It has been a pleasure spending another month with our awesome community! February was a busy month for the team at ColdStack, marked by a number of integrations and technological upgrades. Despite some of the volatility that’s been occurring in global markets, you can rest assured that our international team will continue to press on with our project undaunted. Without further delay, let’s dive into what made February a great month for ColdStack!
Chainlink Keepers BSC Integration
ColdStack further integrated Chainlink’s Keepers on the BSC network to further improve our automated billing procedures in a transparent, decentralized way. The Chainlink Keeper Network is a decentralized network of nodes that can be used to automate smart contract execution, and helps ensure that a platform’s functions are run in a cost and cost-effective and immutable way. Chainlink is the industry standard when it comes to decentralized infrastructure, and this latest improvement comes alongside our previous integrations of Chainlink AnyAPI and Chainlink Price Feed into our platform. Working with Chainlink allows ColdStack to guarantee the long-term sustainability of our network.
You can read more about our Chainlink Keepers BSC Integration here https://medium.com/coldstack/coldstack-integrates-chainlink-keepers-to-boost-automation-94839017bd8d
Store-to-Earn and Burn Mechanics
We unveiled two critically important mechanics which will be integral to the future of our platform. One is a method of incentivizing use of our system, which we call Store-to-Earn. While the exact metrics of such a system are still being developed, we have already laid the groundwork for a method of minting NFTs which act as a badge for our most active participants on our platform. These NFTs will entitle users to certain perks such as free storage and more.
Another critical mechanic for our platform is our platform revenue burn. This means for the year of 2022, we will be burning an amount of $CLS which is tied to the amount of usage our platform sees, how much data is stored, and how much profit our platform generates. Doing so helps to make our token economy much more efficient, which is essential for the functionality of the actual data storage platform. There have been several instances of price spikes which ultimately harm networks due to supply and demand shocks, and having our token supply being tied to platform usage helps us avoid such issues. It is always easier to burn tokens as opposed to trying to mint more (which comes with a whole host of problems), so these internal economic policies help our platform achieve long term sustainability much like our Keepers integration.
Tech Upgrades: Decentralized Load Balancing Mechanism
We have designed, created and implemented a decentralized load balancing mechanism for File nodes and Gateway nodes. Our smart load balancing allows us to efficiently distribute user requests and incoming network traffic across a group of our nodes. ColdStack is going to serve hundreds of thousands, if not millions, of concurrent requests from users and return all the data in a fast and reliable manner.
A load balancer acts as the “traffic cop” sitting in front of our nodes and routing client requests across all of them capable of fulfilling those requests in a manner that maximizes speed and capacity utilization and ensures that no one node (Gateway or File) is overworked, which could degrade performance. If a single node goes down, the load balancer redirects traffic to the remaining ones. When a new node comes across, the load balancer automatically starts to send requests to it.
The benefits of load balancing include:
- Reduced downtime
- Scalable
- Redundancy
- Flexibility
- Efficiency
More to Come
In spite of some of the recent volatility, ColdStack continues to develop our product. We’ve been busy both building on the tech front, and reaching out to different projects to work with them on integrating our platform and to use our service. We’re looking forward to an exciting March marked by a lot of great news regarding our expansion, and encourage you to follow us on social media to stay updated!
Follow ColdStack:
Official website: https://coldstack.io
Twitter: https://twitter.com/coldstack_io
Telegram: https://t.me/coldstackio
Medium: https://medium.com/coldstack
