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Web3 tokens: Bluzelle and BLZ Explained

Web3 tokens: Bluzelle and BLZ Explained


17 Nov 2020

Bluzelle is a Web 3.0 project that aims to decentralize data storage by providing a secure and affordable alternative to traditional systems. In line with other projects like Storj, Bluzelle is taking on the gatekeepers of today’s internet that hold too much power in the database management space.

The work really began in 2016. Working on building blockchain applications for some of the word’s largest banks like HSBC and MUFG, the team realized the need for a decentralized database for enterprise projects. That led the way to a successful ICO I 2018 raising $19.5 million, and project took off from there with a and subsequent coin listing on top crypto exchanges.

Early investors quickly locked on to the project and its plans to offer a decentralized data layer for decentralized apps to manage data in a secure, censorship-resistant, and highly scalable manner. In their view, relying too much on centralized databases run by AWS, Microsoft, Google and the likes is a centralized point of failure that diminished digital freedom.

When the Bluzelle blockchain is fully implemented, it will have 10 million times greater storage capacity versus current corporate IT storage. And that storage will come at 0.001 the cost per Tb of storage when compared with current costs. Perhaps best of all, your data will be completely secure.

How Bluzelle works

Using a different model than what today’s tech giants do, Bluzelle essentially acts as a decentralized version of the AirBnB of databases without actually owning any of the storage space itself.

Spare computer storage is sourced from the public, who in turn act as validators for the network, confirming the data is owned and modified by the rightful owner. For this, the storage provider earns a share of the revenue. For customers, Bluzelle can reportedly offer storage at an estimated half the cost of the others.

The project has 2 tokens: BLZ and BNT. The BLZ token is a publicly traded ERC-20 token, while the BNT token is a private token native to the Bluzelle network. The reason for the internal BNT token is to bypass the scaling limitations of the Ethereum network.

BluzelleNet powers the entire ecosystem as a 10,000 TPS Proof-of-Stake network. They use a Proof of Stake method to ensure the integrity of the network. Validators are required to stake a minimum number of BLZ tokens to be able to participate in Bluzelle as a validator. Their power as a validator relates to how much they have put up with respect to the total cumulative stake of all the validators in the zone. Validators will be paid a portion of the network fees Bluzelle gets from customers.

The producers of excess computing resources (bandwidth, storage, memory and CPU processing) are in effect miners who are lending their computing resources to the Bluzelle network in exchange for a reward. This producer economy is called a swarm of nodes in the Bluzelle economy.

The users in the Bluzelle ecosystem are primarily dApp developers who have a need for an immutable decentralized storage platform. They will be able to access Bluzelle resources and pay for them in BLZ and BNT tokens.

The future for Bluzelle

The project has a potentially bright future ahead. The team has a good track record, both in technical execution and in operational execution, as well as developing partnerships with several foreign exchange companies, insurance companies, and banks all agreeing to work with Bluzelle as customers. They are also working with a number of other blockchain projects including 0x, NEO, WanChain, Zilliqa and Bee Token.

As for the BLZ token, despite having travelled the expected trajectory of a 2018 ICO token, rising rapidly only to flatline for the remainder of 2019, trading activity seems to be picking up again. As of 17 Nov, the 24-hour trading volume for BLZ was $2.4 million with a market cap of $17.9 million. Since the summer of 2020, BLZ clocked its all-time-high at $0.19, up 800% from January that same year.

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