Datamall Chain: A Nash Consensus-Based Decentralized Storage Platform
San Jose, CA, April 11, 2023 (GLOBE NEWSWIRE) — With the continuous development of blockchain and Web3 technology, there is a growing realization of the importance of decentralized storage. Decentralized storage offers multiple advantages, such as enhanced data security and reliability, prevention of single points of failure, and better data control for users. In practical applications, however, decentralized storage also faces some challenges, such as low storage efficiency and high costs.
After conducting research on decentralized storage projects in the market, we were impressed by the public chain project Datamall Chain. Datamall Chain has designed a Nash-Consensus mechanism to achieve efficient decentralized storage. This mechanism can not only meet the different needs of different users for storage media, but also ensure the interests of both storage providers and storage consumers. Below, a detailed introduction is made to Datamall Chain’s decentralized storage process and Nash-Consensus mechanism.
In Datamall Chain, the whole storage process is very simple. Firstly, storage providers will offer orders, and storage consumers can then freely choose their orders and rental periods. Before storing data, consumers must pay the corresponding fees and transfer these fees to the contract. Once the contract enters the Pending-delivered state, consumers can store data on the space provided by the provider. Once storage is completed, both sides agree to enter the execution state. If any disputes arise, consumers can initiate an on-chain storage challenge. Since only disputes can be brought onto the chain, the burden on the chain is substantially reduced.
In the process, the Nash-Consensus mechanism is mainly reflected in three aspects:
- Ensuring system security with reserve
Compared to traditional storage solutions, the biggest challenge faced by decentralized storage is how to ensure that storage providers store data as they have promised without losing or tampering with the data. In traditional storage solutions, this issue is usually resolved through contractual and legal means.
However, in Datamall Chain’s decentralized storage solution, an incentive mechanism is adopted to ensure the behavior of storage providers. In the Nash-Consensus mechanism, storage providers need to stake DMC as a reserve to ensure that they have the store data as they have promised. If storage providers breach the contract, they will face penalties and lose their staked DMC. Conversely, if storage providers comply with the contract, they will receive rewards and get back their staked DMC.
- Making prices more reasonable through Nash-Consensus
Currently, decentralized storage solutions in the market are not transparent in terms of pricing, and their pricing mechanisms are too complex. However, Datamall Chain allows storage providers to list orders and set their prices. Storage providers sell storage space based on their storage capacity, with different listed prices and lease terms. They can also set a certain amount of deposit for orders. This market mode of free competition allows storage consumers to freely choose their preferred storage service providers.
- Ensuring Data Storage through Storage Challenge
For decentralized systems, how to ensure that miners store data as they have promised is a very important issue. To solve this problem, DMC adopts a storage challenge mechanism. The design of storage challenge is very interesting that consumers will choose a random space, and then the provider will send a hash value to prove that they have stored the data. If the hash value is correct, it can prove that the provider has stored the data. If the challenge cannot be completed within the specified time, the contract will terminate, in which case, the consumer can get back his payment and receive compensation from the provider.
The biggest advantage of Datamall Chain lies in its ability to lay a foundation for fully decentralized large-scale applications. The Nash-Consensus adopted by it will improve storage efficiency and scalability while ensuring storage security, thus laying a solid foundation for future Web3 data storage infrastructures.
Datamall Chain’s decentralized storage process ensures benefits for both storage providers and storage consumers, and minimizes the burden on the chain, thereby achieving higher scalability. It is believed that Datamall Chain will become a reliable Web3 data storage infrastructure in the future and add momentum to the development of the digital economy and digital society.
For more details, please visit the DMC official website.
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