0chain Ico Review

0chain Ico Review – 0-Cost Cloud For IoT, Web, Enterprise, dApps

About 0chain

Bitcoin [Nak09] introduced the world to decentralized digital currency. It relies on the blockchain that provides decentralized consensus while guaranteeing both immutability and finality of transactions. Critically, the protocol is designed so that each actor’s economic incentives are aligned with the proper behavior according to the protocol. Since its advent, many have realized that the blockchain technology that Bitcoin is built on can be useful in other domains. 0chain promises a blockchain- based architecture for distributed storage and computation. By owning 0Chain tokens, clients can build distributed applications (dApps) without relying on asingle source for providing their storage.

0chain Key Information

KeyPoints
Token Name0chain
Soft cap40,000,000 USD
Distributed in ICO10%
Tokens for sale40,000,000
PreICO price1.40$
CountryUSA
AcceptingETH
Token SymbolZCHN
Token TypeERC20
Raised$39,000,000
PlatformEthereum
Price in ICO1.6500 USD
WhitepaperClick Here For View Whitepaper
WebsiteClick Here For Visit ICO Homepage

The Game Change Team Behind 0chain

0chain Ico Review - 0-Cost Cloud For IoT, Web, Enterprise, dApps

Related Work and Relevant Attacks

Since the cheater must pay the other blobbers for the data, this attack is not likely to be profitable, particularly if erasure codes are used. 0chain For instance, if the erasure code settings were 10 by 16, then to be paid for a single read, the cheater would need to pay 10 other blobbers for their shares of the data. Another attack may occur if two blobbers collude, both claiming to store a copy of the same file. For example, Alice and Bob might both be paid to store file123 and file456. However, Alice might offer to store file123 and provide it to Bob on request, as long as Bob provides her with file456. In this manner, they may free up storage to make additional tokens.

In essence, collusion attacks are outsourcing attacks that happen using back-channels. A Sybil attack in the context of storage is a form of collusion attack where Alice pretends to be both herself and Bob. The concerns are similar, but the friction in coordinating multiple partners goes away. Finally, generation attacks may arise if a blobber poses as a client to store data that can be regenerated easily or that they know will never be requested. By doing so, they hope to be paid for storing this data without actually needing the resources to do so. (Filecoin’s authors are concerned with miners exploiting this approach to increase their voting power on the blockchain, which is not a concern in our design.)

File System

0chain architecture is similar to Git [Git]. In the case of any errors between the client and blobber, following Git’s structure facilitates negotiation of the corrections between the two parties. Also, if a file is updated while a client still happens to be reading from it, the blobber is able to easily provide the original file without interruption. (Chacon [Cha08] provides an excellent overview of Git, and may be helpful for understanding the design of a company system.) A company Platform assume that a client uses erasure coding to provide greater resiliency for their data. Entities in the file system include directories, files, and fragments; a file’s metadata contains information about the original file, while the corre- sponding fragment’s metadata includes details about the blobber’s share of the original file.

Storage Agreement Negotiation

The client and blobber must negotiate a price for writes and a price for reads, both in terms of tokens/gigabyte of data. Other criteria may be negotiated between the client and blobber as needed, allowing the blockchain to serve as a public record of their agreement. 0chain Once terms have been established, the client writes a transaction to the blockchain with the terms of their agreement. This transaction also initializes a read counter and write counter for the client and blobber to use in their interactions, both initially set to 0. These values increase with each transaction depending on the amount of data uploaded or downloaded.

Conclusion and Future Work

0chain current design for BOSS assumes that there is only a single owner of data. In future work, they intend to expand a design to include support for shared ownership of data, an area of particular interest for enterprise customers. They are also in the process of developing a TLA+ spec to formally verify safety and liveness invariants of a storage system. Finally, intend to explore how model of locking tokens can be used to incentivize service providers in other areas.

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