Bluzelle, which completed its $19.5 million initial coin offering (ICO) on February 2, is an Ethereum-based blockchain platform aiming to evolve into the decentralized web for websites and applications.
In previous years, since 2016, several blockchain projects like Maidsafe have tried to materialize the decentralized web and an ecosystem for decentralized applications. However, the vast majority of these blockchain projects have struggled to demonstrate any commercial success, and struggled to appeal to developers.
One key aspect of Bluzelle that may significantly contribute to its growth as a decentralized web platform is its applicability with the Ethereum blockchain network. As an ERC20 token standard-based cryptocurrency, the native token of Bluzelle (BLZ) is compatible with Ethereum’s native cryptocurrency Ether and other ERC20 tokens on the platform like EOS, QTUM, OMG, and more.
The compatibility of Bluzelle with Ethereum and Ethereum-based decentralized application ease the process of app deployment and development, allowing developers to launch applications on the Bluzelle protocol with scalability.
The main Ethereum protocol is also an ecosystem for decentralized applications, considering that Bluzelle and many other applications have launched on top of it. But, the Ethereum network is not efficient in storing and managing data, due to the congestion in its blockchain.
Vitalik Buterin, the creator of Ethereum, emphasized that it is expected to take three to five years for the Ethereum network to truly scale, with solutions like Casper (proof-of-stake), Plasma, and Sharding. Buterin told South Korean mainstream media outlet JoongAng:
“I would say two to five, with early prototypes in one year. The various scaling solutions, including sharding, plasma and various state channel systems such as Raiden and Perun, are already quite well thought out, and development has already started. Raiden is the earliest, and its developer preview release is out already,” said Buterin.
But, even with Plasma and Sharding, which would allow miners in the Ethereum network to mine Ether and verify transactions with a much larger capacity, it remains unsure whether the structure of the Ethereum network can handle the storage of large sums of information.
The Bluzelle development team noted that similar to how blockchain networks like Filecoin and IPFS are necessary for data storage and distribution, a platform that specifically addresses the commercialization of the decentralized web is necessary.
“Just like decentralized services like Filecoin and Storj are needed for file storage & management; there is a need for data storage & management. Bluzelle is a decentralized, on-demand, scalable database service for dApps. Bluzelle fills a need and is complementary to the other components to make the decentralized Internet complete,” noted the Bluzelle team.
Interestingly, Bluzelle has already built blockchain solutions for many of the worlds largest financial institutions and blockchain projects. Bluzelle has built trusted blockchain technology for Japan’s largest bank MUFG, $200 billion financial conglomerate HSBC, $714 billion tech giant Microsoft, decentralized exchange protocol 0x, and Zilliqa.
Bluzelle is advised by former Facebook executive and Apache creator Prashant Malik, who is considered as a leading and renowned expert in the database sector.