Hey everyone, I wanted to share my write up/research on DxChain. I also want to clarify that just like all my other content besides my interviews, these ICO videos/write ups are not sponsored content. I am receiving no reimbursement from anyone for this type of content.
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Let’s get into it! What is DxChain?
DxChain is the world’s first decentralized big data and machine learning network built on the blockchain. In other words, DxChain aims to design a platform to solve the problem of computation of big data in a decentralized manner. In 2017 data surpassed oil as being the most sought after commodity, and because of that it’s no surprise that the importance of controlling your own data has found its way into blockchain tech. DxChain network provides two fundamental capabilities: computation and storage. Currently only big companies have the capability to run big data tasks, because not only can these companies afford expensive hardware, but these companies also own most of the existing consumer data. For example, google possess the navigation data of whoever uses Google maps. Google maps users have no control over that data, and cannot benefit from it. DxChain is designed to serve as a data trading platform to give power back to the users.
What is big data?
It is extremely large data sets that are usually related to human behavior and interactions. Nowadays, almost every action we take leaves a digital trail. We generate data whenever we go online, when we carry our smartphones around with us, when we communicate with our friends through social media or chat applications, and when we shop. The majority of what we do leaves some sort of “digital footprint”, and that foot print, is very valuable data. The term “Big Data” refers to the collection of all this data and our ability to have it analyzed computationally to reveal patterns, trends, and associations which give people and businesses advantages across a wide range of areas.
Alright, let’s go over the team
Allan Zhang – is one of the Co-Founders at DX Chain. He’s an expert in blockchain tech and network security. He has a BA in Information Management. And is the Founder and CEO at Trustlook AI Cybersecurity and is a self proclaimed serial entrepreneur.
Wei-Wang- is the Co-founder and CTO- He has an MS from Columbia University and University of Pittsburg. He was the Principal Scientist at AT&T on research related to blockchain technology and the Principal Scientist at Hortonworks research on big data and artificial intelligence.
James Li -is a Co-Founder - He is experienced in blockchain systems design and architecture. He was a tripwire principal security architect with 10+ years experience of network security.
ICO
DxChain is running their ICO on the ethereum network and it will be ongoing sometime this month which is July. The team states their exchange listings will be shortly after their ICO is completed. Their funding goal is 17.2 million, 30% of their total 100 billion token supply will be available for the token sale. There will be a 1 year token lockup for this ICO. Participants will receive 25% of the token prior to it being listed on an exchange, 25% 3 months after the listing, and then increments of 25% every 3 months until all is distributed. They have a softcap of 8,000 ETH and a Hardcap of 16,000 ETH
On to their technology
The purpose of their DX Token is for utility and for fuel. It will be the fuel for the cost of transactions, storage and for using computational power within the network. It will also be an incentivized reward for those users who are providing storage to the ecosystem and giving computational power. Dxchain is combining the way Hadoop is solving distributed storage of data within an organization but on the blockchain.
Let me backup a little.. I just mentioned Dxchain is using concepts similar to Hadoop. Prior to making this video I had never heard of this before so I did a little googling. Hadoop is an open source distributed framework that manages data processing and storage for big data applications. It is currently at the center of a growing ecosystem of big data technologies and it is used to support the processing of data in an advanced way, including predictive analytics, data mining and machine learning applications.
Today, it is the most widely used system for providing data storage and processing because it is a relatively inexpensive, off-the-shelf solution as opposed to the traditional expensive systems. The take away from this long winded explanation is that although it is confusing to wrap your head around, it is the best way to handle big data right now, and DxChain wants to bring that to the blockchain.
DxChain has a few components that make up the project: They will be utilizing a multi chain structure, the first is their master chain. This stores asset information such as states, transactions, receipts, and contracts. It is in charge of providing transaction-related operations while coordinating with the other two chains. This chain will utilize Proof-of-Work as its consensus protocol because it requires the highest level of security and stability.
