Often, interest in a blockchain project begins with a sudden explosion in value. This is certainly true for DxChain Token (DX) – which recently doubled in price. The hallmark of the ICO boom, these sudden spikes are occurring for a different reason now. Consistent development and met milestones now prove validity of a project. Leaving behind the ICO ecosystem, the industry is moving to a more prudent means of valuation. DxChain began in 2018, during a rather nefarious crypto winter. Despite depressed prices across the board, DxChain stuck with their project.
Now, those efforts are coming to fruition. After multiple successful test nets, DxChain released the alpha of their mainnet late last year. Their mainnet system uses a Delegated Proof of Stake system, an increasingly preferred method of operation. When completed, the DxChain will allow for both decentralized data mining and computing. As a first step towards that goal, the team focused on a decentralized storage system – DxBox.
The Race for Decentralized Storage
Although not their primary end goal, DxChain’s foray into decentralized storage comes with strong competition. Decentralized storage is one of the most fundamental abilities of blockchain technology. Despite that fact, decentralized storage has yet to fully catch the public’s eye. In part, this is due to the lack of a strong front runner in the space. Most of the major blockchains do not offer this as a unique service.
DxChain’s open and consistent updating may prove their most successful tactic. Other projects are notorious for long update gaps or stalls in development. The fallout of dozens of failed ICOs continues to today, with investors wary to engage with projects that do not offer tangible results.
The Benefits of Decentralized Computing
To a degree, Ethereum (ETH) represents the largest scale current use of decentralized computing. Smart contracts allow users to execute commands on the blockchain. However, projects like DxChain are more ambitious. Harvesting idle computing space through monetization could allow for on-demand super-computing. The current tripping block is not in available power, but the ability to coordinate it.
If DxChain can solve that problem, it could seize the top slot in the decentralized computing space. Offering a place to store data is only the first step – hopefully the full release of their platform will lead to even greater success.
Article By: Adam Stone