Cloud Computing

DxChain | ICO Review

DxChain aims to decentralise the storage and sale of data. Their 3 layer blockchain will provide a new level of security, whilst also allowing anyone the opportunity to buy or sell data in complete privacy.

  • DxChain has investment from most of the top VC companies
  • The ICO has an all all-star tech team
  • DxChain hype levels are currently medium but we expect this ICO to gain momentum in the coming weeks
  • KYC process is due to start very soon with ICO date set for August 1
  • We will be investing in this ICO

 

What is it?

DxChain (pronounced D-Chain) is a decentralized, AI-driven Big Data platform. This means they will store data securely, study that data using machine learning and allow the owners of that data to profit from it.

At the moment, data is collected and controlled by huge companies like Google and Facebook, which means your personal data is being stored online without proper security and then resold for money. It also means that small companies who need to access this data for research are unable to.

DxChain makes it possible for you to securely store your own data and then trade this to anyone who needs it.

 

Technical aspects

Dxchain is the first platform to integrate Hadoop into the blockchain. Hadoop is a Java-based platform created by Google in 2003 and is currently securely handling massive amounts of Big Data.

DxChain has built a chains-on-chain blockchain made up of one master chain and two side chains. This structure was designed to solve privacy issues within data storage by assigning different tasks to each chain.

The master chain is similar to Ethereum and Bitcoin. It stores state, transaction and receipt and the smart contract data.

The data side chain works as an inventive layer and is not being used for data storage. The advantages here are faster setting times, lower transaction fees with faster transactions, and ultimately a higher level of security and privacy.

The computing side chain stores computing tasks and records which tasks can be completed.

 

Technical conclusion

Using Hadoop and a brand new three chain system, DxChain has created something unique.

The team’s understanding of this area and previous research experience is clear, and they have undoubtedly spent considerable time analyzing the best solution for what is a major issue on the centralized web.

The technical aspects of the whitepaper are particularly in-depth, but we would suggest reading through for a better understanding.

There is more functionality not described in detail here, including proof of space-time to prevent storage attacks and verification game which helps minimize the number of network node computations required.

 

Who are the competitors?

Bluzelle, Storj, Filecoin, Arweave, Golem

 

What is the ICO’s USP?

While Arweave and Bluzelle can store data securely, and Datum’s main function is to sell your data, DxChain would be the first blockchain to offer both of these services. Securely storing data and then analyzing that data for re-use.

DxChain has improved upon the current technical solutions to create a more secure product with a potentially much higher throughput.

By enabling people to buy and sell data, they have provided greater opportunities to data holders and smaller businesses who want access to this data for research.

 

Potential use case for this ICO

The most obvious use case would be healthcare.

Firstly, due to data restrictions, there is no way for medical practitioners to exchange data with each other for the benefit of research. Secondly, people are tracking volumes of data via fitness trackers, smartwatches, and phones.

Using DxChain, the user can allow specific vendors access to their data. This may help with tracking critical vital signals and preventing catastrophic events.

 

Who are the team?

There are currently 10 team members but they aim to double this by the end of the year.

All five of their key team members are specifically qualified in Big Data as well as distributed systems and have been working and researching in this field for some of the biggest companies in the world including AT&T and Nokia. This is a very good sign.

They appear to be a solid, all-star technical team who will have no problems bringing this to the market.

 

Who are the advisors?

Mostly Chinese advisors and all very strong in their fields. I would like to have seen more international advisors, but with such a large list of VC backers, I wouldn’t count that as an issue.

 

Who are the investors backing this?

The investor list reads like a who’s who of the crypto space. Fenbush Capital, Node Capital, Signum Capital – the list goes on. Signum Capital has previously invested in the likes of OmiseGo, Tenx, Quarkchain, Fantom, Zilliqua and many more.

With so many big VC companies involved, it’s important to evaluate whether they are in this for the long term or a quick flip.

In our opinion, as this is such a technical project, they will need VC support for scaling and partnerships. In the long term, this looks solid.

 

What partnerships do they have?

We can find one current partner with DxChain:

Trustlook – currently protecting over 500 million devices.

 

Is this utility or security token?

Utility.

 

Do they need a token?

The DX token will provide economic incentives to maintain the ecosystem and provide services between vendors.

Currently, this is an ER-20 token but DxChain plan to migrate to their own blockchain in the future.

 

When is the ICO and what are the token metrics?

The start of the KYC process was scheduled for July 1 but currently, we are awaiting this.

This was due to last for a month. You can keep up to date with this via their Telegram.

There are no details yet regarding minimum and maximum investments.

Fundraising Goal: 17,300,000 USD (36,000 ETH)

Sold on pre-sale: 20000 ETH

Total Tokens: 100,000,000,000

Available for Token Sale: 30%

 

Github

Currently, DxChain does not have any public code, due to them not yet wanting this to be open source.

 

Hype Rate

Medium. Several YouTubers including Blockchain Brad have reviewed this ICO. With a month to go before the ICO, we expect this to gain momentum and would advise going through the KYC process as soon as this is announced.

 

What does the roadmap look like?

DxChain is aiming to launch their test net in Q4 and the main net in Q1.

 

Will we be investing?

This is a solid ICO with a very credible team backed by some of the biggest crypto VC companies in the world.
We will be investing.

 

Review overview

Overall8.9
8.9

Summary

Leave a Response

Top Reviews

Video Widget

gallery