Decentralized Cryptocurrency Datamall Chain Test Network Slated Launched On January 31st
DMC, which is the abbreviated form of Datamall Coin, is a new decentralized cryptocurrency issued by the DMC Foundation and built on the Datamall public chain. The Datamall Chain Test Network, which is a pilot project of DMC Foundation, was launched on January 31st at 20.00 hours (UTC-8). In this phase, users can get access to a blockchain browser, which is a browser designed specifically for blockchain users, to check their transaction status, resources, blockchain height, and other useful information.
In addition to that, the Datamall Chain Test Network will also facilitate users to create a decentralized account on the wallet plug-in, and create multiple accounts on multiple public chains. There is also a Node O&M tool, which can be used for automatic operation and maintenance of the nodes. Users can check node status, restart the node and monitor the normal operation of the nodes. The automatic backup feature helps the users to download and restore the backup images. The Datamall Chain Test Network also has an ABO mode, which is an economic buyback camp mode. Using this mode, users can utilize the DMC Governance in different phases and re-purchase and destroy real storage incentives in parts. They can also use the decentralized data storage to earn rewards by using their free storage space, while also using the storage products to access the premium storage services.
According to Mr. Victor, the chairman of DMC Foundation, there are numerous advantages of the DMC storage project. “DMC is a unique storage project on the blockchain that is designed for real Web 3.0 user scenarios instead of just miner perspective. Our level 1 protocol is currently compatible with that of Filecoin, and will eventually be compatible with other storage chains such as Arweave, Sia, Storj etc. DMC can substantially reduce overall storage system cost through underlying blockchain storage technology. At the same time, it uses a decentralized network to effectively pool storage resources and present them to data storage demanders, thus greatly improving storage efficiency”, he stated during a press conference.
“All the stored data are distributed on the various nodes. Compared with traditional storage methods, DMC can effectively avoid both cyber security and physical risks and offer a higher level of disaster recovery. In addition to that, all the stored data are segmented and encrypted before uploading. Users can’t get data that do not belong to them even if they directly access the data storage device. DMC makes user data truly belong to the users themselves. Through community ecosystem service and smart contract technology, we encourage users to contribute their free storage space to promote our storage service and get corresponding rewards”, he added.
Datamall Chain is a Silicon Valley team project which focuses on blockchain storage technology. The global data storage is in need for an integral and sustainable decentralized ecosystem, DMC is designed to cater to the requirements of the market. The ecosystem consists of three elements, a storage application layer, a storage transaction layer, and a storage service layer. The storage transaction layer connects the storage supply with the demand sides, and the participants, individuals and organizations combined, are segregated into storage demanders, storage service providers or miners, developers, traders, etc.
According to the chairman of DMC Foundation, the structure of the ecosystem is huge, as Metaverse would need a lot of data centers. They have set a one billion ceiling for the total number of tokens. Users can buy storage spaces, and those who have storage space can simply convert the same to DMC tokens. PST Casting Contract is used as the economic model for all the transactions of the network. DMC has adopted a decentralized storage service network and deployed Proof of Storage Service (PoSS) consensus algorithm. It also has a reward system in place which gives out incentives to miners to attract them in large numbers.
“It is the miners who have become a constant driving force for the continuous improvement of the storage service capacity ability of the DMC network. The collaboration between PoSS and the storage transaction model not only guarantees fair incentives, but also provides a powerful safeguard mechanism against node hijacked attacks and collusion attacks. In our governance system, bonus point rewards called Real Storage Incentive or RSI are given for users’ real storage supply and demand transactions. These are all mining incentives. Incentives stimulate the benign and orderly development of the decentralized storage trading market”, said Mr. Victor.
“Earlier in January 2022, Brian Brooks, CEO of encryption mining company BitFury, introduced the concept of “Web 3.0” to the US regulators to stress that Web3.0 is the future. By adhering to a vision of “building a bridge for free data storage in the world”, we aim to make the perfect match between business thinking and market opportunity. Also, DMC can handle each piece of active data in a proper and secure way, and offer a stable and solid infrastructure for a more open, fairer and more secure Web3.0″, he added.
The Datamall public blockchain is an open-source blockchain underlying platform open to users worldwide, with a view to promoting the construction of next-generation Internet infrastructure and the development of blockchain technology.
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