Cloud provider Xunlei recently launched the ThunderChain File System (TCFS) which is a distributed file system, similar to InterPlanetary File System (IPFS), an open-source project. TCFS is designed by Xunlei after a business pivot into blockchain technology. The company has launched the high-performance blockchain ThunderChain in April, which is designed to process over 1 million transactions per second.
Both TCFS and IPFS are distributed file systems for storage of digital files (in the form of documents, images, videos, web pages and programs). Hypertext Transfer Protocol (HTTP) has been widely used for file storage and downloads. However, HTTP itself has many problems – When a user wants to go to a website, the browser will be directly connected to the computers that are serving that website, even if their servers are remotely located and the transfer process costs a lot of bandwidth and other computing resources. HTTP is not reliable either. If one link in a HTTP transfer was cut for whatever reason, the whole transfer halts.
That’s why developers seek to replace HTTP’s centralized protocols with distributed protocols. A distributed protocol, as the name suggests, is designed to store files across multiple nodes instead of centralized servers.
IPFS was born in 2014 to address those challenges. IPFS provides a high-throughput, content-addressed block storage model, with content-addressed hyperlinks. Indeed, there were high hopes for IPFS, but it has shown some drawbacks when it comes to blockchain. Although TCFS is a new comer, it has an edge in technical features tailored to blockchain-related applications.
First of all, data storage. IPFS relies on file access to keep files from missing. The more popular a file is, the greater number of storage nodes are involved and the less likely such file will be gone. However, it’s a different story with rarely accessed files. Such files could disappear eventually with limited number of nodes hosting the content, such as family photos.
The second issue is privacy. IPFS is currently open to everyone. Restricted access is necessary for confidential files even when they are shared within certain groups like corporate emails. The third is efficiency. IPFS files are stored across nodes as duplicates. Duplicate data increases with the number of nodes serving the file, resulting in low storage efficiency levels and potentially leading to a waste of computing resources, including storage space and bandwidth.
Finally, IPFS itself is unable to delete and block illegal content. Some IPFS developers has already realized the above issues and started to tackle these problems. Meanwhile, TCFS is designed to provide alternative solutions to distributed file management on blockchain platforms.
TCFS combines the futures of IPFS and Filecoin (which has not been live yet) with an incentive mechanism to maximize storage efficiency. It has improvements in other aspects: i) availability – Slice storage based on Forward Error Correction (FEC), plus a file self-healing mechanism, ensures high availability and storage efficiency i.e. reduce duplicated files; ii) performance – leveraging Xunlei’s 15 years of experience in cloud acceleration technologies, TCFS can help users with much faster data transmission; iii) security – Only data owners and authorized users can access secured files; and iv) flexibility – developers can use LinkToken, a virtual token on ThunderChain, as an incentive or create their own incentive mechanisms that encourage users to share their redundant storage.
Both TCFS and IPFS are originated to solve issues impacting internet user experience. IPFS is still an unproven and work-in-progress technology. Though TCFS is a newly released solution, it has emerged as a perfect fit to blockchain technology. TCFS has the potential to help the blockchain industry to scale by providing the peer to peer and distributed file system that is needed as a foundation to support large use base applications.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…