simply looking after just one participant is not a sustainable approach to long-term development.
In summary
If a decentralized storage project is to be successful in the long term, well-designed operating mechanisms, incentive systems and penalty mechanisms are required. As the fundamental infrastructure of Web3, Datamall Chain has shown great innovation and potential in these aspects, proving the usability of blockchain technology for real-world storage. Since Testnet launched a year ago, it has gained over 100,000 daily active users. It is expected that more and more participants will join the ecosystem, fueling the continuous progress and development in the field of distributed storage.
Visit the official DMC website for more information.
Twitter: https://twitter.com/datamallcoin
Discord: https://discord.gg/dmcofficial
Website: https://dmctech.io
