In today’s digital world, where our everyday tasks like shopping, banking, ticket bookings etc. are done online, we all leave digital footprints whenever we perform any such transactions on the internet. As we are moving towards complete digitalization of the world around us, comprehensive digital traces are left everywhere. A user has to disclose sensitive personal and financial data to avail services such as Paypal, credit card processing, direct banking, Google Wallet, Apple Pay, Amazon Pay, and cryptocurrencies.
As a result, the user’s personal information is often stored across various databases, generated at different times. With time, users identity information might change such as last name etc. this information does not get updated equally across various databases resulting in multiple ‘digital clones’ of an individual existing across different databases.
Today there is much risk involved related to identity theft. Apart from the identity theft, other issues need consideration. As users enter their data to register on several online platforms and, the user is required to create and remember multiple passwords which are a tedious task and is neither secure nor convenient.
RecordsKeeper Digital Identity Platform as a Solution
Considering the issues users face online, regarding storing, updating and securing their personal data, RecordsKeeper offers an exceptional blockchain based solution.
RecordsKeeper leverages the features of blockchain to store digital identity data in a distributed, secured and immutable manner. RecordsKeeper public blockchain ensures that a user’s single digital identity is stored in a secure manner that can never be manipulated. This unique digital identity can be updated by the user with the latest user information.
As the future of blockchain based digital identity storing platform looks bright, companies are showing deep interest in RecordsKeeper digital identity platform for digital identity management and authentication.
Let us take an example of KYC verification by multiple banks. KYC is mandatory process needless to say time-consuming and expensive as well. RecordsKeeper digital identity platform can prove to be a saviour for both, the customers and the banks. The customer has to upload their KYC information once on RecordsKeeper platform and the information gets available to all the banks and other institutions offering financial or professional services anytime anywhere. This eradicates the need for third-party verification and the authenticity of the information is assured. Implementing a blockchain based digital identity platform for KYC will result in saving a great deal of time and cost for both the parties.
Features of Digital Identity Platform
- No costly Infrastructure required
– RecordsKeeper uses its own public blockchain saving enormous costs for identity requesters that would otherwise spend a lot to set up the infrastructure to support any identity platform solution.
- Ease of updating
– Identity data is updated by the authenticating authority. If a user changes their residential address, in this case, the new one will get updated by the authenticating authority.
- RecordsKeeper Never Stores User Data
– User Identity data is stored in encrypted form in the RecordsKeeper App on members mobile devices.
- Globally Protected
– Blockchain Technology features make the user identification data stored on RecordsKeeper globally protected.
- Global Compatibility
– User identity data is globally compatible as information is stored in JSON format. Users can store and share their own identity anywhere in the world. The user identity data is accessible anywhere in the US, Europe, Africa, or Asia.
- Next-Generation Security
– RecordsKeeper uses the power of the public blockchain, the privacy and security of user data is ensured.
Digital identity platform on RecordsKeeper is one solution to many problems people face today regarding storing, updating, managing data. It is one of the best application of blockchain technology so far.
Telecom has a complex operational framework that involves many partners, vendors, customers, distributors, network providers; there are many challenges related to tracking activities of all entities, data tampering, and other fraudulent activities.
As far as the telecom industry is concerned, Blockchain Technology can ease out many challenges faced by the telecom industry today, such as:
Challenge- Telecom industry requires third-party authentication which proves to be costly, time taking and tedious.
Solution- The RecordsKeeper blockchain could provide immediate authentication of people and devices, which put blockchain-wielding telecom providers in the place of authentication, and providers for all kinds of third-party services. On RecordsKeeper Public Blockchain verifiable & immutable records of any type of data can be created. Today’s smartphone apps that unlock hotel doors, pay your bus fare and authenticate you toward your bank is just the beginning.
Challenge- Network Complexities related to Roaming.
Solution- Phones roaming on different networks can be seen as “micro contracts”. The Blockchain, already touted as a contract-verification mechanism, can play an essential role when smart agents and IoT devices automatically negotiate with network providers in real-time, saving enormous costs and processing powers for the network providers.
Challenge- Centralised System resulting in One Point Failure.
Solution- Smart contracts over the RecordsKeeper Blockchain can replace sim cards. In such a scenario, a single telecom provider no longer owns the whole value chain. Customers can shift the networks instantly by agreeing to the terms and conditions of the Smart Contracts. Apple and Google are already working on such type of solution to disrupt the market. Moreover, network providers can go with AI to analyze the usage of customers more effectively and create the smart contracts accordingly.
