Blockchain Databases are the completely different models from the cloud storages like AWS S3, Dropbox etc. or Blockchain Storages like Storj, Filecoin etc. The cloud storages require you to pay a certain amount of payment on a monthly basis and if you don’t pay the fees, your data is not retained over the vendor end. The Blockchain storages are based on one-time payment where you can store your data for the indefinite amount of time. The storage costs over the Blockchain has to be paid upfront and should be available for years to come. Please note that such Blockchain storages are not query-able without the transaction id. On the other hand, Blockchain Databases are the databases which may behave like a storage as well as data objects remain query-able using some formats like the key or other similar formats.
RecordsKeeper has developed an efficient and sustainable data storage (aka key-value pair based database) over Blockchain for a long period of time. RecordsKeeper Blockchain-centric solution is built to store, share and manage your information or data objects in the safest fashion. Once your data is over the RecordsKeeper Blockchain, it cannot be deleted, tampered or modified even by the data owner. On top of that RecordsKeeper provide data storage with as minute cost as possible as compared to other Blockchains available in the market.
Let’s look into the cost estimates of different Blockchains and how RecordsKeeper is fair against them in terms of price:
Data Upload on RecordsKeeper is established through XRK tokens. Currently, the price of XRK tokens is 1 Ether = 5,000 XRK tokens. With the current price of BTC that comes out to be:
1 XRK =$ 0.0894 USD
1024 bytes/1 KiloByte of data requires 0.1 XRK as fees, converting the same to USD 1 KiloByte of data requires $ 0.00894 USD
Bitcoin Blockchain was not designed to store data but still many corporations and users have utilised the Bitcoin Blockchain to store permanent records. To store permanent records over Bitcoin you need to use OP_RETURN transactions which in turns specifies that you cannot spend the transaction once it’s OP_RETURN. As per the Bitcoin specifications, OP_RETURN is of size 80 bytes. Thus to store 1 KiloByte of data you require:
1024/80 = 12.9 ~~ 13 transactions
To be a valid transaction in the Bitcoin Blockchain a transaction requires a dust fee which is approximately 546 satoshis, with the current price of the Bitcoin($ 7997) the dust fees would be around:
0.00000546*7,977 = $ 0.044
On top of the dust fees Bitcoin also has transaction fees. As per 15th April, 2018 median Bitcoin transaction fees is $ 0.251
So the cost for uploading 1 KB over the Bitcoin Blockchain would be:
13.(0.044 + 0.251) = $ 3.835 USD
Ethereum Blockchain works differently from the Bitcoin Blockchain. You need to specify gas to send and store transactions over the Ethereum Blockchain. The minimum gas required for a transaction to broadcast over the Ethereum network is 21,000. As per the Ethereum whitepaper to send the data in 32 bytes chunk it requires gas. If the data is all zeros then it requires 4 gas for 32 bytes and if the data contains some text or string then it requires 68 gas for 32 bytes of data. Let’s look into the very basic and minimum data with all zeros. As per the whitepaper it requires 4 gas for 32 bytes for zeroed data.
For 1024 bytes of data it was 32 chunks of 32 bytes. So we require in total gas:
32*4 = 128 gas
Now storing the sent data over Ethereum Blockchain requires 20,000 gas for every 32-byte word. To store 1 KiloByte/1024 bytes of data it will require:
32*20000 = 640000 gas
Adding both the gas. In total to store and send 1 KiloByte of zeroed data we require:
640000+128 = 640128 gas
Taking into the account the current average gas price (11.89 Gwei) and the current rate of 1 ether ($ 507.386997). The transaction will cost you:
640128 * 0.00000001189 * 507.386997 = $ 3.86 USD
This value is only for sending and storing over the Ethereum Blockchain. The cost overhead is increased when you need to develop, audit and deploy the Smart Contract to do the same.
Neo Blockchain has a complete different mechanism for storing the data over the Blockchain. Currently for Neo, there is no transaction fees required for sending but user can opt to pay the transaction fees for priority in Blockchain, we will take up the minimum cost, such that no transaction fees is provided in sending the data over Neo Blockchain but for storing the data it requires 1 gas for 1 KiloByte of data.
The current price for gas is $19.38 USD, thus 1 KiloByte of data will require:
1*19.38 = $ 19.38 USD
This value is only for sending and storing over the Neo Blockchain. The cost overhead is increased when you need to develop, audit and deploy the Smart Contract to do the same.
As per the EOS white paper, EOS works with state storage capacity so if you own 1% of the tokens then the software will allocate 1% of the available storage capacity of the blockchain to you. For example If there are 1 billion tokens and 1 terabyte (TB) of storage then each kilobyte (1024 bytes) of storage would cost about 1 token. At a $3 billion dollar market cap that would be around $3 per kilobyte. If the tokens reach the market cap of Ethereum then it would could be $30 per kilobyte.
Price Chart for storing data over different Blockchains*:
|1 KiloByte||$ 0.00894 USD||$ 3.835 USD||$ 3.86 USD||$ 19.38 USD||$3 USD|
|1 MegaByte||$ 8.94 USD||$ 3866.86 USD||$ 3954.49 USD||$ 19742.72 USD||$ 3072 USD|
* Based on USD price on 15 April, 2018