On Apr.24, 2020, PlatON hosted an AMA with SNZ Holding, a crypto fund that dedicated to empowering valuable blockchain projects. PlatON CTO James Qu and SNZ Holding partner & CTO Neo Liang made a deep interpretation on how blockchain can be used to store large-scale data in the future, and the development trends of blockchain technologies.
Dual-Layer Structure: The Key of Blockchain to Store Large-scale Data
Neo: The dual-layer structure of blockchain can be used to perform consensus, task execution and expenditure settlement, transfer the algorithm model down to different privacy-preserving computation nodes in the layer 2, encrypt the server rooms of storage users and the centralized cloud storage network through smart contracts.
Though it’s hard to realize privacy-preserving computation through cryptography, it’s will be the trend. Among HE, MPC, TEE, Federated Learning, we will see which one will win.
We All Are the Representatives or Owners of Data
Neo: Data gains value through the circulation and application, which consists of storage, computing and exchange. And there are two kinds processing ways for these three stages: centralization and decentralization.
There are quite developed solutions for the centralized processing ways. The traditional internet firms collect data through all kinds of applications and IoT devices, store it in the centralized Hadoop database, then execute the distributed computing through AI algorithm models. After that, they sell the data, and individuals are the representatives of data trading.
The decentralized processing is based on the privacy-preserving computation combined with blockchain technologies by utilizing the strengthens such as distributed trust mechanism, tamper proof and cryptography, which enables users to be the owner of data without data disclosure.
Investment Philosophy of SNZ Holding: Grow with the Potential Market and the Solutions to the Existing Problems
Neo: We analyze the potential market and the existing problems according to the market status and technology development status, and then find the projects that provide solutions to these problems from community.
PlatON has certain mission and version for being a financial infrastructure, with privacy-preserving computation, its most significant strengthen, it provides data storage, right confirmation, settlement, etc. It can be not only a public blockchain, but also a decentralized data platform.
Why Does Blockchain Can Be Used to Store Large-scale Data in the Future? – Data is the Production Factor of the Whole Digital World
James: When we talk about blockchain and data, we are entering into a whole digital world. The outbreak of coronavirus also facilitates the digital world. Data is the new-generation production factor connecting the real world and the virtual world.
Data has the asset attribute, and data integration and computing will bring further value. Thus, the next-generation computing architect is significant to the right confirmation, protection and trading of data, and it must be an infrastructure.
Seen from the data disclosure issues of internet giants, traditional internet firms are not able to protect data. People contribute their own data taken place on the centralized activities, while the platform make huge profit from that.
The ownership and right of use must go back to the data owners, and blockchain, with its features including transparency, decentralization and security, is the solution.
How Can Blockchain Be Used to Store Large-scale Data?
James: the biggest challenge of blockchain is data storage and network interconnection. Cross-chain is the solution of big data, and also what Verifiable Computing (VC) of PlatON is for. Plus, only if the privacy algorithms keep iterating, can data storage and network pressure be reduced on top of ensuring the data privacy. To achieve massive business practice of data, the infrastructure for privacy-preserving computation network and distributed economies is the final solution.
Blockchain is a financial infrastructure to support data sharing and exchange, and solve the data asset circulation problems. It’s the biggest value of the whole digital world we are entering into. However, blockchain is not enough. The right confirmation and pricing of data must be based on the cryptography-based privacy-preserving computation network. Thus, blockchain and privacy-preserving computation are complementary.
Development Trends of Blockchain to Store Large-scale Data
James: In my opinion, there are two development trends: technology and community .
For the technology trend, the underlying blockchain applies innovate and highly efficient CBFT consensus algorithm, the whole new WASM virtual machine, PPoS mechanism that supports the ecosystem economy, PIP mechanism that ensures the organic growth of chain, and massive secure and efficient storage optimization. The innovation advantage of privacy-preserving computation is leading worldwide, which can be seen from the Proof of Custody (PoC) we collaborate with Ethereum.
As for the community trend, a great project can’t succeed without the support from community. The evolution of technology needs the voices even the criticisms from community. Blockchain technology is a complex integration, and can’t live without the economic model. Plus, only if blockchain combines with privacy-preserving computation technologies well, can it achieve efficient business practice. Thus, we need to draw nutrition from community and grow with community.
Our Grants program incentives and mobilize both individual members and teams from community, and provide a platform for them showcase their talents with funding.
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