Some other use cases for telecom are 5G enablement and identity management. In 2017, the telecom market was roughly labelled as a 155 billion dollar market worldwide with 10% annual growth and 7% cost of fraud in the total market, which can be reduced by using Blockchain.
The disruption for telecom market is at the horizon. Blockchain and AI will act as the catalyst for the disruption. The Blockchain telecom Market in the USA alone is expected to grow by almost 1 billion dollars by the year 2023. Moreover, Indian telecom giants like JIO and Airtel are working over to streamline their internal processes using Blockchain. Furthermore, Vodafone is also doing a POC with IBM to set a system for customer retention.
For telecom trust is essential and maintaining the authenticity of data is the key. For Intermediaries such as that act of interconnection requires databases, back-office systems, provision of third-party services. All of that can be improved with blockchain solution like RecordsKeeper.
RecordsKeeper can address the challenge of storing historical data that becomes vast and unsustainable as the blockchain ecosystem is currently exploring several approaches for archiving data. As no clear regulations or specifications are formulated until now regarding the implementation of smart contracts, compliance of standards regarding both security and privacy for the sharing of information is a challenge.
The future of blockchain in telecom seems promising, and it is expected to become the norm for the services like identity management, and registries.
RecordsKeeper is an Open Public Mineable Blockchain for RecordKeeping & Data Security. It offers a full suite of structured and easily accessible record keeping for organizations and individuals. RecordsKeeper creates a platform for structured storage over the decentralized network for the ease of data access and security among peers. The RecordsKeeper capitalizes over the pros of the Blockchain network to create an ecosystem for secure transfer, authorization, integrity, and authenticity of data
Currently, RecordsKeeper XRK token sale is live. Here is an easy step by step guide on how to participate in token pre-sale.
Step 1: To participate in RecordsKeeper token pre-sale you have to visit https://tokensale.recordskeeper.co/login page.
Step 2: If you are a new user then you can click on the New User link given at the bottom of the page. Then you can sign up using Google, Facebook, Twitter, LinkedIn or by filling all the required details and then clicking on the Register Button.
Step 3: If you are already a registered user then you can directly login and access dashboard.
Step 4: After logging in you will see a Dashboard which shows all the details related to your activity like your contributions, XRK bought, KYC status, Referral code, XRK address etc.
Step 5: Next is My XRK Address page where you have to enter your valid XRK Address in the given input box and then click on the Save XRK Address button to save it for receiving XRK tokens after the sale is over. You can create a new XRK address or provide an existing one, if you have already. Please keep your private key safe and secure.
You can change your saved XRK address multiple times before the sale ends, after that it gets locked and you will receive your XRK tokens in that address only.
Step 6: Next is the Contribution page where you can contribute any number of times in Bitcoin (BTC), Ether (ETH) or both.
- You can see BTC address with a button given to copy it. Before copying address make sure the address shown in image with blue background is same as above. This is just for security purpose. If both address are not same you should contact RecordsKeeper team using Contact us link.
- You can also check how many XRK tokens you will receive by entering the BTC amount that you want to contribute and then click on the Convert to XRK button which will show you the number of XRK that you will receive and the extra bonus tokens offered as per the current sale offer.
Similarly, for Ether also you should confirm that both displayed Ether address are same. You can also check how many XRK tokens you will get for a particular number of Ethers.
Step 7: There is a section given at the bottom which provides the Pre-sale bonus details. You can check that out before making contributions, so as to have a much better idea of the sale. Anyhow, these bonuses are taken into account when you use Convert to XRK feature, so you don’t have to do the math.
Current bonus details are as follows –
Less than 1 ETH or equivalent BTC contribution: No Bonus
Between 1 and 5 ETH (or equivalent BTC ) contribution: 15% Bonus
5 ETH or more (or equivalent BTC) contribution: 25% Bonus
Step 8: There is a My Contributions page where you can find all your transactions with all the necessary details. It also shows your Contribution Summary which includes your BTC and ETH contributions and the amount of XRK tokens you will receive in exchange of it.
You can click on the transaction hash to verify the transaction stored on the Bitcoin or Ethereum blockchain.
Dashboard has other sections also like Referral, Airdrop, Settings etc., but we have covered the ones needed to participate in pre-sale. You can contact RecordsKeeper team for any other queries by clicking on the chat icon on bottom right corner of the dashboard screen.
