Up until a few weeks ago, I had not heard of this up and coming project in the cryptocurrency space either. Bluzelle is a decentralized database service for DApps. They’re goal is to the decentralized version of Oracle, the Database as a Service (DBaaS) and $207 billion company by market capitalization.
Bluzelle is a compliment to the decentralized file storage projects like: Filecoin, Maidsafe, Storj, and Sia. It is the “Oracle” in centralized systems to the Microsoft Azure or Amazon Web Services. The advantage Bluzelle offers over it’s centralized counterpart, Oracle, is it’s ability to scale. Where Oracle has to build or buy a new data center, Bluzelle simply adds users to the network by incentives for users to lend out free hard drive space for data storage. In return those users who lend out their harddrive space are paid in Bluzelle Network Tokens (BNT).
Current centralized systems are not set to scale at the rate they will be demanded over the next decade. In 2015 and 2016 90% of all humans data was created, and it’s only going to go up from here. Autonomous vehicles can generate up to 1-gigabyte a second, which would fill up the largest capacity iPhone after less than five minutes.
Data is the new gold. There are going to be over 20 billion Internet-of-Things (IoT) connected devices by 2020. Research from Gartner shows that there are about 8.4 billion connected IoT devices in 2017; more than the current human population, 7.6 billion.
As shown above in the chart, the rate at which IoT devices are coming out is exponential, not linear. The only way to scale to meet that demand is through decentralization.
Bluzelle is a decentralized, on-demand, scalable database service for Dapps. The original database system, was called single system database. This system was a database stored on site of a company collecting their data and had multiple points of failure. Now we have cloud database, which has single point of failure, that being where the data is stored at the central database.
How Bluzelle Works
Bluzelle differs by implementing swarming technologies in order to ensure developers get the highest throughout in performance, reliability, and scalability. A Swarm is a large group of nodes (computers) that work together to store and manage data. Nodes in these swarms can go down with minimal impact on the network.
Bluzelle is powered by two tokens:
- Ethereum ERC-20 external token: BLZ
- This externally-tradeable token bridges the Bluzelle Native Token (BNT) with Ethereum’s own native token.
- Bluzelle Network Token: BNT
- An internal token to Bluzelle alone, that enables the Bluzelle crypto-economy, where consumers pay and producers earn.
For Bluzelle’s public sale (Inital Coin Offering [ICO]) coming up in Q1 2018, users will be purchasing the BLZ tokens. In order for users to exchange BLZ for BNT tokens, they will send BLZ tokens to the Bluzelle Token Gateway. When withdrawing BNT, it is a one-to-one exchange rate for BLZ token.
Bluzelle offers the highest privacy, via cryptography and sharding so that nodes cannot view customers data stored on the Bluzelle network. Since data is stored in shards (chunks), when a customer request their data it comes from multiple nodes, so that no one node has all the data. Upon data request, data is retrieved in parallel as to give desirable performance metrics.
On top of this, the data is immutable since it is stored on the blockchain, making it impossible to alter the data.
Here are some of the many use cases for Bluzelle:
- Consumer personalization apps – financial, dating, social media products
- IoT applications – everything is being connected (cars, phones, watches, etc.)
- Mobile apps – amount of data consumed is growing exponetially
- Line-of-business (LoB) collaboration – business units share more info.
With all these apps producing more and more data, it is imperative that a scalable, secure solution is brought to the forefront. Present database systems have shown their limitations and also are prone to hacks. This past week, Nissan Canada stated that 1.13 million customers personal information may have been exposed due to a data breach. There are data breaches nearly everyday that cost customers and businesses privacy and money. You can check out DataBreaches.net to keep up with the latest info on any breaches.
I had the pleasure of speaking with the founder/CEO of Bluzelle, Pavel Bains, in early December. Via skype we discussed not only Bluzelle, but the current madness we’ve seen in the beginning of this “crypto boom.” One of the most important aspects of any company is the team and it’s leadership. There would be no Apple or Microsoft without Steve Jobs or Bill Gates. The same can be said about Bluzelle. It is an aspect that is of the utmost importance in the crypto world, where we are seeing one of the largest speculative bubbles in the making. Teams need to deliver on their goals set, and ignore the FUD (Fear, Uncertainty, Doubt) going around.
Pavel gave me a quote for this article:
“We are in a unique time to build a new internet that is more efficient and secure for all users. It’s important that we get that infrastructure right in order for the blockchain applications we all want to work properly. We believe that data management and storage is integral to this new decentralized internet.”
We are just now seeing the beginning of the decentralized web and the components that will make it possible. Bluzelle is an ICO you should keep your eye in 2018 and going forward. Personally, one of the greatest exploits for blockchain technology is in the data and file storage fields. I have written previously many times about decentralized storage and the utility it will offer to a safer, faster web.
Disclaimer: This is not investment advice, always do your own research. It is very important to do your own analysis before making any investment based on your own personal circumstances.