2018 has been a very competitive year in the cryptocurrency industry so far as many companies are competing for their place in the market. Many new MainNets are appearing in the market and some of them are openly competing with the giant Ethereum. Will any of them succeed?
That may even be hard to say, but today we will talk more about the DBXChain, one of the main competitors that the Ethereum Network might have to face in the future if this new public chain is actually able to pull off what it is trying to do without having any problems during the process.
What Is DBXChain?
The DBXChain is a new public chain that has been created by the DBX Foundation. It intends to be a value-based ecosystem of data that will be made on the blockchain. This new ecosystem will create a decentralized community that will be able to provide a platform for people who want to use it.
This network will be able to provide a safe data exchange process and to allow its users to own their data, unlike many companies that create products that basically steal the data from the user. The DBX Foundation believes that the users are entitled to the data that is produced by them and not the owners of the platform.
According to the company, real decentralization can only be found when ownership of data is based on the rights of each person and this can be done via the blockchain technology.
How DBXChain DBX Public Database X Blockchain Works
DBXChain uses a new type of consensus mechanism that is still unseen in the community, the DDPoS consensus mechanism. The DDPoS is an evolution of the DPoS consensus used by the EOS platform. It was created to solve issues with security and even oligarchies that can arise because of the way in which the technology is structured.
The DPoS consensus system is similar to a shareholding system, but it has some obvious problems like a low voting rate. According to data, only 10% of the shareholders have ever voted, which means that 90% have not.
It takes time and even skills to vote in a system and that is why most people will simply never decide to do it. Also, the way in which nodes cannot be checked sometimes might create security risks. The new DDPoS system makes the node selection to be more fluid and the block producers become a role, not a node. This makes each role able to be transferred to other candidates at any time.
This way, the company believes that by having a continuous data exchange at the lowest level and combining the node system with elections, they can be more efficient as the users will be able to vote whenever they want.
Also, the company intends to improve the speed and the TPS of the network. As the blockchain is made of many nodes that are scattered around the world, the web state of each node is not controllable and it impossible to ensure that anyone will have a stable network.
DBXChain will support more nodes than classic blockchains like Bitcoin and Ethereum, about ten thousand of them. Also, the system used by the company reduces the bandwidth used by the nodes by using aggregated signatures.
The main idea of DBXChain is the creation of a public chain that can be massive and an upgrade when compared to other popular solutions like Ethereum. The company intends to use big data to create a win-win ecosystem that will be used for many projects.
With its own consensus system, the company affirms that, after a certain period of time and tests, the network will be able to surpass the quality and the structure of the Ethereum and the EOS Network.
A DBXChain Dapp: DataGame
One of the examples that the company has used to showcase the abilities and possibilities of the network is the DataGame decentralized application. It was created to be used as a way to crowdsource data collection.
Data collectors can use the platform to launch a data collecting game using DBX coins as rewards for people collecting data. They reward the participants of the game that help them to get highly efficient and accurate data. This can make more long-tail data available for sharing and help new data researchers with fewer resources.
Will this be a tough competitor for Ethereum? That is quite hard to say as DBXChain definitely showcases the technology but it also would have a hard time to become as famous as Ethereum has been. Bitcoin is a good example that you do not need to have the best and most sophisticated technology to lead the market, so place your bets.