Today world is witnessing the advent of blockchain technology for providing solutions to many of the problems faced by individuals in various sectors. Blockchain technology has proved to be a boon in optimising processes in industries such as insurance, finance, healthcare, telecom and many more. Due to the potential to streamline business process, providing data security, transparency and fraud elimination, this breakthrough technology can prove to be the technological backbone of the e-commerce industry.
The e-commerce industry is growing at a massive scale and so does the issues related to it. Since its inception, the e-commerce industry has faced issues related to secure financial transactions, customer data security, supply chain management, transparency etc. RecordsKeeper Blockchain can undoubtedly be seen as a one fix solution to all these issues E-commerce industry is facing today.
The most Important challenge today encountered by e-commerce industry is payment related issues. Payment solutions for international e-commerce certainly need improvements as current payment methods to include payment of high payment processing fees. Along with payment processing fee, a high fee that is usually 2-3% of the total purchase price of any transaction is charged by e-commerce platforms on any sales made by retailers using their platform. RecordsKeeper can eliminate the high payment processing fee. RecordsKeeper blockchain can create a blockchain based marketplace with low-cost financial transactions and high-security standards.
Supply Chain Management
Friction in the supply chain is a huge pain for the e-commerce industry. Payment delays between a manufacturer and a supplier, or a customer and a vendor, contracts handled by lawyers and bankers aiding to the cost and delay, hard to trace shipments, all add to the complexity. RecordsKeeper blockchain can eliminate these issues by providing incorruptible visualisation of the supply chain process. An incorruptible blockchain such as RecordsKeeper network can provide a transparent supply chain enabling consumers to see the order flow of the purchased products. Thus, enhancing customer satisfaction. Self-implementing smart contracts can be developed over RecordsKeeper defining terms of the agreement between the buyer, without the hassle of lawyers and banks. RecordsKeeper provides instant, secure financial transactions with the minimal transaction fee. Real-time visibility into supply chain results in quick and intelligent decision making about procurement, inventory, and investments.
Data security is a rising concern for e-commerce platforms as these platforms are home to a humongous amount of data gathered from customers and retailers. This data is enormous as well as sensitive. In the past, there have been instances where e-commerce platforms were attacked by cybercriminals resulting in loss of the substantial amount of sensitive data. That led to the mistrust of customers resulting in the overall decline of business.
RecordsKeeper is the outright solution to this problem. RecordsKeeper provides the highest level of security by using distributed ledgers for managing the e-commerce database management systems. It is virtually impossible to hack all the nodes of a blockchain platform. Therefore RecordsKeeper provides data security. RecordsKeeper eliminates the need for providing personal and financially sensitive information to a third party such as PayPal or other intermediates.
RecordsKeeper blockchain creates a secure, robust and fraud-proof backup system for any company. Blockchain applications can optimise business processes while ensuring seamless operation for processes such as accounting, inventory control, budgeting, payroll system as well.
RecordsKeeper is going to revolutionise the e-commerce industry. With the kind of features RecordsKeeper is offering, B2B and B2C sales are expected to skyrocket.
ICO’s have three phases for the token sale. The initial phase is the private sale. In private sale, tokens are sold to early investors and are not open for public sale. At this stage, capitalization can be bought at the cheapest rates and the bonus offered is maximum, but the risk involved is also maximum. After the private sale comes the whitelisted pre-sale phase. Whitelisted pre-sale is the token sale conducted before the main crowdsale that is open for public. The last stage is the public sale which is the main result sale of the ICO aimed to raise funds for the project.
While each phase has its pros and cons, investing in whitelisted pre-sale is considered preferable for many reasons. As ICO pre-sale brings the best of both the worlds, it is regarded as an excellent middle ground for investors. It lets investors have higher bonus then the crowdsale with the minimal risk involved compared to buying tokens in private sale.
Taking part in whitelisted pre-sale makes investors part of a privileged group of individuals who are buying tokens before anyone else. Tokens purchased in whitelisted pre-sale phase enables investors to unlock various benefits and services. Also, investors in the pre-sale phase are limited by the companies. Taking part in ICO pre-sale ensures the token purchase. There have been cases where ICOs cancel crowdsale, especially if the ICO hits the fiat hard cap through appreciation of crypto invested. As pre-sale is usually aimed at bigger investors, there is a possibility of purchasing more tokens compared to Crowdsale. Hence in ICO pre-sale investors end up with the best deals. So Investing in ICO pre-sale is a smarter choice.
Investors of token pre-sale also have chances of getting a quick return, in case the tokens bought at a discount are sold at ICO price in token trading.
