Fuse Partners with 0Chain to Enable Persistent Web3 Storage of Its Communities’ Data
The collaboration will initially involve the storage of data for Fuse payment communities, including the community profiles displayed on the Studio.
Blockchain technology has been an important step forward for achieving the decentralization of important aspects of our modern digital lives. It has enabled reliable and relatively low-cost storage and transfers of value without the involvement of centralized intermediaries, as well as the permissionless posting and interaction with persistent pieces of code known as “smart contracts”.
However, even with the emergence of scalable layer-one blockchain networks, as well as layer-2 solutions for currently slower ones like Ethereum, it is still prohibitively expensive to store large amounts of data directly on those protocols. At the same time, if a decentralized application (dApp) is only genuinely decentralized at the smart contract level, it is essentially still mostly centralized, as mere blockchain-powered functionalities will not be sufficient for the vast majority of use cases and users.
Solutions like IPFS and Swarm have been developed to address the distributed storage issue, however, they are in themselves probably not sufficient, either. Those protocols enable the indexing of files stored on multiple nodes based on hashes of their content. This approach removes the need to rely on the hierarchical legacy domain name system and paves the way for a full-blown Web 3.0.
However, protocols like IPFS do not in themselves guarantee that the files uploaded on nodes running on top of them will remain stored and easily and rapidly retrievable at scale. This is why genuinely decentralized storage networks like 0Chain have a crucial role to play in bringing the promise of Web 3.0 to fruition.
A high-performance decentralized storage network
0Chain is a public blockchain and decentralized storage network designed to help clients prevent censorship, privacy liability (including GDPR compliance) and data breach.
The key difference between 0Chain and other decentralized storage platforms is that 0Chain does not store the data itself on its blockchain. 0Chain splits the data stored to it among several servers each of which has its own cryptographic key. It is those keys that are stored on the 0Chain’s blockchain 0ChainNet. The latter also processes and records all the transactions involving the stored data. You may consult 0Chain’s storage mechanism whitepaper for more details.
The ZCN token is used to reward the various service providers in the 0Chain ecosystem. With 0Chain’s token reward protocol, users can lock ZCN tokens to earn rewards which can be used to interact with the network. Users can use interest-generated tokens to leverage 0Chain’s services, such as data storage, at low costs. An additional advantage of ZCN is that its economic model is built to tie the token price to the usage of the network, thus mitigating large speculation-driven fluctuations.
0Chain’s credibility as a decentralized storage solution is bolstered by high-level partnerships with leading global data storage providers AWS and Oracle whose goal is to make it easier for enterprises to start using decentralized storage.
How Fuse will integrate 0Chain
Fuse’s core mission is to make crypto payments and decentralized finance (DeFi) available to the masses, which, among other things, means that the products built on top of Fuse must be not only decentralized but also convenient to use. Ideally, users must not even notice that our products run on the blockchain, unless they are really into it. 0Chain’s platform enables applications running on Fuse to smoothly handle data of any size while avoiding storage centralization.
The first step in Fuse’s collaboration with 0Chain is employing its dStorage layer to house the data for payment communities created and managed through Fuse Studio. In the future, we are also planning to utilize 0Chain’s decentralized storage network for hosting the profiles of the users of our consumer-facing wallet Fuse Cash, and, potentially, also the metadata for NFTs to be issued on Fuse.
In addition to this, with integration of 0Chain’s metadata into Fuse smart contracts, every community and project being developed on Fuse will be able to integrate their tech with 0Chain and thus become fully decentralized without sacrificing usability.
About 0Chain
0Chain is a high-performance decentralized storage network designed to eliminate business threats such as censorship, privacy liability and data breach. 0Chain helps entities achieve GDPR compliance, localization, tokenization and monetizes private data sharing.
The decentralized platform offers high performance, high quality of service, collaboration, localization, and streaming to address a broad spectrum of applications.
We are excited by the collaboration with a cutting edge decentralized storage platform, and we hope that it will enable Fuse to become firmly established as part of the genuine Web 3.0.
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