What is DataCoin (DTC) Crypto Beginner’s Guide
DataCoin is a decentralized, blockchain powered platform that allows users to use DataCoin’s token to pay for data storage services. The platform offers fast transactions, secure storage, and decentralized storage.
DataCoin (DTC) Features
Users can use DataCoin’s native coin to pay for secure storage. Files are stored across the HDD of all platform users, which prevents a system breach from accessing all user information. The data is stored without the use of a centralized server. Users receive a full copy of all DataCoin files.
Users are responsible for encrypting their files before storing them on DataCoin’s platform and blockchain. Once a user submits their files to be stored by DataCoin, the information can’t be deleted. The files are stored on DataCoin’s blockchain and all information stored on the blockchain is immutable, creating a permanent record.
Data files that are 128kB or larger must be compressed. DataCoin’s envelop handles issues relating to file names, files larger than 128kB, file updates, and compression issues.
Users can obtain up to 513Gb worth of storage per year and 1MB per day. 1MB is equivalent to the size of each individual block on DataCoin’s blockchain. Files can be stored for 60 minutes, 24 hours or one year.
DataCoin charges a flat rate of 0.05 DataCoin (DTC) per 1KB of data. The fee is used to pay miners. The current block reward is 50 DTC, and the block reward will progressively decline.
Users wishing to access DataCoin on Android or iOS devices must download DataCoin’s free Lite Wallet. DataCoin is a Primecoin-fork, which means that it solely uses a Proof of Work concept to power its blockchain and create coins.
Besides mining, the only way to obtain DTC is to buy it on the FreiExchange or BTCPOP. DataCoin plans to be featured on Next Exchange in the near future. Currently DataCoin is run by one individual, who both founded the platform and maintains it.
DataCoin is meant to be used as a utility token, not a transaction token. The goal of the platform is to provide users with an easy to access storage option that is open to everyone and offers a censorship free place to store files. There currently is not a means to add a file name or file type to the blockchain.
DataCoin’s wallet is compatible with Windows, iOS, and Linux systems.
DataCoin (DTC) Conclusion
For miners, DataCoin has links to active mining pools and a tutorial on how to mine DTC. There will be 2,000,000,000 DTC supply, and 28,000,000 DTC have been mined to date. Each block is solved in one minute, leading to very fast transaction times. The platform has partnered with Linux Foundation’s Hyperledger Fabric to offer platform users the ability to construct detailed and original smart contracts. This feature allows DataCoin platform users to partner with other blockchains. The platform is also planning to incorporate side chains that will offer additional cloud storage.
DataCoin hopes to add DataCoin’s platform in other cloud computing platforms like IBM Bluemix in the future. The platform hopes to integrate its features and innovations with other collaborators.