Gains are ensured when Investing in ICO pre-sale offered by established companies such as RecordsKeeper. Recordskeeper is an open public mineable blockchain for recordkeeping & Data Security offering a full suite of structured and easily accessible recordkeeping for organizations and individuals. RecordsKeeper creates a platform for structured storage over the decentralized network for the ease of data access and security among peers.
RecordsKeeper token sale is in whitelisted pre-sale stage currently, offering 15% bonus on purchase above 5000 XRK/ETH, and if token purchase is above 25000 XRK/ETH then you will get a 25% bonus, but if you purchase XRK that are below 5000 then you will not be eligible for bonus with other benefits and services including data storage, getting payouts on your balance with master RecordsKeeper nodes. In RecordsKeeper only 300 Whitelisted Participants are allowed.
30% of the Funds raised through the token sale will be used for Blockchain scale and development, 20% on research and development, 20% on contractors and salaries, 15% on marketing and promotion and the remaining 15% on legal, licenses and admin.
RecordsKeeper ICO Pre-Sale Investor’s Reviews
Indriyanti on Facebook says “RecordsKeeper is a promising ICO and Team behind the project is perfect.”
Also, Isuru Sampath says “Recordskeeper is a project with a good reputation that deserves close attention. The team has already done an excellent job, and until the end result there is a little that will surprise the entire market with cryptocurrency!”
Phuoc Nguyen on Facebook said “ Working Draft. I learned all the details and saw very great prospects for development. The team is already gaining public attention, and this is a sign of growth in capitalisation. If you are looking for a reliable investment, then this is an excellent option.”
As the success of any project hugely depends on the trust of the investors in the project. Needless to say for RecordsKeeper future seems bright. This is undoubtedly the right time to invest for reaping maximum gains with the success of the project.
Today we are well aware of the fact that blockchain technology offers data authentication and authorisation in the digital world, abolishing the need for third-party administration. Also, the numerous features of blockchain such as data security, reliability and the robustness have played an essential role in the boom of blockchain technology. As organisations are keen to implement blockchain for various applications, one must make an informed decision while choosing the right kind of blockchain.
Private Blockchain or Public Blockchain
When it comes to the blockchain, there are three types of the blockchain, private blockchain, public blockchain and consortium blockchain. As distribution is one of the principal features of blockchain technology, a private blockchain may not be truly distributed as it is a closed network. Private blockchains take advantage of blockchain technology by setting up groups and participants authorised to verify transactions internally. The developers of that particular blockchain control the extent to which each participant can have read and write permissions. This puts the concept of private blockchain under question.
Whereas in the public blockchains such as RecordsKeeper, they are based on complex consensus algorithms. The public blockchain is open source and not permissioned. Anyone willing to participate can download the code and start running a public node on their local device/server, Miners can validate transactions in the network, thus participating in the consensus process. Anyone in the world can send valid transactions through the network, with the freedom of reading transaction on the public block explorer as transactions are transparent.
Public Blockchain such as RecordKeeper, being distributed is one of the many major features. However, this is not the only benefit of RecordsKeeper of course. Other features such as transparency make RecordsKeeper very secure: as data can be audited by anyone, it is easy to detect fraud on the chain. With public blockchain such as RecordsKeeper, you have the flexibility to set it up in your local infrastructure or cloud, or you can use RecordsKeeper ready-made public blockchain which provides features such as data immutability, data integrity, data authenticity and data verifiability.
RecordsKeeper has overcome many limitations of certain popular blockchains such as Ethereum by making the block size of 10MB instead of 1MB. RecordsKeeper maintains a mining diversity of factor 0.2 thus keeping 51% chance of attack under the tab. If there are 200 miners in the community and a miner mines a new block, he/she will have to wait for 40 blocks to be mined before he/she can mine another one following the mining diversity of 0.2. Therefore miners are refrained from mining a continuous series of blocks, limiting them from overpowering the Blockchain.
Why Key-value pairs?
RecordsKeeper lets you submit the records through your web interface or via the RecordsKeeper’s APIs, and publishes the records in key-value pair format with their associated information into a decentralised ledger.
Being an open source, public blockchain network that stores information in key-value pairs, RecordsKeeper has proved to be an excellent choice by many organisations for various applications. Data stored in Key-value pairs provides ease of querying the data unlike other public blockchains such as ethereum and Bitcoin. Data can be easily traced and retrieved anytime by the corresponding key.
