Alex Wang, founder of YottaChain, delivers speech in Jiading District,Shanghai: China is bound to become a leader in the era of blockchain storage
In order to carry forward innovation spirit in blockchain technology development proposed by our nation, accelerate the pace of blockchain technology innovation, further explore the nature, development trends, industry applications in blockchain technology and find out the blockchain ideology behind it, the 2019MiiXCon Global Blockchain Application EcoDeveloper Summit — Development Capability Creates the Trend” ,hosted by Nanxiang Town, Jiading District of Shanghai and Shanghai Blue Sky Economic City and under the guidance of Jiading district government of Shanghai, was grandly held in Jiading district, Shanghai on August 30th.
As a pace-setting blockchain technology company to transform the real economy, YottaChain was invited to attend this summit. It’s founder, Alex Wang, delivered a speech themed “Technical Architecture and Disruptive Application Scenarios for Blockchain Storage”. He pointed out we should not be blinded by some confusions in the early industry development, instead we must make efforts to innovate blockchain technology and drive blockchain technology to create value in a way that change the world more profoundly than Internet. China could offer best application scenario in which storage become a blockchain technology to transform the real economy. Many Chinese blockchain storage projects representative of YottaChain can strive to reach the world’s top-ranking level, and even have the chance to stay ahead of curve globally.
A “Qualitative” Leap Brings Disruption
Alex Wang expressed blockchain storage is a kind of decentralized storage system underpined by blockchain incentives mechanism, which can link scattered storage resources in order to build a large-scale storage pool that unified and shared globally. Blockchain storage is more revolutionary and disruptive compared with desktop storage, enterprise storage and cloud storage. The combination of blockchain and storage is not a copied theory, instead, blockchain can make a “qualitative” leap in storage key indicators.
Alex Wang illustrated compared with centralized storage, decentralized technology architecture of blockchain storage demonstrates its absolute advantage in data reliability, availability, and disaster recovery: storing data in millions of or tens of millions of nodes worldwide could create redundancy and fault domain isolation in different locations, which is at least 10,000 times more reliable than centralized storage; distributing the load across nodes globally can offer 100 million times higher service availability; it is this “ten thousands of centers” that makes blockchain storage has the disaster-tolerant advantage overshadowing centralized storage.
At present, the reliability of centralized storage has run into the bottleneck, in addition, cost is also a painpoint. Alex Wang explicited that blockchain technology can reduce storage costs by 5–10 times through data deduplication, while taking advanage of blockchain incentive system to encourage more miners to join, so that quickly build a huge pool of storage across the globe and motivate users to use at a low cost.
He also mentioned in spite of many advantages, decentralized storage is not free from drawbacks. Decentralized storage has more serious problems related to data security than centralized one. Considering each storage node may malpractice, anyone who intends to do evil can steal your data on decentralized storage. Instead, on centralized storage, only platform has such capability to do that. Currently, among all storage public chains,only YottaChain can ensure commercial data security through zero-knowledge encryption, seamless encryptiopn, full-encryption and perfect key management. At the same time, thanks to its exclusive patent of TruPrivacy technology, YottaChain can realize cross-user deduplication to cut cost while safeguarding data’s sovereignty.
A Veteran Rookie
YottaChain has achieved outstanding progress in just one year since its founding. It developed the the full functions of decentralized storage such as encryption, deduplication, compression, redundant coding and blockchain incentive layer. It also took the lead in testing the network, pooled together 126 super nodes,built a community with more than one million users, and mapped out global layout via its ecological application. All these YottaChain’s accomplishments make the whole industry curious about what’s behind this “rookie”?
Alex Wang revealed there are four key indicators for public chain: technology, business model, economic model and governance structure. These four factors are precisely what YottaChain are good at. The founding team of YottaChain has been engaged in the fields of cryptography and distributed storage for more than 20 and 10 years respectively, and has accumulated rich industry experience and resources in ToB and ToC sectors. It has also actively participated in legislative, international standards, political participation and other governance practices. It can be said, “I have done a lot of things unexpectedly. In the end, it turned out all of them were prepared for the blockchain because all experiences can be well leveraged in blockchain .”
When it comes to the technology vision, Alex said the six hot technologies pop up in the new economic era are “HI, ABCD”, which means Healthcare (IoTcare), Internet of Things (IOT), Artificial Intelligence (AI), Blockchain (BlockChain), Cloud Computing ( Cloud) and big data (bigData). All these six technologies are closely related to the huge amount of data. As such,storage industry has gained opportunities for a vast market prospect valued at trillions of dollars, at the same time, it also faces severe challenges. As the front-runner of blockchain storage, YottaChain pales other industry giants in terms of core indicators with its unlimited capacity, more reliable, safer and lower cost data storage services. YottaChain is on the track to overtake AWS to provide world-class blockchain storage.
Grounded at accumulative expertise and riding on the technology waves, YottaChain is leading a storage revolution against the centralized storage giants to chart the course for transforming the real economy. Alex emphasized blockchain storage will become the first application for blockchain to transform the real economy due to its digital characteristics, decentralization requirements and data deduplication features. But this is by no means the only one application, and blockchain is bound to affect more industries and will change the world more profoundly than Internet.