Datamall Chain Review: A New Rising Start Of Web3 Data Storage Infrastructures

June 11, 2023 - Around 12 mins mins to read

Datamall Chain stands out after examining numerous well-known decentralized storage options on the market. Let’s find out details about this project with Coincu through this Datamall Chain Review article.

Datamall Chain Review: A New Rising Start Of Web3 Data Storage Infrastructures

What is Datamall Chain?

Datamall Chain is an open-source blockchain underlying platform for worldwide users that intends to encourage the development of next-generation Internet infrastructure and blockchain technology.

The whole storing procedure in Datamall Chain is quite straightforward. Initially, storage providers will provide orders, and storage customers would be allowed to pick their orders and renting terms. Consumers must pay the necessary costs before storing data and transferring these fees to the contract. Consumers may store data on the space supplied by the supplier after the contract reaches the Pending-delivery condition.

After storage is finished, both parties agree to enter the execution stage. If any disagreements occur, users may launch an on-chain storage challenge. Since only disagreements may be added to the chain, the pressure on the chain is significantly reduced.

The Proof of Storage Service (PoSS) consensus method is used by Datamall Chain. Miners stake DMC to mint PST in order to offer storage services, commonly known as mining. The PoSS consensus method, in particular, utilizes the number of PSTs to produce the appropriate number of voting rights and ranks the nodes to pick a set number of MPs who actively offer storage services as consensus nodes and provide them incentives based on the reward criteria.

Benefits of Datamall Chain

Wide application in practice

In February of this year, Datamall Chain formed an in-depth collaboration with the Immerex Virtual Reality Laboratory at the University of California, Berkeley. The Immerex Virtual Reality Laboratory is one of the key research departments of the UC Berkeley School of Computer Science and Engineering, and its goal is to improve human-computer interaction and human perception of the environment, among other things.

To store data, the laboratory will set up a super node on Datamall Chain. This is an essential decentralized storage application scenario implementation. It will further demonstrate the benefits of decentralized storage and advance its acceptability and application in academic and technical domains.

There are several initiatives in the decentralized storage sector, but one of the most significant concerns is that many of the application cases are untrue. To increase market acceptance, public chains often issue their own tokens to entry users to keep their data. Large nodes will often upload meaningless data and information in order to get rewards. Despite the fact that the quantity of data saved seems to be rising, it does not produce any meaningful value.

Projects like Datamall Chain are required to break away from the predicament. They pledge to create solutions for actual needs, increase market acceptance of the technology, and develop cooperation with partners like the Immerex VR Laboratory.

Self-optimization capabilities

Datamall Chain announced its strategic relationship with AlephCrypto.xyz in January of this year, which includes Victor Zhou, a key contributor to Ethereum development ideas, and William Entriken, the principal creator of ERC-721. The two parties will collaborate on a variety of fronts, including blockchain technology development and distributed storage.

Looking back on the rich history of Ethereum, the first public chain, the community has witnessed developers constantly make enhancement recommendations. New fields like as decentralized finance and non-fungible tokens (NFTs) have evolved in Ethereum as new ideas and proposals are put up and realized. For example, prior to the adoption of the ERC-721 standard, the NFT market explosion would have been unthinkable. The proliferation of underlying standards has laid the groundwork and offered opportunities for new economic models.

The strategic partnership with AlephCrypto.xyz offers Datamall Chain an outstanding external viewpoint to study the performance improvements required in the development of public chains and how to establish a solid economic model via functional optimization.

Handling industry problems

Datamall Chain has actively engaged in many events since March of this year to offer its views and thoughts, stressing the benefits and possibilities of decentralized storage technology and giving assessments of actual instances and application scenarios. The purpose is to raise industry knowledge and understanding of decentralized storage, as well as to stimulate larger debates and collaboration.

In August, Fog Works, a DMC ecosystem application partner, reported the conclusion of a seed pre-financing round of several million dollars, with OKX Blockdream Venture among the primary investors. This year, Datamall Chain has actively engaged in OKX activities. It took part in the OKX and Google Cloud hackathon as a community partner and OKX’s Web3 Night in Los Angeles.

Datamall Chain has aggressively handled numerous difficulties and obstacles in the business by continually improving and iterating its own models, promoting the wider popularization and implementation of decentralized storage in actual settings.

Decentralized storage has become a widely recognized and embraced option that enables consumers with a more secure, efficient, and trustworthy method to store and distribute data, thanks to Datamall Chain. Now, the Datamall Chain Review article will explore the features of the project.

Features

System Security

As compared to conventional storage systems, the most difficult problem for decentralized storage is ensuring that storage providers maintain data as promised without losing or altering the data. This problem is normally managed by contractual and legal measures in conventional storage systems.

But, with Datamall Chain’s decentralized storage system, an incentive mechanism is used to ensure storage providers’ conduct. Storage providers must stake DMC as a reserve in the Nash-Consensus method to guarantee that they have the stored data as promised. Storage providers that violate the deal will suffer fines and lose their staked DMC. In contrast, if storage providers follow the contract, they will be rewarded and earn their staked DMC back.

Nash-Consensus

Presently, the price of decentralized storage solutions on the market is opaque, and their pricing methods are too complicated. Datamall Chain, on the other hand, enables storage providers to publish orders and determine their own costs. Storage companies provide storage space depending on storage capacity, with varying quoted costs and leasing lengths. Users may also specify a deposit amount for orders. Storage users may freely pick their favorite storage service providers in this market paradigm of free competition.