Applications running on the RecordsKeeper Public Blockchain
RecordsKeeper has enabled organisations to optimise the supply chain management by ensuring seamless operations such as recording the quantity and transfer of assets, tracking purchase orders, change orders assigning or verifying certifications and more. RecordsKeeper maintains transparency by recording the current status of the supply and its related compliance in the ledger. RecordsKeeper lets businesses set the rules for recording the data so that they can set the compliance conditions themselves. RecordsKeeper ensures the data to be shared meets the compliance conditions.
Organisations are using RecordsKeeper to store corporate compliances. As organisations primarily seek data immutability feature while storing corporate compliances, RecordsKeeper has proved to be an ideal choice. Not only the data saved over RecordsKeeper blockchain becomes immutable, but it also let the organisations monitor regulatory feeds and update their records according to the pre-set regulations in the RecordsKeeper blockchain.
RecordsKeeper has successfully overcome issues insurance companies were facing such as Data Security, Fraudulent information, Trust issues. The distributed nature of RecordsKeeper has ensured data security and build trust. As the data stored on RecordsKeeper becomes Immutable, chances of fraud are obsolete. By providing added security and the ability to establish trust between entities RecordsKeeper has helped in solving the interoperability problem.
Public blockchain network with key-value pairs such as RecordsKeeper, offering exceptional features are indeed the need of the hour in blockchain technology.
RecordsKeeper is an open-source, public database leveraging Blockchain Technology. It is a platform offering record keeping with impressive features such as data immutability, data integrity, data authenticity, and data verifiability. RecordsKeeper stores information in the form of key-value pairs in a very structured manner with query-able storage over the Blockchain network. Inheriting the core features of Blockchain Technology. RecordsKeeper provides secure transfer, authorisation, integrity, and authenticity of data.
RecordsKeeper an immutable, integrated global data repository.
RecordsKeeper was developed with a vision to create a robust and secure ecosystem for data sharing and verification, accessible to anyone globally.
RecordsKeeper provides many open-source libraries and APIs for publishing the records on RecordsKeeper blockchain through programming, backend services, mobile, desktop apps and many other. Once a record is uploaded, a condensed hash of records with metadata is pushed into the RecordsKeeper ledger whereas the actual data can be pushed to the encrypted storage layer. After the initial storage of data, any alteration results in a different hash with its immutable traces stored in the blockchain. Thus making it a fraud-proof recordkeeping system. With SHA-256 a hashing client can verify the authenticity of the data any time he wants.
Why should you consider RecordsKeeper?
RecordsKeeper serves as an excellent platform for storing, updating and verifying records securely. It provides a fraud-free and robust system while eliminating the third party role for any verification purpose. The data stored can be shared with other parties with the help of transactions.
RecordsKeeper lets you push 10MB of immutable data per transaction using XRK tokens.
It is a highly secure and completely open source system and lets you focus on your application without any need to understand internal architecture.
RecordsKeeper fixes you up with a running application within a day. You can always integrate it with other businesses for external use.
Several outstanding features of Recordskeeper makes it idle for data storage and sharing. It allows anyone to verify the records by entitling the person with read-only access without involving you.
XRK tokens-RecordsKeeper’s very own cryptocurrency
XRK tokens act as fuel for RecordsKeeper network. XRK token is charged to users as an upload fee that inturns miners earn from the recordskeeper network, resulting in a win-win situation for everyone including the XRK holder, user and miner. Currently, the upload fees are 0.1 XRK/KB. If you require to load 1MB of data, you will be required to pay 100 XRK tokens.
Miners are added only by the admin to the community. After the initial setup phase until block number 4204800, the mining community is open for everyone. However, the mining diversity is kept under control to the factor 0.2. Mining factor 0.2 means that if there are 100 miners in the community and a miner mines a new block, he/she will have to wait for 20 blocks to be mined before he/she can mine another one. Therefore miners can not mine continuous series of blocks, and thus they are kept under controlled to overpower the blockchain system and performing any fraudulent activity.
At the time of joining miners get rewarded 10000 XRK coins additional annual rewards are given for supporting and promoting the community. RecordsKeeper Blockchain is adding 10 XRK every 15 seconds through token mining. RecordsKeeper ecosystem currently has over 300 million premined XRK tokens, and the count is rising expeditiously.
XRK Light Wallet
RecordsKeeper offers an XRK light wallet enabling users to create, store and receive records on the RecordsKeeper Blockchain. Some of the Incredible features that are incorporated in XRK wallet are the data that can be retrieved when required as transactions and are stored in memory on disk in a suitable format. No full wallet scan are needed as transactions are indexed by specific criteria and transaction bigger than the size of 256 bytes are not stored in the wallet, instead, the wallet a pointer to the metadata stored in the recordkeeper blockchain.