Next is the Data Chain which is built on a peer to peer file storage system, and stores the non-asset data. It is responsible for providing and settling big data storage, handling privacy issues, and providing support to the computation chain. It’s going to utilize Proof of Spacetime or PoSt to verify the processes.
What is Proof of Space Time?
This is a consensus protocol that allows a prover to convince a verifier that he or she has spent a “space-time” resource. This would be defined as someone storing data— or using space—over a period of time. A paper I found online defined PoST as a trade-off between CPU work and space-time. Compared to a proof-of-work, PoST requires less energy to be used, as the “difficulty” can be increased by extending the time period over which data is stored without increasing computation costs. Another project that utilizes this consensus protocol is file coin.
And the last major component of DxChain is the Computation Chain which supports specific computing tasks on the DxChain virtual machine. – unlike the hash mining in btc, this side chain is designed for useful work to solve real business problems and support the specific computing tasks required by the DxChain ecosystem. The computation chain’s validation uses something they call, Provable Data Computation or PDC. Basically this allows them to frequently, efficiently and securely verify that a storage server is faithfully storing its client’s (potentially very large) outsourced data.
So how will DxChain work?
For example, a client assigns a job to the master chain, which would then be forwarded to the computing chain. The computing chain will retrieve data from the data chain that is has access to, run a required computation and execute the tasks. The computing chain will then write the results into the data chain and inform the master chain that the job is completed. All the participating nodes will receive rewards for providing computing and storage powers.
What are some use cases?
In the medical field, research institutes and pharmaceutical companies need patients’ data to conduct research, sharing patient data is often challenging due to privacy concerns, making the research process difficult and slow. Not to mention, patients typically don’t benefit from their own data. DxChain could allow storage, computation and the exchange of patients’ data in a secure and private way, all on the blockchain. Patients could also be compensated for their data being utilized.
Partnerships
Trustlook AI Cybersecurity has said that they will be using DxChain, important to mention that this company belongs to one of the co-founders.
Investors
They have a long list of investors which I won’t go through. But as you can see by the image next to me, it’s pretty vast. If you're interested in reading more about that you can check their website.
Competitors
In the transaction space niche they have a lot of competitors focused on increasing transaction per second such as Quarkchain, and Zilliqa. In the shared computing space they’re up against Goelm, and Ankr. In share storage space they’re battling filecoin, and storj.
DxChain’s advantage is to tackle transaction, storage and computation simultaneously so that Blockchain technology can expand its capabilities in big data, and machine learning, and thereby providing more values to businesses and consumers.
Upcoming
DxChain’s test chain is still in the development process. Their ICO is supposed to begin in August of this year, and by Q3 of this year they’re hoping to launch their network beta.
Final thoughts
Although they have a lot of competitors, Dxchain’s structure is innovative and unlike the rest of the projects out there. It could be a breakthrough by allowing blockchains to have big data and machine learning capabilities. It’s also backed by a large amount of VCs who will bring in more partnerships and opportunities for Dxchain. That being said they have a long road map, it’s estimating that all components of the project will be live Q4 of 2019. And the company doesn’t have other major partnerships beside its co-founder’s company. I also think for the average person, this project itself and it’s white paper are a little heavy to get through and it may be a deterrent for the non-tech savvy. But that’s not to say that the project won’t be successful though.
If you're interested in the video you can find it here:
This is NOT a sponsored ICO video or write up.
DxChain Links
Website: https://dxchain.com/
White Paper: https://docsend.com/view/8w3fman
Telegram: https://t.me/dxchain
Twitter: https://twitter.com/DxChainNetwork
Sources
https://icodrops.com/dxchain/
https://cryptoslate.com/coins/dxchain/
https://docsend.com/view/8w3fman
https://searchdatamanagement.techtarget.com/definition/Hadoop
https://eprint.iacr.org/2016/035.pdf
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