DBX.ONE is the shortened name for Database X, which is a blockchain technology company that aims to provide a public chain with its unique consensus mechanism. The public blockchain from Database X will deliver a new infrastructure and uses the Database Delegated Proof of Stake (D-DPoS) consensus mechanism.

DBX One

The founder of Database X is Tomi Wen, who is a senior technical expert and holds a BA from Renmin University. Wen has won various competitions, including a gold medal in the computer category of CASTIC. Other team members include Ben Fu in charge of technology; Summer Xu, MBA, in charge of operating and marketing; Trinity Wang, Ph.D., director of the developer ecosystem; Alex Xiang in charge of the product; Alvin Zhou in charge of the economic system; and Oceanus Zeng in charge of risk control.

DBX.ONE has a great deal of support, with investors that include Bing Li, the seed investor of Huobi Group, and Charles Xue, the founder of Manzi Fund and co-founder of UT Starcom. There are 16 investors listed on the DBX.ONE team page, along with two consultants.

DBX Ecosystem

The DBX is an ecosystem that is made up of data built on the blockchain. The database provides a decentralized community that focuses on exchanging and exploring valuable data. The team at DBX.ONE feels that a great deal of the data people often overlook as being “useless” is actually valuable; you only need to find the previously undiscovered demand for this data. With Database X, all participants within the community can get data with low costs, fair trading, and increased efficiency.

DBX Product

The team also describes DBX as an ecosystem of global asset data. It includes the DBX Data Game, which galvanizes data sharing via a new incentive mechanism. This incentive mechanism includes accurate data transactions that are atomized and help the data ecosystem improve itself. The idea is that the large amounts of accumulated data through Database X could lead to explosive growth of applications, such as artificial intelligence and Internet of Things within the DBX ecosystem.

What Is the Data Contest?

Those in the DBX Community have the option to begin a data contest for collecting data via the DBX network. These contests involve multiple nodes that connect various “data islands” to create a “continent.” This process essentially makes a comprehensive package of data that maximizes the value of that data. Thanks to smart contracts and blockchain technology, both parties involved in trading would be able to use a peer-to-peer encrypted network to transfer data directly. Thanks to those pieces of tech, the participants would not have to worry about data leaking, traceability, guaranteed execution, or the protection of their privacy and property rights.

DBX World

A data contest provides a prize as well as a DBXChain reward, encouraging all members to participate and collect data. Participants can also win income from potential sales and benefit from the unique interactions. The contest requests generate a well-edited data dictionary. The DBX team built a Keso data search engine upon this dictionary, which lets users search specific data with excellent accuracy. It also provides the ability to trade singular data or by columns and rows.

Those interested in a data contest can also request random samples of collected data to confirm the quality of the data. This is done by running specific dApps on the Trinity Nodes. Additionally, it is impossible to commit DBXChain Reward fraud for data contests due to trade-cost-verification or one-trade-verification. Dishonest nodes would receive severe punishment.

What Is the Data Game DApp?

Data Game is a dApp from the DBX Ecosystem that is well-developed. This dApp lets users enter various data contests in which they provide various types of data to obtain rewards or payment. Additionally, Data Game makes it possible for those who request data to distribute the task across the distributed system, both for storage and encryption. Just some of these tasks could include collecting images, sounds, videos, voices, phrases, or paragraphs that meet a specific description. Via crowdsourcing, Data Game allows users to collect a range of information, then combines it to create big data. All users can benefit from this data asset as they can provide and authorize data for trade as well as share the big data value simply by the act of contributing.

You can already download the Data Game dApp, which gives users access to the data contests, so they can win rewards. The application also lets users store and encrypt data assets using distributed storage and blockchain technology. There are already millions of cooperators. Just some key features of the Data Game dApp include the ability to win DBX using RoDS, taking part in data contests, encrypted storage, and multiple dApps, including Baas.

What Is DBXChain?

DBXChain is the blockchain that lets developers create their own dApps that take advantage of the DBX ecosystem. The various dApps can explore the data value within the data asset world. DBXChain includes essentials, such as BaaS and smart contracts, along with added features. Those features include unstructured and structured data sets, an automatic trading network to use for data, a highly efficient blockchain system that has 100,000 transactions per second, and a significant number of data analysis dApps. With DBXChain, many dApps dedicated to analyzing data lead to diversified data to meet a range of demands. Together, those sources provided by DBXChain lay the groundwork for commercial products that have the potential for great success.

Wallet

Conclusion

The DBX.ONE project began back in November 2016, and it has already come a long way. So far, the team has completed the GitHub open-source code, launched the first dApp, had its first financing, had the DBX wallet launch, and launched the test net. More follow-up events are currently ongoing, as well, further advancing the project.

DBX.ONE, or Database X, delivers a public blockchain based on the Database Delegated Proof of Stake consensus mechanism. The team refers to the project as the Blockchain World of Data Assets, bringing data assets to the blockchain. DBX.ONE has already done a great deal, and many investors are backing the project.

Useful Links

Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *