Big data is like black gold in the business world, capable of providing organizations with a deep analytical view of their clients and the environment in which they operate, is incredibly valuable and, therefore, highly monopolized. So far, only large organizations have had access to large volumes of data because only they are able to operate on a scale large enough to generate large amounts of data, but now, thanks to the blockchain, this monopolization it soon to be eliminated.
The Blockchain technology has provided us with the tools and capabilities necessary to decentralize large data, making it accessible and usable by companies of all sizes. DxChain is one of the many blockchain projects that focuses on creating a platform where anyone from all over the world can buy, sell and use Big Data. What makes DxChain stand out is its innovative approach towards this common goal.
The solution
The DxChain platform team has learned a lot from other projects that are trying to achieve the same goal, including IoTeX, Plasma, IOTA, IPFS and Hadoop. Its objective will be to build an ecosystem based on the incentive for more miners to share computational resources in the platform, resulting in the services of the platform remaining fluid and profitable.
This project will make use of three important innovations to achieve its objectives; the first is its network architecture, the second is its way of handling information technology in the platform and, finally, the adaptation of the centralized ecosystem of Hadoop to the decentralized ecosystem of DxChain.
What makes the Chain-on-Chain structure of DxChain so great is the fact that while the three chains will communicate with each other, they will not physically depend on each other. The communication between chains will be carried out through intelligent contracts, if one of the side chains fails or is compromised for some reason, its status will not hinder the master chain. By maintaining the independent master chain, the DxChain platform guarantees stability and security even in the worst case scenario.
Another great feature of this architecture is that, although the master chain is immutable, both side chains are elastic, which will allow the computing and storage capacities of the platform to increase indefinitely without having to jeopardize the safety of the master chain .
In addition to having a very well thought-out architecture, the DxChain platform will also handle computing in a way that is different from other blockchains. Most blockchains have very basic computational capabilities, since they mostly only process transaction-related data, but a network like DxChain will need much more powerful computing to run smoothly. This is why DxChain computing will not be limited only to transactional capabilities, it will be more general, this will allow the chain of blocks to tackle various types of tasks more easily.
Hadoop is a large data platform that is preferred by most large data analyzers, it provides users with HDFS file storage, MapReduce functions and a set of tools that allow the execution of distributed jobs. It has been tested and works very well, however, Hadoop is a centralized system, which makes many people ignore it as an option when it comes to building a Big Data platform based on blockchain.
However, the DxChain platform is being designed specifically to be adaptable with Hadoop; DxChain will manage it by configuring a calculation chain in which the calculation states will be stored. This chain will exist in the DxChain network, which will use these states to manage the calculation tasks and determine the correction of the calculation. By incorporating Hadoop into its design, the DxChain network will be able to provide users with access to various Hadoop tools that could be used in their decentralized environment.
The Token
General information
Since the DxChain network is being built around the incentive concept, it will present a native token called a DX token, it will be used in all three chains and it will be transferable. The two side chains can use the same token or derive their own tokens whose value will be determined by the DX token. The DX token will initially be launched in the Ethereum blockchain and will migrate to DxChain once it becomes operational.
Purpose
The token will be the central point of the DxChain ecosystem, it will be used as a payment method among the participants that operate in the network, and the payment of network fees will also be required to access the services provided by the network. Users will need these tokens to buy computer resources, storage space, etc., and will act as an incentive for participants to contribute to the network and help it grow.
Potential competition
There are several projects that are working to achieve the same goal as DxChain, some of the most prominent are IoTeX and IOTA, blockchain-based projects that work to make large data decentralized. While competition is abundant, DxChain has a number of innovations that give it a solid competitive advantage over its competitors.
DxChain is the first decentralized project that had the idea of incorporating the centralized Hadoop system in its decentralized environment. This allows the network to offer many functions of the Hadoop system in a decentralized environment. Another notable advantage is DxChain’s data exchange design and analytical performance, which allows it to do what its competitors can do with greater speed.
Hope you had fun reading my articles.
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Also check out dxChain’s Website for more information — https://www.dxchain.com/
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