DxChain is developing a decentralized big data and machine learning network.
What does DXC Accomplish?
DXChain believes that data is valuable, and the creators should be able to own and benefit from the data they collect and own. The team aims to tackle major big data issues such as privacy, ownership, and security while supporting business intelligence and machine learning applications.
The Decentralised exchange platform allows users to:
- Own and control their data
- Securely trade the data
- Analyse the data
This is done through blockchain technology featuring multi-nodes and distributed storage, the costs of data retrieval and storage would also be reduced significantly.
As a result of DXChain, Users would save costs of data retrieval and storing it securely.
DxChain is based on a chains-on-chain architecture which includes one master chain and two side chains. The structure was designed as such in order to solve multiple issues related to data computation, storage, and privacy issues; this would otherwise be difficult to do simultaneously with only one chain.
The idea for the structure was inspired by Lightning Network, which features a second layer payment protocol on top of a blockchain. It was also inspired by Hadoop, a centralized big data platform that was developed by The Apache Software Foundation (where one of the team members worked previously).
The three chains on DxChain’s platform are each responsible for storing different information:
- Master Chain: Stores asset information and events such as states, transactions, receipts, and contracts. The master chain uses proof-of-work to provide the highest level of security and stability.
- Data Side Chain: Stores non-asset information, which is a set of data that provides information on other data and serves as a method of storage retrieval.
- Computation Side Chain: Stores specific computing tasks performed on the DxChain platform and is responsible for recording matching processes of computation, such as whether a certain task can be completed or not.
DxChain Network is still in working process with the MVP currently set to launch sometime in July. According to the CTO, Wei Wang, a test chain could be launched in the next few months and its official network could be released early next year.
Use of Token
- DX tokens will serve as a secure and primary method of payment between participants in the network.
- Providers of computational and storage resources that are required for running various apps and transactions will be rewarded with DX tokens.
- Miners will be rewarded with DX tokens based on the usefulness of work that they passively provide.
There are currently 10 people based in San Francisco with DXChain looking for 5 more individuals to join them. The Co-Founders have collectively over 30 years of experience in Mobile and Data Security with Allan Zhang, one of the Co-Founders creating TrustLook, an AI-Based Cybersecurity product. The rest of the team share another 30 years of experience in security and development.
Advisors and Investors:
- Kevin Hsu, Founder of BlockVC
- Leo Wang, Founding partner of PreAngel
- Fan Zhang, Partner of Vancoin and former Founding Partner of Sequoia Capital China.
- Fenbushi Digital
- Node Capital
- Concerns over data ownership and privacy is becoming more and more prevalent around the world. The GDPR in the European Union shows how serious the issue has become for both individuals and governments on legitimate collection and use of personal data.
- If the team is successful in decentralizing Hadoop, a distributed file storage and computation solution, we believe it provides a substantial potential.
- The team has a strong technical background and relevant working experience in the fields of big data, distributed systems, blockchain research, network security, and so on.
- The project has average market awareness but with strong team and the backing of major investment firms, it will be a Long-Term Hold.
Nouvive Recommends a BUY Rating on DXChain.
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