What is Bluzelle (BLZ) and how does it work? Exploring decentralized data storage

Discover how Bluzelle (BLZ) revolutionizes data storage with its decentralized network. Learn about BLZ's features, benefits, and use cases.

May 28, 2024 - 13:46
May 28, 2024 - 13:47
What is Bluzelle (BLZ) and how does it work? Exploring decentralized data storage
Bluzelle (BLZ)

What is Bluzelle (BLZ)?

The Bluzelle project seeks to establish a new standard for the decentralized internet, anticipating that centralized infrastructures will not have the capacity to support the emerging decentralized web. The Bluzelle ecosystem serves as a decentralized layer where users can store and utilize data for dApps without censorship and with optimal scalability.

Many blockchain environments utilizing smart contracts face scalability issues, highlighting the potential significance of projects like Bluzelle in advancing the decentralized web. Bluzelle, developed using the Cosmos SDK and based on Tendermint’s Byzantine Fault Tolerant technology, is designed to be compatible with various blockchain platforms. The project also offers web hosting with a decentralized architecture on the Bluzelle testnet.

An analogy to understand Bluzelle is to liken it to Airbnb; Bluzelle functions as a decentralized Airbnb for databases. As a decentralized platform, Bluzelle operates without central authorities, relying instead on network participants to share redundant storage with others who rent this storage for their data. Users who share their storage are rewarded with BLZ tokens, the network's native tokens.

How does Bluzelle work?

Bluzelle functions as a decentralized database layer utilizing Byzantine Fault Tolerant (BFT) and Cosmos technology to enhance scalability and eliminate censorship in data storage for decentralized applications (dApps). The substantial storage needs of dApps present a common challenge for many blockchain platforms hosting them. In essence, Bluzelle operates as a peer-to-peer marketplace for database storage, connecting users seeking to rent storage with those offering additional storage capacity, ensuring maximum security and scalability. Providers of storage are rewarded with BLZ tokens, the network's native token (previously known as BNT), for their surplus storage, while users pay a fair fee for using the Bluzelle database storage.

The native BLZ token is primarily used internally to facilitate the Bluzelle crypto economy, avoiding the congestion and high gas fees associated with Ethereum. However, there is also an externally tradable ERC-20 BLZ token that links the Bluzelle network with Ethereum. Users can acquire ERC-20 BLZ from an external exchange and convert it to native BLZ for use on the Bluzelle network via the Bluzelle bridge, with conversions also possible in the reverse direction.

The Bluzelle ecosystem revolves around nodes called "Swarms," which are groups of network nodes forming the foundation of the entire network. The network employs sharding to enable scaling, meaning that when data is uploaded to the network, it is divided into shards and distributed across Swarms.

Who founded Bluzelle? (Exploring the history of Bluzelle)

Bluzelle was initially established in 2014 by Neeraj Murarka and Pavel Bains, operating under the company name "Bluzelle". Initially, the company concentrated on developing blockchain applications for banks. However, in 2017, it shifted its operational focus. Recognizing the growing demand for decentralized storage systems, Bluzelle transitioned to creating a database storage layer to cater to the needs of dApp developers and enterprises.

Since 2018, Bluzelle has been headquartered in Singapore, offering storage solutions to enterprises and dApp developers worldwide.

What makes Bluzelle unique?

Bluzelle's use case is not singular in the blockchain sphere, as projects like Filecoin and Siacoin offer similar services. Bluzelle aims to collaborate with these projects and other similar blockchain-based platforms to establish new standards for the evolving decentralized internet, often referred to as Web 3.0.

While Bluzelle operates as a decentralized database storage platform with a peer-to-peer market, it also provides decentralized web hosting on its testnet. This sets Bluzelle apart from similar projects, as its testnet offers permanent URLs that cannot be taken down, unlike traditional URLs purchased from centralized web hosting providers.

What gives Bluzelle value?

Bluzelle's worth stems from its technical capabilities, innovative technology, and usefulness. However, the market value of BLZ often does not align with its intrinsic value because of the cryptocurrency market's volatility. The price of Bluzelle and other cryptocurrencies can fluctuate significantly in a short time.

