Web3 – complete decentralization – has been touted as the next iteration of the internet. In order for that to happen, decentralized storage needs to be a practical reality, and many decentralized storage projects have emerged from this need. In 2019, Filecoin innovatively used two consensus mechanisms, PoRep and PoSt, to create much excitement around decentralized storage. Arweave has committed itself to providing permanent storage services. In 2021, Sia, which adopted the dual token model, joined the decentralized storage market. These projects address different aspects of decentralized storage, but there has been a glaring market need: an efficient, fully decentralized marketplace for decentralized storage to be bought and sold. Datamall Chain (DMC) now solves this problem.
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DMC is a decentralized storage trading market open to the entire world. It matches storage providers with storage demanders, so that individuals and enterprises can become DMC miners (by providing storage space), engage in storage trading, and receive token rewards.
As a premium trading platform for decentralized storage, DMC has incorporated 2 important sets of functionalities to ensure the DMC is a highly efficient and functional marketplace for decentralized storage:
First, DMC requires storage providers to prove their storage service capacity. It also increases the costs for bad actors through a punishment mechanism. The Proof of Service Token (PST) refers to the proof of miners’ storage service capacity and miners need to stake Datamall Coin to mint PST. At any time during the life of a storage contract, a customer can initiate a storage challenge. The storage challenge is first verified. If a customer finds that the challenge fails and the challenge is confirmed, then the smart contract will punish the miner with a significant fine.
Second, DMC encourages and supports individuals and enterprises to become DMC miners and obtain token rewards as income by providing storage space, which is the foundation for DMC to build a strong ecosystem. DMC miners now have almost a zero cost of entry. Just with one device, anyone can become a miner and earn tokens by providing storage space and successfully completing storage deals. Current website data shows that DMC miners come from throughout the world, include Singapore, the United States, South Africa, and Hong Kong. Like all decentralized projects, DMC is also concerned about the centralized resources and power in the ecosystem. Centralized storage is more vulnerable to attack and data loss. Distributing data across multiple nodes (and eliminating central services) makes the entire storage network more resilient and data loss/unavailability far less likely.
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 concerted ecosystem can pool the strengths and resources of participants. “Joint action” is another measure DMC has taken to build a powerful ecosystem. Just this month, DMC announced that it has established strategic partnerships with five large enterprises: OKX Ventures, the investment department of OKX, Gate.io, the world’s TOP10 digital assets trading platform, BIT Mining, a technology-driven cryptocurrency mining company, IPFSMain, a topnotch Web3 service provider in the world, and BCT Inc., an international cryptocurrency mining corporation.
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OKX and Gate.io are both digital assets trading platforms with a huge user bases, and the projects carried by these platforms have a growing demand for decentralized storage. DMC hopes to attract more storage providers and storage demanders. In addition, Fog Works, Inc., an application partner of the DMC ecosystem, announced in August that it had completed the pre-seed financing of US $3 million, with OKX Blockdream Ventures being one of the leading investors. Fog Works has released its first product, Foggie, the world’s first All-in-One Web3 virtual appliance. They plan on releasing various applications and devices to help users participate in the DMC ecosystem.
As Web3 continues to grow, the decentralized storage industry will receive heightened attention. Decentralized storage is an inevitable trend, and DMC’s vision – to build bridges to easily access global decentralized storage, match decentralized storage demands with decentralized storage providers, activate global decentralized data storage markets, and find a safe environment for each piece of data – is essential infrastructure to the decentralized storage industry and Web3 overall.
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