What clients say about RecordsKeeper
Mark Dorsey from Austin, Texas says “Recordskeeper has made our lives easier. Now with one shared permanent record on the blockchain, there is no need of duplication elsewhere. It has also accelerated the regulatory review as reconciliation is no longer needed. It is really easy to update, share and verify records without worrying about any Fraud. Kudos to Recordskeeper for providing such a reliable platform for our regulatory compliances application. ”
Also, Samantha Pritchett says “ RecordsKeeper has proved to be a boon for monitoring, updating and storing the data of the supply chain for our company. It is quite reliable and has lifted the burden of such huge recordkeeping tasks from our shoulders. It seamlessly records the quantity and transfer of assets as they move between supply chain nodes, Tracks purchase orders, changes orders, receipts, shipment notifications, or other trade-related documents. Choosing RecordsKeeper is one of the best decision taken so far. Thanks!”
In this article, we are comparing RecordsKeeper blockchain with other blockchains, by some general parameters which are shown in the table. With the help of this, users can quickly identify which blockchain is more suitable and useful for them. For this comparison, we have considered some basic blockchain parameters like max block size, transaction size, max transaction per second, etc. The detailed analysis is given in the following table:
|Max Block Size||10 MB||Up to 1 GB||1 MB||Doesn’t have Block size but works on Gas Limits.||Currently 2 MB. But it can be extended.||Doesn’t has Block size but works on Gas Limits.|
|Max Transaction Size||8 MB||Up to 1GB||1 MB||780kB (Because of the Gas Limit)||Currently 1 MB. But it can be extended.||780kB (Because of the Gas Limit).|
|Max transactions per seconds||3000 transactions per seconds.||3000 transactions per seconds.||5 transactions per seconds.||15 transactions per seconds.||Currently 1000 transactions per second extends upto 10000.||1000 transactions per seconds extended upto 1000000.|
|Avg. Block time||15 seconds||15 seconds||10 minutes||15 seconds||15 seconds||0.5 seconds.|
|Max Data Size||4 MB||Up to 1 GB||1 MB||780kB (Because of the Gas Limit)||Currently 1 MB. But it can be extended.||780kB (Because of the Gas Limit)|
|Data Retrieval||Key based retrieval||Key based retrieval||Need to transverse Blockchain to get the transaction with data.||Need to transverse Blockchain to get the transaction with data.||Contract-based retrieval.||Need to transverse Blockchain to get the transaction with data.|
|Mining Consensus||Feature implementation with Mining Diversity||Feature implementation with Mining Diversity||No Mining Consensus Present||No Mining Consensus Present||66% consensus rule.||No Mining Consensus Present.|
|Permissions||Control who can connect, send and receive transactions, create assets, streams, and blocks.||Control who can connect, send and receive transactions, create assets, streams, and blocks.||Bitcoin is a permissionless blockchain.||You have to adapt and change Ethereum Blockchain to run a permissions Blockchain.||Neo is a public blockchain, so anybody can connect and mine.||EOS is a public blockchain, so anybody can connect and mine.|
|Assets/Cryptocurrency||Use XRK to upload data over the Blockchain.||You can issue millions of your own assets on a blockchain.||Bitcoin available as Cryptocurrency.||You can create tokens over the Ethereum Blockchain.||You can create custom tokens on NEO, NEO available as cryptocurrency and GAS used as a transaction fee.||Uses Ethereum ERC20 token but, after June 1st, the new eos.io system will instead offer its own blockchain, separate from Ethereum, with its own native coin.|
|Security||Provides flexible security with multi signatures, external private keys, cold nodes, and consensus. For initial 2 years, admin holds the security.||You can define and provide your own security with multi signatures, external private keys, cold nodes, and consensus.||Bitcoin does not support advanced authentication mechanism. Although it provides with Data Sanitization, Key storage and Audit logs.||You can define and provide your own security with multi signatures etc. with the help of smart contracts.||You can define and provide your own security with multi signatures etc. with the help of smart contracts.||You can define and provide your own security with multi signatures etc. with the help of smart contracts.|
|Hashing algorithm||SHA256, RIPMEND 160||SHA256, RIPMEND 160||SHA256, RIPMEND 160||Ethhash(“sha3_256” and “sha3_512” hashes)||SHA256||KECCAK 256|
|Programming language used for build||C, C++||C, C++||C, C++||C++||C#||C++|
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