ERC-7585: Transforming Data Storage Verification
In the world of decentralized blockchain projects, where do they store their data on web3? Sadly, in August 2023, Fog Works discovered that over 67.33% of 3000 NFT projects relied on centralized data storage like AWS. Even among the top 200 NFT projects on Opensea, just 53.47% used decentralized storage like IPFS, which can be expensive and hard to access.
As blockchain tech advances, there’s a need for real-time decentralized data storage, benefiting both miners and users handling files. But now, everything is about to change with ERC-7585. This innovative solution, developed by Zhicong Liu, co-founder of Datamall Chain, and his DMC team, aims to revolutionize public data storage verification, marking a major moment in blockchain tech evolution.
Key Features of ERC-7585
1. Introduction of MixHash: This proposes a new hashing algorithm designed to replace Keccak256 and SHA256, integrating data length information into the Merkle tree root hash value for more efficient and robust hashing.
2. Public Data Storage Proofs: ERC-7585 lets anyone provide a proof to the public network, verifying their possession of specific public data marked by MixHash, offering new transparency and security for decentralized applications.
3. Improvements to ERC-721 and ERC-1155 Standards: Enhancements to existing Ethereum standards, ERC-721 (NFTs) and ERC-1155, aim to increase functionality and efficiency in relation to public data storage verification.
Impact and Potential Applications
ERC-7585 has wide implications, addressing challenges in decentralized data markets, storage, and oracles, opening new possibilities for applications relying on verifiable public data. The MixHash algorithm could significantly impact how data is stored and verified on the blockchain, promoting greater trust and reliability.
Future Prospects
ERC-7585 isn’t just a technical upgrade; it represents a shift towards more secure and transparent data handling in the blockchain space. As it undergoes further discussion and potential adoption, it could set a new standard for data storage and verification in the Ethereum ecosystem and beyond.
This development marks a significant milestone in blockchain technology. DMC has finally made decentralized data storage a reality — Foggie Max, the world’s first DePIN server for decentralized data storage.
References
- Learn more about FoggieMax, at get.fogworks.io
- Learn more about ERC 7585, visit https://github.com/buckyos/PublicDataProof/blob/main/doc/proposal.md
