As the cryptocurrency marketplace continues to expand, nearing $145 billion USD total market capitalization, the surrounding ecosystem is thriving but for one issue:scaling. Debated since nearly the genesis of cryptocurrencies, the challenge of scaling blockchain networks remained largely theoretical until the influx of users over the last few years made scaling solutions a necessity.
Protocol layers like the Lightning Network and Raiden exist to support high transaction volumes; Ethereum recently unveiled Plasma as a solution; the Bitcoin network hard forked on August 1st, 2017, birthing Bitcoin Cash. In addition to the volume-related strain placed on blockchain networks comes the increase in data generated and transferred for the applications built with blockchain technology.
Bitclave’s BASE, for example, is a platform that enables direct customer-to-business interaction with no need for intermediaries. To build such a platform, Bitclave needs to store large amounts of data in a robust, secure and efficient way. Blockchain technology is a natural fit for handling the B2C interactions, thanks to its ultra-secure encryption, and a decentralized database offers the security congruent with BitClave’s mission. While traditional centralized solutions would address the above requirements for storage, they would fail Bitclave’s key objective to build a “decentralized” platform with no middlemen.
Decentralized Solutions
Blockchain provides a facility for decentralized storage. Unfortunately,the solutions offered today are quite expensive. Looking at Ethereum, one of the most popular smart-contract platform, to store information on that blockchain, one needs to pay 20000 GAS just for a single instruction to store 32 bytes of data, which is about $0.02 when using average 4gwei for GAS price. When scaled by number of transactions expected to go through BASE platform, the fee cost reaches millions of dollars.
Bitclave is looking for a better solution where it can significantly reduce the fees while gain performance. Multiple solutions are available today and Bitclave is researching various technologies and IPFS is looking like a very promising option. A truly unique, innovative approach to decentralization, IPFS (InterPlanetary File System) looks to rewrite the fundamental architecture of the internet by modernizing, and decentralizing, the very protocol that enabled the web to become what it is today.
A brief explanation of the IPFS platform from their website:
-Each file and all of the blocks within it are given a unique fingerprint called a cryptographic hash.
-IPFS removes duplications across the network and tracks version history for every file.
-Each network node stores only content it is interested in, and some indexing information that helps figure out who is storing what.
-When looking up files, you’re asking the network to find nodes storing the content behind a unique hash.
-Every file can be found by human-readable names using a decentralized naming system called IPNS.
Stay tuned for more updates on how BitClave technology is improving in preparation for the upcoming Alpha release and be sure to visit the IPFS website to learn more about their mission.
