What is Ethereum Swarm (BZZ)?
Brief Description for Swarm
Swarm is a peer-to-peer network of nodes that provides distributed storage and communication services. The native currency of the network is the BZZ token and its utility is centered around incentivizing decentralized storage.
The decentralized storage platform leverages the Ethereum web3 stack and its incentive structure is predefined in Ethereum smart contracts.
What is Swarm's objective?
Swarm is proposing to extend the blockchain into a computer that serves as the operating system for decentralized applications. The platform claims that it can mitigate denial of service attacks (DDoS) and provide service continuity.
A DDoS attack is an attack that shuts down a network, service, or system and makes it inaccessible to legitimate users. A report released by Radware revealed that the volume of DDoS attacks was up in Q1 2021 as compared to the previous quarter. This report cements the relevance of Swarm as it tries to bring order to the online world.
Swarm supports permissionless publication, which makes it a vehicle for freedom of information.
The crypto industry thrives on the banner of anonymity and privacy, and Swarm is keeping up with this trend.
Swarm's arsenal of privacy features includes anonymous browsing, untraceable messaging, deniable storage, and file formats that protect metadata by safeguarding against leaks.
In a way, Swarm is providing a solution to the surging demand for tighter web security. It goes without saying that nefarious actors are incentivized to exploit cybersecurity loopholes.
The main premise of Swarm is distributed storage, and the project has its own model for this.
Swarm's Storage Model
Swarm's underpinning storage model is called Distributed Immutable Store of Chunks (DISC), where a chunk is the canonical unit of storage.
This model is based on nodes working together to store and serve data. Keeping in line with the principles of game theory, it begs no imagination that individuals will employ strategies that maximize their profits. Despite this obvious fact, the network achieves the following properties:
- ● Protected content
- ● Permissionless and privacy-focused content upload and download
- ● Auto-scaling based on demand
- ● Shield published content from being blocked or changed
- ● Forget content that is deemed unworthy to be preserved
Anyone with spare storage and bandwidth capacity can join the Swarm network and become a node operator. Each node is as good as a sector of a larger global hard drive.
Dealing With Capacity Shortage
The nodes on the network will likely not have infinite storage capacity, and at some point, they may start to run out of capacity to store new content. As a result, nodes need to have a way of deciding which chunks need to be discarded to make room for new chunks.
The Swarm team officially announced on 21 June 2021 that its mainnet was live. The launch opened the door for people and entities to join the mainnet as nodes. About 270,000 nodes ran on the testnet.
The mainnet launch marked the end of an airdrop which was instrumental in growing nodes from 200 to hundreds of thousands.
Swarm was built for Ethereum and is almost similar to the worldwide web. The P2P storage and communication services are self-sustaining due to the incentive mechanism that the platform uses. The base layer services that Swarm provides for web3 include media streaming and messaging.
Swarm's major selling points are listed below:
- ● DDoS resistant - P2P networks repel and minimize the effects of DDoS attacks.
- ● Self-sustaining - the network has a viable economic model based on incentivization.
- ● Censorship resistant - freedom of information
- ● Fault-tolerant
- ● Zero downtime
Swarm token, BZZ, is used by both node operators and end-users.
The project raised $6 million in a private token sale in February 2021. A public sale of the ERC-20 based BZZ token began in mid-June on Coin list, a platform where new blockchain projects turn to raise funds. The public sale was closed off to U.S. residents.
BZZ tokens are listed and available for trading on our exchange, you can click here to start trading them!