0chain - Blockchain for building applications
Advantages
- Strong value proposition in providing off-chain storage and compute for DApps
- Strong partnerships with bee, bitclave and blockcentury
- Strong deep technology: parallel chains, sharding and blobbing
- Strong deep team: 2 PhDs with deep experience
What is it?
- 0chain provides a zero-cost, fast finality, infinitely scalable blockchain for web and IoT applications, providing a zero-cost decentralised cloud.
- 0Chain enables current DApps to move their off-chain code and data onto a decentralised computer/storage platform
Why is it Important?
- Scaling issues: Conventional blockchain technology doesn’t scale well and has a high cost of consensus. This makes is difficult to use for IoT devices and micro-transactions. IoT devices and micro-transactions typically send a lot of data and thus cumulative costs for each transaction would be too high for a business to be able to use such data. A blockchain is needed that can accommodate at least 100k transactions per second, something that none of the current blockchains support today.
- Energy waste: Traditional blockchain technology such as Bitcoin use work oriented schemes (proof-of-work) to build consensus and advanced a block. This wastes energy resources and needs specialised computing power.
- Resource scaling issue: Ethereum recently added scripts within its transactions to use compute, memory, storage and bandwidth resources. This approach complicates the mining process and puts a strain on the resources. This leads to higher gas fees. For just one IoT device, the gas cost could easily be $215,000 annually depending on the number of smart contracts being used to convert raw data to calibrated visual and analytic sets. The only way to speed up Ethereum is to have side chains or off-chain transactions that occasionally peg back to the main chain.
Core technology
- Super fast: Sub-second finality. Matches speed of traditional cloud
- Infinite Scalability: Parallel chains. Concurrent threads. Efficient consensus
- Self forking: Fine tune chain to your need. decoupled from value of token
- Fair price mining: Fair market price for Miners, Sharders, Blobbers
- Efficient infrastructure: Decoupled CPU, RAM and SSD needs for cost-efficient mining, sharing and blobbing
- Free cloud: Like banking, DApps hold some tokens for a free, scalable cloud
Summary
- 0chain has strong value proposition in providing off-chain storage and compute for DApps
- Market cap target - $500m to $1bn by 2019