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In Depth: Where Blockchain Data Is Stored?

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Data storage directly on a blockchain works well, but it suffers from two main disadvantages: confidentiality and scalability.

Data storage directly on a blockchain works well, but it suffers from two main disadvantages: confidentiality and scalability. Of course, for blockchain applications that store many large amounts of data, simple chain storage is not a practical choice. By integrating hashes into a blockchain rather than the original data, we have a simple solution to the scalability problem.

The blockchain now encourages people to continue hosting data by offering them a token with monetary value.
While blockchain is being promoted to solve many problems related to data security and transparency in central storage, it is not entirely there to prefer existing solutions such as AWS and Dropbox.
Although scaling techniques are used to increase file speed and retrieval action, the decentralized and distributed nature of data storage solutions based on blockchains means that it will be difficult to compete with AWS.

 

Blockchain Storage:

Blockchain data storage has the potential to provide much better security solutions than traditional databases.
When you think of cryptocurrency payments on the blockchain, the amount of data you need to store is quite low given the massive amounts of data you need to save photo and video files.

Yes, blockchain technology still needs some enhancements in terms of security and scalability before it can be considered as a practical and practical solution for storing data.

By storing data through its peer-to-peer network, the blockchain eliminates many threats associated with the central data.
Proponents of both authorized or private chains say that the term “blockchain” can be applied to any data structure that distributes data in blocks with a time stamp.
Just as MVCC prevents two transactions from changing a single object in a database at the same time, the blocking chain prevents two transactions from spending the same output in a blockchain.

 

Emerging now:

P2P networks using blockchain to manage cloud storage based on the distribution of surplus disk and network capacity on PCs and data centers. Storj uses the blockchain to track digital “farmers” who, like Bitcoin miners, have opted to allow the application to share excess network and storage capacity on their computers or servers.
Sharding would allow for many more transactions in parallel, it is also not expected to reduce the native security of a blockchain, as it maintains “most of the desired decentralization and security features of a blockchain,” says Ethereum creator Vitalik.

Blockchain is a remarkable technology, but it may not be suitable for storing large files, other data.
Because the hashes of the blocks are stored on the wave blockchain, any changes to the private blockchain will be publicly detected.

 

Leveldb:

Even Bitcoin is not a completely anonymous system, but UTXO or Unspent transaction output offers greater privacy, provided that users use new addresses for each transaction. Leveldb is an open source library for Google’s fundamental values, which, among other things, includes reverse and reverse iterations of data, sorted mappings from string keys to string values, custom comparisons, and automatic compression.

Leveldb is an essential mechanism for storing and retrieving that manages the state of the ethereal network.
For example, any changes to trie data, at any level will completely change the root hash.
Utxos are blind to blockchain data and, as we have already discussed, bitcoin’s blockchain does not store the balance of user accounts.

In decentralized storage, the data is distributed over an extensive node network, as is the case with the distributed ledger chain technology.
Filecoin is a digital currency created to promote the storage of data and the use of IPFS networks.

Central cloud providers, on the other hand, may see their margins decline and may even become too expensive or outdated if they do not find ways to integrate with the advances in blockchain technology.

While the blockchain is growing, it is not the only technology that imposes an existing storage system.

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#Explained

IEO replacing ICO: Initial Exchange Offering Explained.

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Initial Exchange Offering (IEO) is a fundraising procedure in which developers create coins for their project and send them to crypto exchanges for selling.

Initial Exchange Offering ( IEO ) is a fundraising procedure in which developers create coins for their projects and send them to cryptocurrency exchanges for selling to cryptocurrency investors and traders.

 

Initial Exchange Offering:

Initial Exchange Offering is usually an agreement between developers and cryptocurrency exchanges, with some of the conditions that are common in the ICOs in the fundraising model. Initial Exchange Offering is an abbreviation for the “initial offer of exchange” – a fundraising procedure in which the exchange takes place on behalf of the token issuers.

