DxChain - Why You Should Care

gloriabonareri (25)in #dxchain • 6 years ago (edited)

While bitcoin and blockchain have been around for quite some time, I think most people would argue that 2017 was the true real first year for both DLT technologies. They went from being speculative to getting a foot hold into public’s conscience eye.
As we saw in the 1999 dot com boom, any new technology gains quick fame shortly after a massive wipe out we start to see adoption and use cases throughout various industries. When this does happen with blockchain, no one knows. What we are witnessing is the democratization of the internet in what we can deem as the web 3.0 which some argue will have a value 10 times that of the internet. Whilst still a pipeline dream, we may very well see that nation states become a thing of the past.
Even individuals that have a clear interest against blockchain such as Jamie Dimon, they are still quite bullish on the technology.

One topic we should discuss here, is decentralized storage, since that’s one of the most immediate use cases with blockchain and of course it’s accompany decentralized compute power.
While Blockchain is on the move, one of the big bottlenecks not only with blockchain but also in the traditional web is storage space. With AI and IOT coming at rates faster than we can imagine, we must examine different ways to address these issues on the fly. This is what DXchain aims to solve, an ecosystem that permits infinite scalability in both storage and computation.
By the year 2021, we expect to have about 25 billion connected devices, and all these connected devices, everything from medical wearables to tablets, will all have their accompany data feeds as well as the necessity for storage. DXchain plans to provide an all in one solution for both of those needs. So if you have a business looking to launcha new, data-driven program, they can deploy these on the fly at much lower costs, since that’s a substantial barrier to entry at the moment.
The problem is that with conventional storage, it opens up exposure to hacks, breaches and data security can be really easily compromised. So we must figure out a way to collect data and process it without compromising security. Imagine large commercial companies that store sensitive information such as medical records or SSN’s. The risk of losing this type of data is enormous. DXchain will allow for a much richer overall user experience without any leaks in security.

Blockchains such as Ethereum, while very popular are not designed for data storage and management, and using it for storage would consume too much space and time.
As it stands, single system and even databases that are hosted on the cloud are all centralized, while better than it’s previous iteration in individual server setup, it’s still quite antiquated. Again, having a single point of attack is the problem that is critical when it comes to scaling this type of data.