Disruptive digital currency DataCoin (http://datacoin.info) features perpetual, secure and uncensorable data storage in its blockchain, eliminates transaction confirmation wait times, uses CPU mining with the same hashing algorithm as Primecoin, provides revolutionary web apps embedded in the DataCoin blockchain, and serves as its own decentralized autonomous corporation with a built-in business model. Ian Boix, CEO of BlockchainCapital.com, considers Datacoin to be one of only four cryptocurrencies which “stand out for giving more value than a simple currency.” Datacoin’s intrinsic value and key innovations are its decentralized data storage feature and the newly announced web applications embedded inside the DataCoin blockchain. Datacoin is currently traded for Bitcoin on digital currency exchange platforms Bter, Coins-e., OpenEX.pw, and BTC-8.
Datacoin provides the necessary replication needed for truly delete-proof data storage. Datacoin miners maintain a copy of the entire DTC blockchain on their personal computer. As files uploaded to the Datacoin network are embedded in the blockchain, they are stored on thousands of individual personal computers around the world; that number is projected to grow with Datacoin’s increased adoption. This data cannot be censored as it would be impossible to delete it from every individual participating computer. Furthermore, once data is uploaded to the blockchain, it is impossible to delete it. Datacoin will soon roll out the ability for users to upload and store their own personally encrypted data which only they can access, but which will have all the benefits of replicated storage the Datacoin blockchain offers.
Storage on the Datacoin blockchain is paid for with Datacoins. While current file size is limited, Datacoin will soon be upgraded to allow a file of any size to be uploaded. Whenever a user pays for file storage using Datacoins, those coins then go to reward the miners who both maintain the network and keep an updated copy of the entire DTC blockchain on their own computers.
Datacoin’s block generation time of only one minute allows for instant transactions, making Datacoin convenient to use for conventional merchant purposes. Datacoin transactions have the added benefit of being anonymous, which cryptocoin users have now come to expect.
DataCoin uses the same hashing algorithm of PrimeCoin, making it suitable for CPU mining. This means that anyone worldwide with a personal computer can participate in mining DataCoin. No one needs to purchase specialized hardware as is the case with mining Bitcoin. Just like with PrimeCoin, DataCoin mining is involved in a process which finds very long prime numbers or Cunningham chains. These numbers in and of themselves are useful for data encryption.
The DataCoin dev team has also recently announced the launch of web applications inside the DataCoin blockchain; meaning that anyone can build applications which exist in the DTC blockchain instead of the worldwide web. Essentially, websites, and many other online services can be copied to the blockchain in their entirety, and accessed by querying the locally stored DTC blockchain – even when access to the internet itself may be unavailable. This is highly disruptive; as the DataCoin blockchain itself can, in simple terms, contain another internet embedded inside it.
DataCoin provides both secure data storage and a way to pay for it. The DataCoin blockchain securely stores the data and DataCoins themselves are the means to pay for this storage. This not only makes DataCoin intrinsically valuable, but also positions DataCoin as a decentralized autonomous corporation with a built in sustainable business model. Many other DTC features are under development by the hard working DTC dev team. With its revolutionary secure data storage capability, blockchain embedded web apps, fast transaction confirmation times, CPU mining and built in business model, DataCoin could very well become one of the most disruptive digital currencies of 2014.
To learn more about DataCoin please go to: http://datacoin.info/