 

Although IEO is a relatively new phenomenon in the cryptocurrency industry, it is clear that securities trading is very similar – it can be estimated as a sign of the crypto’s maturity. From Huobi to Okex and Bitmax to Bittrex, the number of cryptocurrency exchanges offering the sale of Initial Exchange Offerings has increased.

 

In order to maintain trust with its customers, the exchange must carry out a comprehensive evaluation of the project before the IEO is launched.

 

IEO replacing ICO:

While in the ICO, it is the developer’s business to ensure that the intelligent contract is correct and that everything goes according to plan, in the IEO model, a third party, such as a cryptocurrency exchange, fulfills the same obligations.

 

Anyone who wants to participate in the IEO token sale must create an account on the exchange platform and fund their portfolio so that they can be willing to buy the token. While digital exchanges were only a platform for cryptocurrencies, the Initial Exchange Offering has introduced a new, value-added business model.

 

Since the Initial Exchange Offering is usually carried out on cryptocurrency exchange, some potential investors may be excluded from the possibility of creating a new account and passing through the verification procedure, which usually takes several days.

 

With IEOs, a cryptocurrency ( not the project developer himself ) acts as a counterpart, facilitating the fundraising process. While the exchanges continue to charge high fees for leading an IEO, the team behind the pawn can shift its focus from marketing and fundraising to the development of its project.

 

The initial offer of Exchange introduces an intermediary to the decentralized fundraising model, which gives cryptocurrencies a strong sense of trust as they participate. You can invest in IEOs by simply having an account on a cryptocurrency exchange. By hosting the IEO on their respective exchange platforms, cryptocurrency exchanges directly confirm the credibility and reliability of the project. For IEOs, token issuers do not have to worry, as the exchange manages the KYC – AML process is also managed by cryptocurrency.

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Analysis: Decentralization is the future

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decentralization is the basis of bitcoin blockchain. A development that has threatened to dig up decentralization is the creation of integrated circuits.

In 2008, when Satoshi Nakamoto wrote down the famous white paper in which he proposed a decentralized financial system, he did so in the context of crumbling banks and governments, which as a centralized institution, caused an economic collapse due to poor decision – making and management. Decentralization is the basis on which the entire Bitcoin blockchain is based, and that is why Bitcoin was created primarily to provide an alternative to the central authorities that operate our current global monetary system.

Today, the concept is challenged by the uncontrolled growth of Bitcoin mining – giants such as Bitmain, a Chinese mining company that continues to generate absurd profits and continues to monopolize the Bitcoin network in pursuit of industry dominance.

 

Ethereum Blockchain

The cryptocurrency economy has come to a conclusion – at least for the foreseeable future – Ether will continue to feed the ICOs and lay the foundations for distributed applications. Called Ethereum’s Proposals for Improvement ( EIPs ), they allow for massive participation in decisions that could radically change the future of the network. However, the use of EIPs Ethereum tries to embody the principle of the blockchain technology, namely centralization leads to errors and inefficiencies, while the network, with the right technology, can make better decisions and work more effectively. So, when companies such as Amazon and Chile’s Energy Authority support Ethereum, they do so in a project that advocates – and through EIPs – real practice decentralization.

 

The need of Decentralization:

Where buildings such as capitalism, money, and democracy need new codes, new software, updated smart contracts, better AI and a more united kingdom, full of corporate social responsibility, equal opportunities, and prosperity shared with all. It is not only software decentralization, but it is also the shift of human values to a new way of thinking about exchanges, energy and the shared future of humanity.

The blockchain technology, which offers an alternative to existing trading, governance and finance systems, has the potential to disrupt the industry and create new and exciting opportunities for billions around the world. A development that has threatened to dig up decentralization is the creation of integrated circuits or ASICs for applications. Even more complicated and challenging to decentralize is the rapidly changing world of hardware and the fact that a large technology company now produces most ASICs on the market.

