reDespite the immense potential of blockchain to decentralize many activities, it is surprisingly supported by many centralized players who wield incredible power.
One area in which this reality is clearly evident is that of NFTs. Besides the challenges this new designer trend faces in terms of security holes and uneven infrastructure, most enthusiasts and users do not understand the troublesome nature of NFT storage.
Most NFTs are stored on centralized servers and cloud providers, such as Amazon Web Services (AMZN) or Google Cloud (GOOGL). This effectively means that one of the main benefits of decentralization is not an essential component of the NFT arena. This could potentially lead to a single point of failure: If the storage provider is breached or experiences a system malfunction, an NFT stored in this manner could be lost forever.
To address this obvious flaw in existing NFT storage architectures, Bluzelle has expanded its offerings beyond its traditional database services to include a decentralized storage mechanism. By replicating NFT files on validator nodes, Bluzelle can ensure that NFT creatives benefit from all the attributes of decentralization while avoiding the pitfalls of centralized storage. (To learn more about other cryptocurrency stocks, check out the TipRanks Comparison of cryptocurrency stocks tool)
Bluzelle 2.0 rolls out the red carpet at the NFTs
While NFTs are currently more art-driven, Bluzelle sees immense potential in the creator economy. From an organizational perspective, NFTs will play an important role in securing intellectual property, making it essential to decentralize the creation process and, more importantly, file management and storage.
Bluzelle 2.0, the latest iteration of the service, transforms the initial data layer solution for dApp developers into a decentralized storage provider. The deployment of this new version accompanies the significant developments that have taken place since the start of the year. Bluzelle has introduced several modules designed to add value to the network, covering staking activities, cross-chain bridges, mainnet databases and blockchain oracles, thus contributing to greater interoperability.
Version 2.0 will be compatible with Ethereum and Binance Smart Chain (BSC), Polygon and Fantom. However, the accompanying NFT infrastructure presents the significant strength of the network in the storage arena. Decentralization of storage will guarantee 100% availability and access to NFTs hosted on the network while making them tamper-proof and more secure.
The next network upgrades expected over the next few months will also be attractive to DeFi developers who need high network transaction throughput, a greater degree of cross-chain communication, oracles to mine and push data and decentralized data storage.
For the creators’ economy, Bluzelle’s leap represents a major step towards real decentralization, helping to realize blockchain’s vision of ending reliance on custodians, annuity seekers and centralized institutions that exercise extensive control over many industries.
Disclosure: The editors of TipRanks did not hold any positions in any of the stocks mentioned in this article at the time of publication.
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