The $DMC token is the native token of the Datamall Chain, a public blockchain with a focus on decentralized data storage and transaction solutions. The token is used to pay for storage fees, transaction fees, and other services on the Datamall Chain. It can also be staked to earn rewards, participate in governance, and access other features of the Datamall Chain ecosystem.
Datamall Chain is an open-source blockchain underlying platform for worldwide users that intends to encourage the development of next-generation Internet infrastructure and blockchain technology.
The whole storing procedure in Datamall Chain is quite straightforward. Initially, storage providers will provide orders, and storage customers would be allowed to pick their orders and renting terms. Consumers must pay the necessary costs before storing data and transferring these fees to the contract. Consumers may store data on the space supplied by the supplier after the contract reaches the Pending-delivery condition.
After storage is finished, both parties agree to enter the execution stage. If any disagreements occur, users may launch an on-chain storage challenge. Since only disagreements may be added to the chain, the pressure on the chain is significantly reduced.
The Proof of Storage Service (PoSS) consensus method is used by Datamall Chain. Miners stake DMC to mint PST in order to offer storage services, commonly known as mining. The PoSS consensus method, in particular, utilizes the number of PSTs to produce the appropriate number of voting rights and ranks the nodes to pick a set number of MPs who actively offer storage services as consensus nodes and provide them incentives based on the reward criteria.
BENEFITS OF DATAMALL CHAIN;
1. WIDE APPLICATION IN PRACTICE;
In February of this year, Datamall Chain formed an in-depth collaboration with the Immerex Virtual Reality Laboratory at the University of California, Berkeley. The Immerex Virtual Reality Laboratory is one of the key research departments of the UC Berkeley School of Computer Science and Engineering, and its goal is to improve human-computer interaction and human perception of the environment, among other things.
To store data, the laboratory will set up a super node on Datamall Chain. This is an essential decentralized storage application scenario implementation. It will further demonstrate the benefits of decentralized storage and advance its acceptability and application in academic and technical domains.
There are several initiatives in the decentralized storage sector, but one of the most significant concerns is that many of the application cases are untrue. To increase market acceptance, public chains often issue their own tokens to entry users to keep their data. Large nodes will often upload meaningless data and information in order to get rewards. Despite the fact that the quantity of data saved seems to be rising, it does not produce any meaningful value.
Projects like Datamall Chain are required to break away from the predicament. They pledge to create solutions for actual needs, increase market acceptance of the technology, and develop cooperation with partners like the Immerex VR Laboratory.
2. SELF-POLLINATION CAPABILITIES;
Datamall Chain announced its strategic relationship with AlephCrypto.xyz in January of this year, which includes Victor Zhou, a key contributor to Ethereum development ideas, and William Entriken, the principal creator of ERC-721. The two parties will collaborate on a variety of fronts, including blockchain technology development and distributed storage.
Looking back on the rich history of Ethereum, the first public chain, the community has witnessed developers constantly make enhancement recommendations. New fields like as decentralized finance and non-fungible tokens (NFTs) have evolved in Ethereum as new ideas and proposals are put up and realized. For example, prior to the adoption of the ERC-721 standard, the NFT market explosion would have been unthinkable. The proliferation of underlying standards has laid the groundwork and offered opportunities for new economic models.The strategic partnership with AlephCrypto.xyz offers Datamall Chain an outstanding external viewpoint to study the performance improvements required in the development of public chains and how to establish a solid economic model via functional optimization.
3.HANDLING INDUSTRY PROBLEMS;
Datamall Chain has actively engaged in many events since March of this year to offer its views and thoughts, stressing the benefits and possibilities of decentralized storage technology and giving assessments of actual instances and application scenarios. The purpose is to raise industry knowledge and understanding of decentralized storage, as well as to stimulate larger debates and collaboration.
In August, Fog Works, a DMC ecosystem application partner, reported the conclusion of a seed pre-financing round of several million dollars, with OKX Blockdream Venture among the primary investors. This year, Datamall Chain has actively engaged in OKX activities. It took part in the OKX and Google Cloud hackathon as a community partner and OKX’s Web3 Night in Los Angeles.Datamall Chain has aggressively handled numerous difficulties and obstacles in the business by continually improving and iterating its own models, promoting the wider popularization and implementation of decentralized storage in actual settings. Decentralized storage has become a widely recognized and embraced option that enables consumers with a more secure, efficient, and trustworthy method to store and distribute data, thanks to Datamall Chain.
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