Bluzelle: Combining Token Economy and Sharing Technology
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The world of blockchain has brought countless innovative and interesting startup ideas to market. Bluzelle is a startup that intends to introduce a new method of file storage, allowing people to rent the extra storage space in their PCs, and get some tokens as a reward. To understand what this platform entails and how it works, here’s a detailed review.
What Is Bluzelle Technology and how Will it Work?
In a nutshell, Bluzelle uses idle PC space and encourages people – usually called producers or farmers – to share the resources they have (memory and CPU) by compensating them with BLZ tokens.
Its developers believe that it is the “oracle’ representing the new ecosystem, built on the blockchain. Thanks to the technology, Bluzelle provides software developers with an opportunity to work efficiently with a large amount of data, in a way that’s:
- Fast and high-performance
With a project of this magnitude, there’s no doubt that technology is at the core of it all. Bluzelle intends to create a swarm of nodes (distributed network of nodes) that will act collectively, to store data dynamically to maximize performance.
The platform will have two kinds of tokens: BTN tokens that the network will use, and BLZ that will be bought using ETH, then transferred and traded. The reason to have two tokens is because ETH and its ERC-20 tokens seem to be a little bit expensive and slow when it comes to real-time database accounting. Now, the BTN, which is the internal native token, will allow zero-cost, high-speed database accounting in real time.
Yes, the main focus of Bluzelle is offering decentralized data storage, but its idea doesn’t stop there. The company is also working on a number of other projects to expand its client base. These include:
- Payments – In partnership with MatchMove, Mayback and Temenos, Bluzelle is currently developing a payment platform that will be used globally, facilitating secure and easy international payments.
- Smart Insurance – Bluzelle has also taken advantage of the rapidly growing blockchain technology, introducing smart insurance, which allows consumers to buy policies and have their claims processed to completion in real-time.
- KYC/Identity Management – Also powered by blockchain, this project has been developed to solve the many issues with the KYC (Know Your Customer) process, including excessive financial burdens, fraud, and error-prone audit trails.
Bluzelle Road Map
Bluzelle was founded by Pavel Bains and Neeraj Myrarka in 2014 in the city of Vancouver, Canda. Two years later the company moved to Singapore, where there were many companies employing blockchain technology.
On August 2017, Bluzelle raised an incredible $1.5 million USD in a new Series A funding, enjoying the support of companies such as True Global Ventures, LUN Partners Capital, and Global Brain. These funds helped it continue with its plan to develop a data storage service, build a decentralized database infrastructure, boost its enterprise services, and build a community.
Bluzelle began pre-registration for an ICO in October, 2017 and announced a token sale to seek further funding and allow investors to get a piece of the pie. Token sale and pre-sale details are to be released at a later date, but it’s expected that the company will gain a huge fan base once it enters the ICO stage.