MODULE [ICO Review]: Cryptoeconomic ecosystem on a decentralized file storage network

djuicestar (25)in #module • 6 years ago (edited)

MODULE is a blockchain-based platform designed to utilize the free storage of smartphones, PCs, servers, etc. as an asset. Using the MODULE platform, one will be able to participate in mining even from a smartphone. Servers and enterprises can also participate in mining.

Module’s consensus (mining) algorithm makes it possible to earn rewards by lending out storage space. As the storage capacity of devices progresses and expands, one can expect the various services offered to expand. In addition to issuing new original coins, users will also be able to develop Dapps (decentralized applications) on the platform.

Due to their vast potential, cryptocurrencies are currently attracting global attention. There are still problems, however, such as the power consumption of PoW (Proof-of-Work) and centralization of PoS (Proof-of-Stake). Numerous cryptocurrencies are working on improvements daily. Nevertheless, to date no fundamental solution has been reached, as the improvements tend to remain inside the conventional framework of blockchain.

There is a paradox on the cryptocurrency market. Small groups of people with a huge amount of capital possess cryptocurrencies, which runs counter to the original idea of the virtual currencies ushering in an era of decentralization. As a result, blockchain today has become centralized, and may have squandered the opportunity to spearhead financial reform and lost its true value in the process. In this sense MODULE is about to implement true decentralization.

Website:https://modltoken.io/
WhitePaper:https://modltoken.io/doc/whitepaper_en.pdf
Onepager:https://modltoken.io/doc/onepager_en.pdf

Features
Internal testing will start from October 2018. The beta version will be distributed to users in December, after the completion of testing. The official release in Google Play and App Store is scheduled for January.

One of the features of their project is that a token holder = MODL user. The beta version of the MODL application will be distributed to the users who purchased a MODL token during the ICO. The more activity on the application, the more value of MODL to be distributed. Influencers will be used to propagate the App and acquire users. Press releases will begin in the Asian region from August 2018.

About the MODULE platform
MODULE employs a new transaction approval algorithm. It is a new technology platform that enables everyone to participate in mining, even from a mobile device. In addition to building DApps, users will also could issue new currencies on the platform.

They focused on mobile devices to solve problems such as the power consumption concerns caused by cryptocurrencies and their centralization. The Module project announces the future of mining with such energy-efficient and easy to use devices such as smartphones and tablets. By releasing the capacity of your device, you will be able to earn rewards, which will vary depending on the capacity of free storage, utilization time, space and transaction type. In other words, lending of storage space will make you eligible for compensation. The platform also has great potential as a platform that can provide other distributed application services.

In this sense MODULE is about to implement true decentralization.

THE PROJECT ADDRESSES THREE ISSUES
There is a huge amount of surplus storage capacity on smartphones, iOS and android devices around the world.
Global markets, businesses and governments demand storage for their enormous databases.
Today’s blockchains are centralized and complex, and crypto mining requires vast computing resources and infrastructure.
The Future According to MODULE

Although the popularity of cryptocurrencies has risen, there are still very few chances to use them in real life. Bitcoins can be used at some shops, etc., but the required infrastructure is still under development. They want to bring cryptocurrencies into the mainstream. The MODULE developers have devised a new algorithm. The team is developing a system under which compensation is determined based on three elements of storage: space-time transaction. This will enable users to participate in mining from mobile devices such as smartphones.

That means They have vast storage resources on the planet that are being wasted. MODULE is the platform that intends to use these storage resources. They aim to become an environmentally friendly platform by effectively utilizing unused assets.

Unique mining method “PoSTT”
Overview of the PoSTT Proof of Space, Time and Transaction) protocol
The POSTT protocol creates a decentralized storage network with its own coins (or tokens) provided by P2P. Clients will use the tokens for storing and transmitting data, and miners will mine the coins (tokens) used for data storage, services, etc.

Mechanism of the PoSTT blockchain
The PoSTT blockchain has its own coin. The Verifier will pay the cost of storing the data with this coin, and the Farmer will receive coins as compensation for providing storage capacity to store the data. This means that the PoSTT blockchain has a transaction function associated with the sending and receiving of
The Verifier and the Farmer also conclude a smart contract related to storing each other’s data, so that the Verifier and the Farmer can safely perform data processing. In other words, blockchain stores smart contracts related to transactions with coins (transmission/reception) and data management. To do so, the Farmer possess the address of the token for the smart contract. There is also a bridge server which exists separately from blockchain.
MODULE App image