The DxChain (DX) ICO
What is DxChain?
DxChain is a decentralized network for big data, AI, and machine learning. The DxChain team believes that data analytics has the potential to transform cybersecurity, healthcare, city-planning, and many other fields. But there are problems within the industry as well.
Most data is collected by giant entities such as Facebook and Google. Companies that want to use this data to develop AI applications and smart devices for consumers must pay fees to these giants in order to get access to this data. This increases the cost of machine learning applications and stifles innovation.
The DxChain team believes this problem can be solved through a decentralized network that combines cloud storage and cloud computing, allowing consumers to sell their personal data and companies to make good use of it.
How does DxChain work?
DxChain consists of three blockchains: a "master" blockchain that is immutable and two “side chains” that are more flexible. One of the side chains is used for computing, while the other is used for storage.
The chain used for computing relies on Provable Data Computation (PDC) and verification game algorithm to verify that computing tasks have been performed correctly. In contrast to a traditional blockchain, which relies on arbitrary mathematical problems being handed out to miners, a PDC and verification game algorithm chain is designed to solve useful problems. The drawback to this kind of blockchain is that it is not useful for permanent storage. However, since the computing chain is only used for short-term computations, the team believes this consensus algorithm is a perfect fit.
The chain used for storage employs a Proof of Space Time (PoST) consensus algorithm. Files are broken into pieces, encrypted, and stored on many different computers. Extra copies are also created for redundancy. Storage farmers that rent out hard-drive space are tested often to make sure that they are storing the files correctly, and are not paid if they have cheated.
The master blockchain uses a traditional Proof of Work (PoW) consensus mechanism similar to Ethereum, and in fact is compatible with Ethereum.
Together, these three chains run a version of Apache Hadoop, the open-source framework that is currently used in almost all big data applications. However, this version of Hadoop has been adapted to a decentralized system by replacing the "coordinator" (central server) with the computing blockchain.
The team believes there are several industries that can benefit almost immediately from DxChain, including cybersecurity, city planning, and health care. Small cybersecurity firms currently have to buy data from big companies like Symantec and McAfee in order to test their software. This data comes at a great cost. City planners are using cameras and other detection devices to collect data in the hopes of improving traffic. But these devices require massive data storage and computing power to analyze. Health care companies would also like consumers to wear "smart devices" that will diagnose illness without requiring a doctor’s appointment, but the data needs of these devices have proved too costly. In each of these cases, the team believes the lower cost of decentralized cloud storage, cloud computing, and data acquisition, will solve a pressing problem in the world.
How is DxChain unique?
There have been other decentralized networks that have shared some characteristics with DxChain. For example, StorJ is a decentralized cloud-storage platform and Golem is a decentralized platform for cloud computing. However, no blockchain platform has ever attempted to combine storage, computing, and data acquisition into one system. So DxChain is unique in this regard.
Who makes up the team behind DxChain?
The DxChain team is made up of experts in blockchain engineering, marketing, big data, artificial intelligence, and business development. This includes Co-Founders Allan Zhang (Founder of Trustlook), Wei Wang (former Principal Scientist at HortonWorks), and James Li (former Principal Security Architect for TripWire), and engineers Daniel Dai, Taosheng Shi, Eric Wang, and Li Lu. It also includes marketing and public-relations experts Maizi Feng, Chaowen Li, Sunny He, Claire Yu, and Nicole Fan.
The team is advised by Yan Gong, Kevin Hsu, Leo Wang, and Fan Zhang.
More details about the DxChain ICO
The DxChain (DX) ICO is launching in July, 2018. No exact date for the launch has been announced yet. Investors wishing to participate will need to be whitelisted by signing up for one of the DxChain Global telegram groups. Here is more information on the DxChain whitelisting process.
The price of DX will be $US0.0014 per token. The team hopes to raise $21.5 million through this public sale.
This July ICO will comply with the following allocation strategy:
22% of the tokens will be sold in the ICO
48% will be used for mining and the ecosystem/community
10% will be held by the DxChain Foundation
10% will be given to marketing and business partners
10% will be given to the team