WHAT YOU SHOULD KNOW ABOUT THE DATABLOC BLOCKCHAIN PROJECT

goodnuel (39)in #cryptocurrency • 5 years ago

Today, information flies about and with the speed of light. This information is of various formats, requests, usage, etc. This Coul is information about anything at all, from personal, to financial, to machine learning, etc. This is made much wider with the current level of technology we have today, the information generated continues to grow at a very rapid rate.

While this can be a good thing, that information is being generated an sent out it does come with its own disadvantages or drawbacks. Because as the amount of usable data continues to grow, there's no adequate structure to harness its potential. With the rapid growth in the use of social network platforms, IOT, AI, machine learning, etc, it is expected that this information, which are in their billions will be properly utilized. But, not up 50% of storages spaces have been properly utilized.

Also, Service providers who run on a centralised system have failed to provide for the proper security and privacy of user information. They have ended up selling out people's data without proper permission or any rewards at all. Decentralized systems have made up for security by giving the data back the owners control, but the issue of transparency persists.

Today, we will get to see a possible solution to this problem. Today, we will get to know what the DataBloc is aiming to do.

The DataBloc is a middle ground sharing economy for both storage and services as relates to data. The platform acts as a link for the secure and transparent sharing of data for the service providers and customers. This is just like a regular marketplace where buying and selling occur, offering security, transparency, data optimization, and accessibility. This is in line with the origin of the platform as a known data service company that has thought it wise to integrate the blockchain technology.

DataBloc is a part of the stonefly firm. A firm highly equipped with the knowledge of modern-day technology and need for a sharing economy and its potential, Stonefly is originated from Silicon Valley.

Because, these houses and operates on the blockchain, there will be the use of the blockchain smart contracts technology to carry out activities. Also, the implementation of an advanced data hashing algorithm that will make for a reliable, dynamic, data transmission system. With an additional blockchain block, provide flexible and safe data storage methods. This will also go to protect against hacks.

The Stonefusion is super dynamic that it is easily compatible with any device or wallet. Also, the technology has the ability to create a communication or interaction with other storage systems, back up systems, and infrastructures. This will hasten processes and create room for a more efficient data storage system.

HOW IT WORKS

This is pretty simple. Just like your everyday buying and selling. A willing service provider who is a member on the platform will go on to freely list their services on the platform, then public customers get to enter their storage needs and the various data they'd be needing. The customers will then make a choice from a series of the curated list and make purchases on the platform. Service providers download StoneFusion and list their available services on the DataBloc web platform. Enterprise and public customers enter their storage
needs and which data services they require. All these they can easily do securely without the need for costs of acquisition. All that, they can do, through the blockchain.

TOKENIZATION

As the platform integrates a blockchain, there's a need for a currency. An indigenous currency that will govern the processes on the platform, and also create another layer of security on the platform.

The platform makes use of two tokens, one as a utility token, the other as a security token.

The Stone utility token will be used as the fuel of the economy, one that governs the interaction on the entire platform. It will be used for the buying, selling, fees, on the platform. The stone token is currently selling on private sales, with public sales in place too.
The Royalty Bloc(RBC) on the other hand is a security token that gives investors the opportunity to earn a real-time royalty on all the revenues garnered by the platform. Holders of the RBC will earn up to 10% of the platform's revenue. The RBC will be sold in a royalty token offering right after the public sales of the Stone token. Both tokens are housed on the blockchain ethereum ERC-20 platform and with fixed supplies.