YTA (YottaChain) founder Alex Wang: China is poised to become frontrunner in blockchain storage industry
Currently, China welcomes an important policy-enabling opportunity for blockchain industry while coming to a crucial juncture for development. On November 4th , on the sideline of the 13th Shenzhen Financial Expo 2019, co-hosted by Shenzhen Municipal People’s Government and Shenzhen Financial Office, a sub-forum related to blockchain and distributed storage was held, which attracted numerous projects from distributed storage and nearly 1,000 financial institutions.
As a leader in blockchain storage, YTA (YottaChain) was invited as a co-organizer to present. On November 5th, YTA founder Alex Wang delivered a keynote speech entitled “What makes China occupy the global commanding heights of blockchain storage?”
Alex pointed out blockchain will not only transform the world as the Internet did, but also change the world in a more profound way than internet. The reason behinds that is the blockchain creates new business forms, new economic forms, new organizational forms, and new social forms, and it will surely unleash much more energy than internet. China lays a good foundation for blockchain development, which provide prerequisites for China to stay at the forefront of the world in the blockchain industry. At the same time, in the era of software and the Internet, achievements China has made are mostly at the application level. Although in some specific areas such as mobile payment, China has surpassed the United States, yet core IT technology has long been controlled by other countries. Now, China is expected to reverse this passive situation in blockchain industry.
Alex also expressed, as an important part of IT core technology, storage, as well as computing and network, constitutes the “three major underlying parts” for application layer in the IT infrastructure technology. Blockchain storage sparks an important opportunity for China to overtake others in IT core technology. YTA is an innovative blockchain storage project based on 20 years experience in cryptography and 10 years experience in storage. It has achieved top level and even ranked first in product technology in the world. YTA theoretically demonstrated decentralized storage triumphs over centralized storage, it also created a system that everyone can see and use, which outperforms its peer product, FileCoin from the United States, owning to its exclusive ciphertext deduplication technology.
According to Alex Wang, due to the inherent architectural advantages, decentralized storage can improve the reliability of at least 10,000 times and the availability of 100 million times, and has a disaster recovery mechanism with its own “thousands of centers”; but these theoretical advantages are spurred by strong professional technical ability and powerful innovation ability, and it must be stably operated on the edge nodes of millions and tens of millions in different regions across the world. Common measure indicators on storage include persistence, security, cost, availability, consistency, latency, IOPS, throughput, partition tolerance, concurrency, deduplication, scalability, disaster tolerance, DDoS-resistance, etc. YTA ensures each of them meets the commercial level, and some indicators have overwhelming advantage over the existing IT giants, all of which call for extremely outstanding professional capabilities, engineering capabilities and technical architecture capabilities. It is even impossible for a genius who has not engaged in storage before.
Taking data persistence as an example, it requires automatic data redundancy, heartbeat monitoring and data reconstruction mechanisms. YTA has fully implemented 128+32 RS code, which is equivalent to the redundancy effect of dozens of copies. Heartbeat monitoring can quickly discover the failure of certain storage node, and then the data of the failed node is reconstructed on other nodes, so the system robustness capability far exceeds all current centralized storage systems. To deal with the inherent defects in data privacy security of decentralized storage, YTA owns an exclusive patented “TruPrivacy” technology, which employs “zero knowledge encryption” and “cross-user deduplication” to effectively shore up this weakness, meanwhile, its cost can be reduced by 5–10 times.
Alex also added professional competence is not the only trump card, and YTA is also the world’s first storage chain for commercial use. Compared with the centralized storage giants, YTA can provide more reliable, safer and lower cost storage services with unlimited capability. This is the “value” offered by YTA with blockchain, It also the vehicle to empower real economy and chang the world. At present, YTA is adopting seamless connected centralization applications such as cross-cloud storage, cross-cloud backup, disaster recovery integrated cloud mode, NAS device backup hybrid cloud mode, enterprise cloud disk to accelerate the construction of application eco system, so that boost commercial landing through integrating edge calculation, bio-genes, energy big data, Internet of Things, artificial intelligence and so on.
Alex revealed on November 20th, YTA will launch the mainnet four months earlier than FileCoin’s planned schedule. With more advanced technology, more professional technical indicators and more powerful engineering realization capabilities, China will seize the high ground in blockchain storage. In future, the scale of commercialization will be continually expanded. If things go well, China will strive to catch up with and surpass the world’s largest centralized storage giant AWS within 3–5 years. This achievement will not only a great leap in YTA’s plan, but also a historic milestone in the entire blockchain industry. What’s more, it is also a key step for China to occupy the commanding heights of IT core technology, holding the upper hand over the US.
As a blockchain-driven era is unfolding rapidly, upholding the principle of “eliminating the false and retaining the true”, we should embrace it with courage to innovate and deliver value in our endeavor, Alex Wang finally appealed.