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Datamall Chain: Can New Incentives Help Boost the Storage Industry?

Cointime Official

By Cointime.com 237

NFT trading, which is currently booming, allows for the transfer of ownership and segmentation as well as profit sharing through smart contracts. Essentially, this set of operations is based on the transmission of NFT data. However, a centralized transmission system is by no means a reliable way to perform the task over the long term. This is why Filecoin was designed as a decentralized storage marketplace, but it creates a clear contradiction in incentives with other DHT storage systems that carry defective data. The storage market is now in desperate need of a new incentive mechanism to match it.

Datamall Chain: centered on storage users

Datamall Chain is an open source blockchain platform which is dedicated to providing stable, reliable and decentralized storage services for Web3 and Dapps.

As an open source blockchain underlying platform for global users, Datamall Chain aims to promote the development of blockchain technology and lay the foundation for the next-generation Internet.

The biggest feature of Datamall Chain is that its ecological construction is always centered on storage users, while its Level 1 protocol is currently compatible with the Filecoin protocol, and in the future it will also be compatible with other storage blockchain products, such as Arweave and Storj. Users can participate in Datamall Chain's storage service by contributing spare storage space, thus receiving corresponding rewards.

All stored data on Datamall Chain is segmented and encrypted before uploading. This means that even if you directly access the data storage device, you cannot get data that does not belong to you. This mechanism makes the user data belong to the user only.

As an open source blockchain platform, Datamall aims to strengthen the next generation of Internet infrastructure and advance blockchain technology. In order to achieve this goal, the primary task complements the deficiencies in blockchain storage. This is the fundamental reason for DMC's existence.

DeFi's "summary list", also known as the consensus list, is the inspiration for the core idea of DMC. The Consensus List matches storage requests posted by storage demanders with storage providers according to rules. Matchers and suppliers must provide "proof of storage delivery" in order to receive incentives. In the event of over- or under-supply, DMC's new mechanism will provide additional "delegated order" liquidity incentives to the party suffering from under-supply.

Ecologically, the DMC incorporates the best of DeFi's design philosophy and provides additional secondary financial instruments. It establishes a collateralized credit ecosystem and a collateralized lending profit sharing mechanism adapted to the storage market, enabling large storage providers, small storage providers, long-term token holders and token investment institutions to find their comfort zones and realize common value in DMC's financial ecosystem.

Technically, DMC not only supports traditional on-chain "proof of time", but also supports offline "proof of service" based on CYFS. Proof-of-service technology puts forward the theory of shared cloud computing. According to the principle of "chaining only when there is a dispute", in more than 90% of normal delivery scenarios, there is no need for processing fees, which truly reduces the cost of decentralized storage and improves the speed of delivery. In addition, CYFS includes address-based decentralized storage, which is faster than DHT-based decentralized storage systems and is infinitely scalable.

Community Architecture

1. Community Roles

DMC's goal is to work with storage service providers to provide affordable storage services to consumers, so the DMC Foundation will work with all individuals and organizations that need affordable storage services, storage service providers (miners/mining pools/traditional storage vendors), traders, and developers who build applications on the DMC platform.

The roles of DMC community members include the following:

1) Miner Consumer (MC) - Data Storage Consumer

MCs purchase storage capacity by purchasing PSTs on the platform and initiate storage challenges during storage service transactions.

2) Miner Provider (MP) - Storage Service Provider

The MP provides storage capacity by selling PSTs on the platform to earn DMCs and accepts storage challenges during storage service transactions.

3) Limited Partner (LP)

A Limited Partner in a DMC provides financial support to the MP to share in storage revenue and rewards.

4) Traders

Traders in the DMC community are people who indirectly help the program through value discovery and liquidity provision.

5) Developers

The DMC Foundation provides incentives and donations to developers who participate in DMC projects and build applications that take advantage of the decentralized data storage services provided by DMC.

2. Community Architecture Analysis

The architecture of the DMC ecosystem can be categorized into three layers: storage application layer, storage transaction layer, and storage service layer.

1) Storage Application Layer

Based on the solid foundation of decentralized storage infrastructure, the DMC community will fund various applications to enrich the ecosystem. These applications include typical blockchain tools such as DEX, DeFi, wallets, blockchain browsers, and NFT, as well as internet applications and DApps built on top of decentralized storage.

2) Storage Transaction Layer

The Storage Transaction Layer is the core of the entire ecosystem and is implemented on top of the public chain used to process storage-related transactions.

3) Storage Services Layer

All storage facilities in the decentralized storage market as well as players in the centralized storage space can join the DMC community as service providers. For example, mining pools and individual miners on platforms like Filecoin, Sia, and Storj, as well as data service providers built on top of AWS or Azure, can enter the DMC's decentralized storage market.

Economic Model

1. DMC Token

Datamall Coin (DMC) is a decentralized cryptocurrency issued by the DMC Foundation based on the Datamall Chain public chain. It builds a decentralized trading market through real data storage services and provides users with a decentralized, efficient, secure and open storage platform. Users can enjoy the leading decentralized storage service by owning DMC, and get corresponding incentives by owning storage space, thus building a sustainable storage ecosystem.

Since the token is designed for the global decentralized storage market, it will represent the actual data storage service capacity and the hand of supply and demand that matches storage needs.

Through the use of DMC, users can purchase storage services; and vice versa, if a user has extra storage space, he/she can offer the space for DMC; or also both.

2. Token Allocation

The total number of DMC tokens is 1 billion, and the DMC tokens will be divided into four parts based on various factors, such as incentives for miners, token holders, and the Foundation.

In the final phase of token release, miners are expected to hold 60% of the total tokens, ecosystem and partnerships 20%, marketing and operations 15%, and the DMC team the remaining 5%.

The DMC Foundation will not pre-distribute any tokens for itself, but in order to support developers and community members in the DMC ecosystem, a predetermined percentage of mined tokens will be distributed to the DMC Foundation to keep the DAO running.

Starting from the first phase, the miners' share of the total output of the phase gradually increases, while the Foundation's share gradually decreases and is released linearly. This is shown in the figure below:

Conclusion

Taken together, DMC's Level 1 protocol is already compatible with the Filecoin protocol and will be compatible with more decentralized blockchain storage projects in the future, such as Arweave, Sia, and Storj.

With the increase in the number of users, the reduction of storage costs and the optimization of the reward mechanism, it is expected that the stickiness of users will also increase further, thus promoting the virtuous cycle and dynamic development of the DMC ecosystem.

It is foreseeable that multiple decentralized cloud storage products will emerge from the DMC ecosystem, and their future possibilities are exciting. Even a sound decentralized Web3.0 storage transaction ecosystem is expected to be established eventually.

On the whole, the DMC ecosystem has huge development potential and deserves our close attention and anticipation.

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