While many Bitcoin advocates see the blockchain as nothing more than competition for existing payment methods or gold, others believe that the blockchain technology is the harbinger of things the world has never seen before.
Bitcoin’s market share has been declining slowly in recent years, and although many believe that bitcoin will continue to grow, there is a rapid rise in other parts of the blockchain ecosystem. When decentralized blockchain protocols begin to break down the central web services that dominate the current internet, we will begin to see real sovereignty on the internet.

 

The future of Decentralization:

Recently, blockchains have become the focus of attention as the first technology to use decentralized device networks. With the promise of full ownership and monetization of their data, blockchains are seemingly convincing alternatives to older third-party data farms. While blockchains use the increasing movement of increasingly powerful personal devices, they have a relatively limited use case and do not fully exploit the potential of paradigm shifts.

This is decentralization, which is a decisive factor in cryptocurrency and blockchain technology in general.
In addition to the major cases of well – known use, there are examples of massive companies that eliminate a “one – point failure” in their closed systems, for governments that approve university degrees. Secondly, governments have historically been serving exchanges with asset seizures, which have paralyzed merchants who hold large amounts of cryptocurrency in the market. If decentralized exchanges become a real reality, the regulatory war will become even more complex for legislators: their current strategy is to target exchanges that operate under their jurisdiction.

Blockchain technology can provide a new way of confirming identity, ways of moving data faster and cheaper, easier transactions such as payments, claims, and data sharing.

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Brief: What are ERC-721 Tokens?

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ERC-721 defines features that give it some compatibility with the ERC20 standard. Similar to it, ERC-721 standard has opened the door to new smart contract

Ethereum tokens became popular in 2016 – 2017 when they began to be widely used by ICOs to represent usefulness or ownership. Later, in 2017, Ethereum tokens began to be used to represent the assets of the game, such as in the famous cryptocurrencies. While the ERC-20 tokens dominate the ethereal part of the market, for the time being, more and more projects are expected to shift to the new and improved standards.

 

ERC-721 Tokens

Application developers can integrate ERC-721 tokens into their platforms, but in order to improve such development, public API and public network nodes can make non – fungible blockchains available to most mobile and web developers – most of them use JavaScript.

 

ERC-721 tokens can be used in any exchange, but their value is due to the uniqueness and rarity of each token. ERC-721 defines some features that give it some compatibility with the ERC20 standard. Similar to the ERC20, the newly proposed ERC-721 standard has opened the door to new smart contracts that act as un-mouldable items.

 

For example, a virtual work of art in which the work of art is symbolic and the property of the token directly reflects the property of the work, stored in the blockchain.

 

Like many others, the ERC-721 is a free open standard, describing how to build the tradable Ethereum tokens on the blockchain. While the ERC – 20 runners are fungible, which means that they can be exchanged between themselves, the ERC-721 standards has been used for nonfunctional or “unique” items.

 

The nonfunctional tokens allow you to detail more about the attributes that make them special – well beyond the name, balance, supply of tokens and symbols. The nonfunctional runners have not been accepted as quickly as some lawyers hoped, partly because the ERC-721 protocol is so new. There are concerns about the fact that the use of nonfunctional tokens could eventually become fragmented, with different standards and different certifications.

 

Fungibility is the interchangeability of goods or assets with other single goods or assets of the same type.
When you purchase ERC – 20 tokens, your property rights will be written in smart contracts.

 

In fact, the idea of having ownership in a decentral blockchain makes it particularly suitable for collectors – there is no doubt about the rarity of a particular collection item – there is ( theoretically ) no central control over who owns what, there is no doubt there. However, by framing ERC-721 like non-moldable tokens rather than digital collectors, the standard is very much to track and transfer property.

 

As more ERC-721 contracts implement more metadata, the question of where images live is becoming important for the nature of applications and decentralized markets.

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