Bluzelle is another altcoin that is bracing up to give other digital assets a run for their money and this is all thanks to the technology it promises. As a decentralized, on-demand, scalable database service, Bluezelle aims to provide producers and consumers data solution to the decentralised internet. For those who are curious enough about this altcoin that is becoming the rave of the moment, read on, and you’ll find out why Bluzelle is becoming quite popular.
What Is Bluzelle?
Bluzelle, a decentralized blockchain project running on the Ethereum network is found online at Bluzelle.com. As a data storage platform, Bluzelle promises to provide solutions that are highly reliable, while ensuring enterprise-grade scalability and high-performance speeds.
Established in Singapore, the company only recently raised $1.5 million in what it calls Series A financing. For many cryptocurrency commentators, the Bluzelle digital assets which was launched in 2014 can be closely compared to Storj another decentralised blockchain powered storage provider.
The goal of Bluzelle is to help the decentralized internet space run efficiently without any hassle. For many crypto enthusiasts, Bluzelle provides for the new internet what Oracle provides for the current internet.
How Does Bluzelle Function?
Bluzelle, a decentralized technology is poised to create a middleware storage solution for the blockchain community. Blockchain which is essentially a protocol needs a middleware application that can fully leverage the protocol and guess what, that’s where Bluzelle comes in. One of the leading objectives of this blockchain powered technology is to create a decentralised database network solution.
The Bluzelle database network is championed by producers who are essentially the people that mine the leading cryptocurrency, Bitcoin by making the computer devices as part of the transaction validation process and proceeding to rent out their resources to the network. Next up, we have the consumers who are the software developers who use the Bluzelle network to build their applications.
It is important to note that the system is powered by Bluzelle Tokens, which users are expected to have to navigate the Bluzelle database. On the flip side, producers are rewarded with Bluzelle tokens for allowing other users to share their resources.
To put things in retrospect, the Bluzelle network is uniquely designed to create a reliable solution that makes data management secure, effective and above all, very affordable. Bluzelle aims to provide a system needed to power the decentralized internet space. And to do that, the network is creating a highly reliable data solution that helps store small bits of data around the world. And because users’ security is very important, Bluzelle ensures that data is encrypted in bits.
Features of Bluzelle
There the three cardinal features that Bluzelle emphasises and they include:
High Reliability: Bluzelle is designed to help store tiny bits of data on nodes, hence, effectively eliminating any single point of failure.
Enterprise Scalability: With the way the network stores data in a unique and intelligent manner, there is no doubt that Bluzelle is set to provide enterprise-level scalability.
High Speeds: From the onset, Bluzelle highlights high-performance speeds. And to make this happen, the network uniquely adjust the number and location of nodes sharing the consumer’s data in other to meet up with performance metrics.
Other Project by Bluzelle
While Bluzelle is primarily a decentralised storage system that is powered by blockchain technology and designed for the decentralised internet space and enterprises, the company is working on other projects including KYC and identity management solution as well as building a smart insurance and payment platform.
Partnering with a consortium of Asian banks, Bluzelle plans to develop a new identity management system that will be powered by both blockchain and Bluzelle technologies. With this platform, Bluzelle aims to solve problems for KYC’s processes like fraud alerts, error-prone audit trails, long customer onboarding times and excessive financial burdens. To provide a solution to these problems, Bluzelle will use blockchain powered KYC shared ledger that can be seamlessly be used by different banks and financial institutions.
Smart Insurance solutions
In partnership with two international insurance companies, Bluezelle has launched a smart insurance solution that is powered by blockchain technology. With this platform, people who are interested in purchasing insurance policy can easily do so while having their entire claim processed in real time.
Closely partnering with Temenos, Maybank and MatchMove, the Bluzelle network is developing a highly reliable international payment platform that will make transactions easy and hassle-free. With Bluzelle payment platform, international payments are now easy and secure. More so, the platform guarantees full transparency, security, and auditing.
The Company Behind Bluzelle
Bluzelle was established in Vancouver in 2014 by two savvy crypto enthusiasts, Neeraj Murarka and Pavel Bains. And in January 2016, the company concluded plans to move its operational base to Singapore as the country was becoming a hotbed for blockchain companies, not to mention the growing Asian markets.
While Bains, one of the co-founders was a finance and digital media experts with years of experiences of working with some of the biggest brands including Disney Interactive, his partner Muraka has previously worked for companies like Google and HP.
Since its establishment, Bluzelle has raised over $1.5 million in Series A funding from companies like Global Brain, True Global Ventures and Lun Partners Capital. Using the funds raised, Bluzelle intends to build a decentralised database infrastructure, a community as well as boost the company’s enterprise services.
Price of Bluzelle Token
According to data from coin market cap, the current price of the Bluzelle token (BLZ) is capped at $0.148239.
- Designed to eliminate any single point of failure
- Karma System
- Provides highly secured storage of data
- Limited features
- Has no physical backing (asset, profits, commodity)