The peer-to-peer, blockchain-based trading exchange, TradeConnect, has announced a team-up with decentralised cloud service 0Chain to help scale the network – and its native token, the ThinkCoin (TCO) – handle more transactions, faster.
oChain’s – which sold all $39m worth of its ZCHN tokens in the pre-sale phase of its ICO – describes itself as a “fast, flexible, free dCloud for a dApp on any chain”, that offers a “a fast high-security storage protocol, a self-forking protocol to create a chain for a specific app”. This means as usage increases demand, 0Chain’s system has the ability to automatically create new blockchain forks to scale the system as necessary. Off-chain data is then stored away using the decentralised storage that is part of the network with processing handled in a similarly distributed way.
Its system utilises the ZCHN currency to unlock computing power and storage for use of the dApps on its network. Interesting, though, rather than paying for that service in the traditional way, the tokens used to unlock access to the 0Chain service can later be sold on should the customer wish to withdraw from the service – or proportionately downscale the amount of processing and storage it has access too. TradeConnect will be looking to use 0Chain’s network to handle high transaction loads and process payments as fast as possible. You can read the 0Chain whitepaper, here.
0chain co-founder Atif Yaqub, told Finance Magnets that “0chain is pleased to partner with ThinkCoin bringing blockchain to traditional financial markets. 0chain will provide high frequency on chain transactions, giving a fast and flexible solution to ThinkCoin clients.”