With the continuous development of the blockchain industry, an increasing number of senior developers have entered the blockchain industry. The proportion of scams in cryptocurrency market are gradually decreasing, replaced by legitimate blockchain projects with practical applications. YottaChain is one of the latest promising projects that will create value for society.
YottaChain is a basic public chain that uses a unique technology, an innovative economic model, and governance structure to connect global computing resources and storage resources. Essentially, it forms a large-scale interstellar computer, that enables ordinary people to access the power of super computing and large-scale storage capacity, previously only available to enterprise companies. It can also provide convenient, reliable, low-cost storage and computing services for other blockchains. A “yotta” is the largest unit of the metric system. It is expected that the amount of data in the world can reach a yotta’s bytes in a few decades. YottaChain aims to provide sufficient cheap and secure storage capacity that will support world’s growing data needs.
The team behind this project is ambitious and capable. The founder of YottaChain, Alex Wang, has more than 20 years of cryptography expertise and has been working on distributed storage for nearly 10 years. He is one of the top engineers in both cryptography and distributed storage.
The team has proven their capability dating back to 2015, when Alex went to Las Vegas to challenge global hackers in the hacking conference DEFCON. Every year, thousands of hackers gather to learn and collaborate at the world’s largest hacker party. The usual contest is a ‘capture the flag’ game, where hackers attempt to break into the each other’s computers. However, Alex brought a different challenge to the contest, backed by a prize box of US dollar cash. He opened all the server access credentials, but just left the data encrypted. The first contestant to successfully steal the data would receive the prize money. There were about 1,000 hackers who tried and failed in the contest, and in the end, no one walked away with the cash.
Massive storage has always had a big bottleneck, that is, you cannot achieve safety and efficiency at the same time. In other words, between data encryption and data deduplication, only one can be chosen as the top priority. Thus, everyone has to make a hard decision – if choosing data encryption, the cost is increased several times, but if choosing the data deduplication, the data is not protected by encryption. When it comes to traditional centralized storage, the problem is not so noticeable. Users trust big companies such as Google and Dropbox, so they can choose deduplication over encryption. However, blockchain storage is different, because the node that stores the data could lie in less trusted hands – maybe your friend, neighbor, colleague, competitor, or rival! In this case, if the distributed data is not encrypted, users cannot safely store personal or company data.
IPFS has always been reluctant to deduplicate data, and chose instead to disclose information that is not encrypted and serves the unencrypted web page content. If a user wants to save personal data or enterprise data, they need to encrypt it themselves, bearing the added costs of encryption. There are also many well-known blockchain security storage projects that do a good job of encrypting data, but then are unable to deduplicate data. Until now, there was no way to get both.
YottaChain has created a perfect storage technology where both encryption and deduplication can co-exist. This achievement can only be reached by the world’s top scientists who are experts in both encryption and storage. With this technology, personal business data can be safely stored in the blockchain. What’s more, the cost is particularly low, even lower than the current main cloud service provider.
YottaChain also provides a brand new incentive model that allows storage resource owners to contribute more space from their hard drive and get rewards. This model does not require any sponsorship and can be everlasting.
YottaChain also invented a sharing mechanism for computing power, creating a complete infrastructure capability of “storage, encryption, computing and network,” which has unlimited potential in both application scenarios and business models.
This project is really using technology to change the world, preparing us for the decentralized data storage needs of the future!