What Is Storecoin?
Storecoin is a digital platform that offers zero-fee payments and P2P cloud computing. Storecoin seeks to transform data into money (Datacoins). It’s coordinated by a governance of checks and balances, separation of powers, and shared security.
Storecoin aims to initiate a decentralized governance of checks and balances. The platform is currently in the midst of a Peer Review process and invites members of the blockchain community to review, discuss, and refine their proposed governance system.
The Storecoin project is laser-focused, first on securing its zero-fee settlement layer. The team is currently researching and building the scalable and decentralized zero-fee payments infrastructure. As security with scalability is proven, Storecoin will open up miner (dWorker) participation, accessible to anyone across the world.
From there, the secure settlement layer can evolve into a P2P cloud platform for the decentralization of data and the creation of new, zero-fee tokenized apps (tApps). Eventually, Storecoin gives birth to zero-free, P2P computing with datacoins. Through that evolution, Storecoin’s governance will move from informal to semi-formal with voting, to fully ratified and formal. Storecoin will be fully decentralized between 2021 and 2022 upon ratification.
BlockFin is the leaderless, async, BFT consensus algorithm from Storecoin. Many people believe that public blockchains cannot be both scalable and decentralized. However, contrary to this opinion, Storecoin has invented a leaderless, asynchronous, Byzantine Fault-Tolerant (BFT) consensus algorithm called BlockFin, to solve this problem.
Storecoin seeks to solve for both scalability and decentralization without sharding, off-chain transactions, level 2, and others.
The leader-free, BFT consensus algorithm BlockFin, confirms blocks in a pipelined process as follows:
- Validator nodes receive transactions from clients and send batches of validated transactions to the Messagenode network.
- Messagenodes gossip to sync transactions with each other. In the end, they assemble transactions into pre-existing blocks.
- Validator nodes validate the assembled blocks with a multi-stage, pipelined process. They sign the blocks at the end of each stage.
BlockFin is a two-tier network of Validator nodes and Messagenodes, each with specific roles. They assemble and validate blocks using a cryptographically secure process.
How Storecoin Cloud Computing Will Work
To initiate the new era of P2P computing with tokenized data, Storecoin’s zero-fee settlement layer transforms into a zero fee, P2P cloud computing platform that allows valuable web and mobile applications to decentralize their data on top of the Storecoin public blockchain.
In exchange for decentralizing the app data, developers gain the right to mint their own cryptographic tokens (Datacoins), which represent the application data that has been decentralized. The program is called zero-fee, P2P cloud computing because developers, if approved through governance by dWorkers, will not have any direct capital cost to run infrastructure to host their apps.
If dWorkers collectively agree to accept datacoins a currency in exchange for zero-fee compute, the datacoins will have a monetary premium and developers would not have to pay AWS or other cloud providers for compute and storage.
Most blockchains provide limited decentralization either in their design or in their governance. Decentralization is the core requirement for Storecoin, amongst other objectives:
- High decentralization—where the BFT tolerance is required on the entire network instead of a small committee elected to create the next block. This requires participation from all the nodes in the network.
- High throughput: highly decentralized networks tend to have poor throughput. Storecoin offers high throughput while at the same time maintains high decentralization.
- A consensus algorithm that works in a real-world scenario where network connectivity and latency are unpredictable
- Source: First Appeared Here
- Published Time: 2019-06-16 19:42:47
The views and opinions expressed in the article What Is Storecoin Zero-Fee Payments and P2P Cloud Computing? do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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