Storage Challenge

How to guarantee that miners keep data as promised is a critical problem for decentralized systems. DMC employs a storage challenge method to address this issue. The storage challenge is designed in such a way that customers will choose a random area, and the provider will provide a hash value to show that they have saved the data. If the hash value is valid, it may be used to show that the data was saved by the provider. If the challenge cannot be accomplished within the time frame stated, the contract will be terminated, and the customer will be refunded and compensated by the supplier.

How to participate in Datamall Chain

Miner the Provider (MP)

MP is the storage capacity supplier who earns DMC by selling PST on the platform, as well as the storage service provider who accepts storage challenges throughout the storage service transaction.

MPs might be people who have spare storage space or professional miners who can provide storage services. Individuals, miners, and mining pools may all benefit from storage mining because of the low entry barrier of the Datamall Chain. Moreover, this guarantees that professional Parliamentarians do not dominate the survival space of individual MPs.

As a consequence, Datamall Chain may have a varied variety of miners, which not only respects the notion of decentralization but also secures the ecosystem’s steady operation and shared advantages. This design is quite valuable.

Datamall Chain works to ensure that every miner has legitimate storage capabilities in order to ensure that storage space is real and to improve the user experience.

Introducing Proof of Service Token (PST)

MPs produce PST via DMC staking. 1 PST is a standard unit of storage service, corresponding to 7 days of storage service of a specified data volume. PST=DMC/m’*p, where p is the unit price of PST based on DMC, and m’ is the stake rate that MPs may set themselves, which is similar to the power to compensate. The greater the value of m’, the more DMC the MP must stake, signaling that the MP’s storage services will be more robust and trustworthy.

Storage Challenge

The two parties start the challenge preparation stage once MCs acquire order and complete a transaction with MPs. To establish an agreement at this stage, both parties must present Merkel’s roots. After the agreement is obtained, MCs will begin a 7-day delivery cycle. Storage challenges may be initiated by MCs throughout the delivery cycle to guarantee that MPs have saved the data.

The staked DMC acts as the initial insurance throughout this procedure, guaranteeing that MPs supply legitimate storage space. The second insurance is the storage challenge, which ensures that MPs save the data given by MCs. The insurance successfully prohibits MPs from filing fraudulent claims or participating in hostile activity, ensuring the Datamall Chain environment runs smoothly. If an MP fails a storage challenge, for example, by fraudulently claiming storage capacity or losing MC’s data, they must pay a default fee for breach of contract.

The default fine must be paid in accordance with the following guidelines: The DMC paid by the MC for the order will be reimbursed to the MC, while the amount of DMC spent by the MP to purchase the PST of the order will be taken from the amount of DMC staked by the MP, 50% of which will be provided to the MC as compensation and 50% to the buyback account.

MP who stake a considerable amount of DMC gets more credibility in the face of storage issues. As a result, the system creates equivalent voting rights in proportion to the number of PSTs and ranks nodes accordingly. It continually chooses a certain number of MPs who actively offer storage services as consensus nodes and compensates them based on incentive criteria.

It is not recommended to rely on human nature throughout the technical development process. As a result, a design incorporating scientific and rigorous punishment mechanisms and incentive mechanisms is required to reduce the likelihood of miner malfeasance while encouraging MPs to actively supply actual storage space and storage services.

Limited Partner (LP）

The limited partner makes a Significant investment in the MP. The MP creates PSTs by staking the DMC that has been invested. When LP claims the staked DMC, the smart contract calculates the profit depending on the investment share.

If the MP does not have enough DMC to stake to mint PST, they must depend on the help of the LP, resulting in a cooperative paradigm in which the LP gives DMC to the MP. The maximum LP investment ratio runs from 0% to 80%, implying that the MP must have at least a 20% interest while minting PST.

Miner the Consumer (MC)

MC is the consumer of storage capacity who purchases PST on the platform and the verifier who begins the storage challenge during the storage service transaction.

While acquiring services, MCs may only pick from the service durations offered by MPs and must pay two fees: storage service costs and a deposit. In terms of storage service costs, MCs must pay them for at least one cycle (7 days).

MCs may recharge DMC at any moment throughout the service process to renew their contracts or withdraw DMC at any time as required. MCs are eligible for delivery awards throughout the delivery phase.

When submitting the order, MPs may specify the deposit amount (which should be a multiple of the weekly price of the order). Suppose the MC fails during the service period (e.g., the MC does not have adequate balance to cover expenditures). In that case, the contract will terminate the order and the deposit will be withdrawn. The MP will get 1/(1+r) of the subtracted deposit, while the stake pool will receive r/(1+r). In this case, r denotes the current stake rate.

Since a well-operating system runs smoothly and effectively, it is essential to verify each participant. As a result, as MPs face storage issues, MCs should face commensurate penalties in the event of contract violation. Datamall Chain demonstrates to other initiatives that only catering to one participant is not a long-term development strategy.

Conclusion of Datamall Chain Review

The most significant feature of Datamall Chain is its capacity to establish the groundwork for truly decentralized large-scale applications. The use of the Nash-Consensus will increase storage efficiency and scalability while assuring storage security, setting the groundwork for future Web3 data storage infrastructures.

Decentralized storage will play an essential role in the digital world in the near future due to ongoing collaboration and innovation.

The Datamall Chain’s decentralized storage method helps both storage providers and storage users while reducing the pressure on the chain and attaining greater scalability. Datamall Chain is expected to become a stable Web3 data storage infrastructure, accelerating the growth of the digital economy and society. Hopefully the Datamall Chain Review article has helped you understand more about the project.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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