At its core, Bluzelle’s ecosystem connects consumers wishing to rent out database space to providers with additional computing resources to offer this storage. Using this data storage, dApp and application developers alike can optimize their products by accessing reliable data when necessary and storing their data on a secure platform. Providers can, in turn, earn BLZ and BNT (the two tokens on Bluzelle’s network) in compensation for providing this storage.
The structure of the network, as well as its functionality, is actually quite simple. Basically, it consists of swarms (the network nodes), a rating and governance system to manage these swarms, and a bi-token payment system.
Bluzelle has its own native currency known as BLZ. This token can be exchanged for database services, and it can be earned by users who offer their computing resources on the database storage side of things. It is also possible to trade these tokens on some Cryptocurrency Exchange, but their primary use case involves database storage. This token has nothing to do with file storage whatsoever, and it is important to distinguish between the two.
Like traditional blockchain nodes, Bluzelle’s swarm is the backbone of the entire platform. The swarm protocol is a network of nodes that are responsible for storing data. The singleton metaswarm is an identifier used to denote the entire swarm framework, or as the project’s whitepaper explains, it “is a symbolic grouping of all swarms.”
The virtualized metaswarm, on the other hand, is a colony of leaf swarms, the individual swarms that make up the collective virtualized body. Each leaf swarm stores a piece of data shared with the virtualized metaswarm. Whenever a consumer provides data to the network, that data is split up and stored in pieces (shards) between each leaf swarm. Sharding ensures that data is both replicated and protected so that if one node goes down in the swarm at large, the data will not be lost. When a consumer wishes to retrieve his/her data, s/he provides the private key that corresponds to that data’s value hash and the network returns the data.
Since all information on Bluzelle is encrypted, no one–not even the swarms–can access data without its private key. Unlike traditional blockchain, not every swarm holds a copy of every piece of data on the network. Instead, they reach consensus on a localized level wherein each virtualized swarm is responsible for its own consensus and data. For instance, if Molly and Steve both commit data to the network, Molly’s might be stored on swarms 1,2, and 3 on virtualized swarm A, while Steve’s might be stored on swarms 4, 5, and 6 on virtualized swarm B.
Thus, only the swarms in virtualized swarm A would be responsible for reaching a consensus for Molly’s data, and the same goes for swarms in virtualized swarm B for Steve. This ensures that the network can scale properly to ensure that data can be processed and delivered more efficiently.
Karma and Governance
In order to keep bad actors in check, Bluzelle features a Karma Index for all of its node operators. If an operator behaves poorly for whatever reason, his/her Karma Index will lower and reflect this behavior. Those with lower Karma will receive penalties, restrictions, or fewer responsibilities, and since individuals are allowed to run more than one node, their Karma applies to every node they run.
Node operators with high Karma (in the top 5% of their virtualized swarm) have the opportunity to become leaders of their swarm. Leaders serve as the representative head for the rest of the body, and they’re elected via a democratic process that involves the operators of each leaf swarm in the virtualized swarm at large.
Bluzelle features two tokens, the ERC-20 token BLZ, and the network token BNT. It may seem superfluous to have two, but the rationale is pretty sound. The BLZ token connects Bluzelle to the Ethereum (ETH) network, bridging the two protocols. The reason being, the Bluzelle team didn’t want to use an ERC20 token for payment on their network because of Ethereum’s congestion issues. BNT, then, will be used for payments on Bluzelle’s network, and you can exchange them for BLZ using the Bluzelle Token Gateway.
In addition to the Karma Index, providers/node operators are required to stake BLZ in proportion to how many nodes they run on the network. Those with higher reputations can charge more for their services, but they’re also required to stake more BLZ as a result. BLZ staking essentially serves as collateral for the service, wherein if an operator really acts up, they may lose their stake.
The Bluzelle platform works with two tokens:
• Ethereum ERC-20 external token: BLZ
This externally tradable token joins Bluzelle's native (BNT) token with Ethereum's ETH native token.
• Bluzelle network token: BNT
An internal Bluzelle-only token that enables Bluzelle's crypto economy, where consumers pay and producers win.
The need for an internal token is because ERC-20 tokens are too slow and expensive for actual database accounting. The BLZ ERC-20 external token exists to represent on exchanges so that customers can easily get the use of the Bluzelle service. BNT's internal na_ve token exists to enable high-speed, zero-cost, and real-me database accounting. BLZ and BNT tokens can be exchanged through the Bluzelle Token Gateway. For public sale, people will buy BLZ tokens.
- When a new participant in the network wishes to use his services as a consumer, he must acquire BNT tokens. The standard method to do this is as follows:
- Buy BLZ tokens on a crypto exchange using Ethereum (ETH), Bitcoin (BTC), or other ways that the exchange allows.
- Send BLZ tokens to the Bluzelle Token Gateway Smart contract via Ethereum. The gateway will issue new BNT tokens to the user's Bluzelle network wallet.
- The user now has BNT tokens and is free to participate in the network as a consumer.
When a producer wants to withdraw their BNT tokens, they use the following steps:
- Send the BNT tokens to the special Bluzelle gateway.
- The gateway converts the BNT tokens 1: 1 into BLZ tokens and sends these BLZ tokens to the producer's registered Ethereum wallet.
- The producer now has the BLZ tokens and is free to transact with them on the Ethereum network.
Bluzelle NFT collection and partnership with Mintable
The Bluzelle NFT Collection will be released in conjunction with the Non-Fungible Token (NFT) Marketplace Mintable, according to the platform. Bluzelle can mint its exclusive digital properties by using the Mintable platform's intuitiveness and strong UI to render the uncommon NFTs available to its native population.
Since NFTs are on the brink of universal acceptance, this relationship will pique community interest. Bluzelle and Mintable would work together to make the NFT minting and delivery process as smooth as possible. If we plan to launch more NFTs for our amazing group in the coming weeks, this relationship will lay a solid base for future partnerships.
Both firms would make significant contributions to bringing NFTs into the mainstream as a result of this relationship. Bluzelle will be digging into the NFT ecosystem to explore new value propositions and give its audience a taste of the world of NFTs. Bluzelle will use the cutting-edge technologies of Mintable's NFT Marketplace to launch its collections, while pursuing a wide range of opportunities.
The Bluzelle NFT Range is an all-new series of creative NFTs created in conjunction with the unveiling of our new brand design by renowned art directors. The devoted group will benefit tremendously from these curated NFTs.
“NFTs have become the next killer use case for blockchain. Mintable has a high focus on art, which matches well with the brand design Bluzelle is moving towards. We also see Mintable as a growing platform to which we can uncover new use cases for Bluzelle DB.” Pavel Bains, CEO Bluzelle
Mintable is an Ethereum-based NFT marketplace that makes it simple for users to purchase, sell, and build digital collectibles. Users can mint any knowledge as an ERC-721 token on the Ethereum (ETH) Chain thanks to its cutting-edge technology. It makes tokenization of any commodity even easier.
Bluzelle has some very interesting technologies that can tackle a lot of the decentralisation challenges with and about NFTs, and we are very excited to start collaborating with them.” CEO of Mintable, Zack Burks
Bluzelle will now be able to tap into Mintable's rising and strong culture as a result of this relationship. This partnership's future will be filled with creative tech collaborations and collaborative group activities.
Bluzelle’s core team comes complete with over 30 years of combined technical and management experience. Its Chief Executive Officer, Pavel Bains, has worked as a CFO and GM for companies such as Disney, and Chief Technology Officer Neeja Murarka has done engineering and computer systems work for IBM, Google, Hewlett-Packard, Lufthansa, and Thales Avionics.
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