Bluzelle's value is influenced by the actions of its development team, which can either enhance or diminish its worth. Additionally, factors such as upgrades, updates, new features, developments, and positive news contribute to Bluzelle's value. The adoption by mainstream users and interest from institutional investors are also important indicators of value for Bluzelle and other cryptocurrencies.

How many Bluzelle (BLZ) coins are currently in circulation?

Currently, there are 429,420,459 BLZ coins in circulation. Bluzelle maintains a finite supply of BLZ coins, ensuring that no additional BLZ will be created once the total supply is depleted. This limited supply serves as a measure against inflation.

The market capitalization of Bluzelle is calculated by multiplying the number of BLZ coins in circulation by the current market price. Market capitalization is used to rank cryptocurrencies and gauge their market dominance.

Other technical data

Bluzelle facilitates network scaling and provides uninterrupted data storage and computational power for dApp developers and enterprise users. This is achieved through a sharding mechanism across computational nodes called Swarms.

Swarms are divided into singleton metaswarms and virtualized metaswarms. Singleton metaswarms serve as identifiers for the entire Swarm framework, grouping them together. Virtualized metaswarms, on the other hand, are colonies of leaf swarms that represent individual swarms forming the entire system. Each swarm manages a specific set of data, ensuring scalability.

How does Bluzelle ensure the security of its network?

Bluzelle's network security is ensured by utilizing Proof of Stake and Tendermint’s BFT consensus engine, which is supported by Cosmos. The system distributes uploaded data across shards, making it impossible to compromise all the data even if security is breached. Validators validate blocks and transactions and are rewarded for their role in the network.

Moreover, uploaded data is secured through replication, ensuring that once a file is replicated, it can never be lost, and the data owner can access it whenever needed.

How to use Bluzelle?

Bluzelle serves as a decentralized data storage layer for enterprises and dApp developers seeking additional storage for sensitive data. It also offers web hosting services via its decentralized testnet. Its primary function is to provide secure storage and a P2P marketplace where users can rent storage and computational power.

BLZ is used to reward network participants and compensate renters, and it can be traded on cryptocurrency markets. Traders can profit from fluctuations in its price. BLZ is the native token of the Bluzelle network and is the primary payment method on the platform.

How should one go about selecting a Bluzelle wallet?

Bluzelle employs a dual token system consisting of native BLZ and ERC-20 BLZ. Native BLZ is exclusively used on Bluzelle's blockchain and can be stored and staked in the Frontier mobile wallet, thanks to a partnership with Bluzelle.

On the other hand, ERC-20 BLZ is an external token meant for trading on exchanges and can be stored in any Ethereum-compatible wallet. Your choice between the two types will depend on your BLZ holdings and your intended use.

For secure storage, hardware wallets like Ledger or Trezor offer offline storage and backup. While they provide top-tier security, they require more technical know-how and are relatively expensive, making them more suitable for storing significant amounts of BLZ by experienced users.

Software wallets like Atomic are another option, being free and user-friendly. These can be downloaded as smartphone or desktop apps and may be custodial or non-custodial. Custodial wallets manage and back up your private keys, while non-custodial wallets store private keys in secure elements on your device. Although convenient, they are considered less secure than hardware wallets and may be better for smaller amounts of BLZ or less experienced users.

Online wallets, or web wallets, are also free and easy to use, accessible from multiple devices via a web browser. However, being hot wallets, they are less secure than hardware or software alternatives. It's crucial to choose a reputable service with a strong security track record. Online wallets are suitable for holding smaller amounts of cryptocurrencies or for users engaging in frequent trades.

Bluzelle stands out as a leading blockchain initiative dedicated to advancing the decentralized web. Its mission is to establish a fresh benchmark for Web 3.0 and decentralized applications, providing a scalable ecosystem for enterprises and dApp developers to securely manage substantial data volumes.

One of Bluzelle's distinguishing features is its inclusion of decentralized web hosting within its project vision, setting it apart from its counterparts. With ongoing development efforts, Bluzelle remains committed to its Web 3.0 objectives.

Embark on your Bluzelle journey today and become part of the crypto revolution.

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