Welcome to the Swarm
Estimated time to read: 7 minutes
The Bluzelle team knows how to get the ball rolling.
Publishing one of the most sleek and professional Whitepapers of 2017, coordinating a deafeningly hyped initial coin offering, and launching straight onto Binance exchange, Bluzelle from the outset just seems like every early-investors dream come true.
Bluzelle is in the business of data storage, offering a decentralised database solution for decentralised applications (‘dApps’) while facilitating a two-token economy to incentivise masternode operation. However, this isn’t an untapped field, and Bluzelle can expect to face stiff competition from Storj, Sia and MaidSafeCoin. Eventually, a dominant service provider should emerge—and investors want to choose the winner from the outset. Yet having an impressive line-up of partnerships and offices based both in Singapore and Vancouver, Bluzelle is already poised to capture both Eastern and Western markets and mark itself as king of decentralised database storage.
When fully implemented, the #Bluzelle #blockchain network storage capacity will be about 10,000,000 times greater than current corporate IT storage at .001 the cost per Tb storage of storage centers owned by #Microsoft #Google and #Facebook & NO exposing your data to the wolves.— Ms. Lana G. Greenwald (@LitecoinAnalyst) February 8, 2018
Technology & Use Cases
While Bluzelle has a variety of different use cases, their core business is their decentralised, on-demand, scalable database service for dApps. Inspired by concepts used in NoSQL and sharding, Bluzelle is able to create an efficient crypto-economic ecosystem where 'producers' who have excess computing resources (CPU processing power, memory, permanent storage and network connectivity) are connected with 'consumers' looking to access additional database space.
In short, producers are essentially miners who lend computing power to the Bluzelle network, upholding the entire database of distributed information. The Bluzelle producer economy is referred to as a swarm of nodes (i.e. a metaswarm), and members can be reimbursed in BLZ and BNT—the two tokens facilitating the economy. To build a more robust and reliable database economy, Bluzelle collateralises tokens to ensure producers meet the computing resource standards required of a producer.
The second actor in the Bluzelle ecosystem is the 'consumer', likely dApp developers looking to store and optimise their products by storing them on an immutable, decentralised platform. The consumer utilises the Bluzelle database network and pay for these services in BLZ and BNT tokens. The BLZ token is an ERC-20 token which is publicly tradable to individuals around the world while the BNT token (Bluzelle Native Token) is a token privy to the Bluzelle consumer network. This means the Bluzelle network bypasses the congestion restraints of the Ethereum network and also allows for greater autonomy in dictating where and how data is stored. Further, these tokens will be pegged to the same value, ensuring a mutual appreciation of the currencies and creating a heightened incentive for people to act as producers.
This entire network will be regulated by the 'Karma Index'. Here, producers who are identified as "behaving poorly" via their Ethereum key can expect penalties, while those in the top percentiles will have the opportunity to become leaders of their respective swarm. Again, this is another Bluzelle feature that's expected to promote a higher quality of service without the use of any centralised forces.
However, the Bluzelle product suite goes beyond their database solution for dApps. In fact, CTO Neeraj Murarka suggests that the Bluzelle business is more appropriately broken down and described as a combination of “blockchain ledger, decentralised, and trustless computing software solutions”. Other interesting use-cases which have spawned out of Bluzelle include:
- Building mobile wallets based on Ripple and forks of Ripple
- Insurance products using the Ethereum mainnet and testnet (Ropsten, Rinkeby)
- Building sophisticated hardware wallets to protect crypto-assets on Ripple, Ethereum and Bitcoin.
- Building enterprise KYC software solutions on top of Ethereum for OCBC, MUFG and HSBC banks
- Developed a full service suite of services to power ICOs, including security-audited smart contracts to power ER0-20 tokens and sales contracts.
Overall, the Bluzelle network is a secure, self-regulated and scalable platform catered to storing dApps. For a more thorough understanding of these systems, you can refer to the Bluzelle Technical Whitepaper.
Our rating: ★★★★★
While still in its infancy, Bluzelle has attracted a spectrum of engineers with strong backgrounds in constructing and scaling technology projects.
The backbone of the project Neeraj Murarka (CTO) has an extensive 20 year background in computer systems architecture, having worked with Google, IBM & Hewlett Packard on projects such as:
- Locking down of modified Android OS for retail markets
- mulDcast UDP satellite-based systems
- Design and development of secure and FFA-approved system for Airbus and Boeing.
Bluzelle doesn't seem like it could be in safer hands from a technical standpoint with Murarka leading an equally strong engineering team. This technical expertise has further encouraged several banks, insurance companies, foreign exchange firms and mobile operators to work alongside Bluzelle as customers, though specific customer information is yet to be publicly announced.
An equally critical component to the success of Bluzelle is Pavel Bains (CEO), who has a background in operational management spanning over 15 years. His most recent success came in the form of digital media startup StoryPanda where he closed license deals with companies such as Disney, Dreamworks and Warner Bros.
Overall, the team has a strong track record of executing from a technical and commercial standpoint. With Bluzelle already off to an exceptional start, this project has done nothing to indicate it should go any differently.
Our rating: ★★★★☆
Bluzelle CEO Pavel was on CNBC talking about how he is watching the changes in cryptocurrency prices to see the effect on business models using blockchain. Watch the full video here: https://t.co/kJTtbrlTtj#cnbc #founder #news #blockchain #crypto #bitcoin #ethereum— Bluzelle (@BluzelleHQ) February 7, 2018
Bluzelle has been rather quiet about their customer and partnership development until recently. Bain published the Medium blogpost: Bluzelle First Wave of Collaborations which outlined their new relationships with 0x, Zilliqa and Bee Token.
It is no wonder why Bluzelle targeted these projects as 'first wave' collaborations, where 0x, Zilliqa and Bee Token are arguably the three most high profile blockchain projects in terms of recent social media attention.
In the announcement Bain outlined how Bluzelle would collaborate with these projects:
- Bluzelle is building on top of 0x to offer relayers a standard and consistent database service.
- Bluzelle and Zilliqa are working together to provide an integrated solution so users building dApps with Zilliqa as the underlying blockchain can use Bluzelle for decentralized data storage.
- Bluzelle will work with Bee Token to be the underlying database solution for Bee Token customers.
In addition to these relationships, Bluzelle has also built database services for enterprises such as HSBC Bank, Microsoft, BT and Zagbank. While these haven't yielded any official contracts, these are still notable working relationships that Bluzelle may be able to explore again in future.
Considering how recently Bluzelle has left its ICO and how many large names they've already been firing off, it's not hard to imagine that there'll be even more to announced in the oncoming months.
Our rating: ★★★★☆
In an age where people tacitly accept their data and private information is never truly safe from large storage and social media conglomorates, decentralised data storage seems the natural progression for dApp developers.
With a symbiotic, self-regulated storage network and a team with a proven history of reliable project delivery, Bluzelle seems likely to be one of those projects that years from now people will kick themselves for not researching it sooner.