Decentralization as a Means for Innovation

xtrabytes decentralization goals

At XTRABYTES™, we seek to create a network that offers ‘decentralization as a service’ to individuals, organizations, and businesses. DaaS if you will. 

At present, the distributed ledger industry is focused on facilitating peer-to-peer transactions (P2P) and conventional blockchain use-cases in a bid to merely replicate traditional business processes. 

However, these efforts fail to fully reflect the benefits decentralization has to offer.  After all, blockchain is merely one way of achieving decentralization. Likewise, P2P transactions using cryptocurrencies are simply a singular application of this implementation.

Indeed, the true value of decentralization goes far beyond such conventional implementations. While distributed ledger technology (e.g blockchains) can achieve some semblance of decentralization, focusing on this technology alone would be shortsighted. Consequently, we aim to create a network offering a variety of ways to achieve decentralization. 

Accordingly, XTRABYTES’ developers are bringing this aspect of decentralization to more than just data storage. Aside from decentralizing data storage using distributed ledger technology and blockchain-like solutions, our network also aims to decentralize its communication and network protocols, processing power, and governance mechanisms (to name only a few!).

And by offering a variety of decentralized services, our network enables users to select the decentralization service that is best suited to their needs. 

Ultimately, the XTRABYTES’ fully decentralized network is meant to facilitate a platform offering ready-to-use consumer and business applications. Of course, users have the opportunity to build their own applications using the different decentralized services our network has to offer as well.

Not incidentally, this is where our economics model comes into play. 

As is well-known, the STATIC nodes supporting our network and participating in these services will gain income from the various transaction fees generated by these applications (as long as they’re using P2P cryptocurrency transactions). 

However, STATIC owners will also be able to generate an income based on the various decentralized services they support, be it storage, processing power, communication, networking, …

Ultimately, XFUEL will be used by application developers to pay for services offered by the network. 

In turn, application developers seeking access to services offered by the network must accept user fees in XBY (or forfeit network access). As such, individuals will use the XBY token to pay for goods/services via any applications using the XTRABYTES™ network,

Consequently, applications employing one or more of the decentralized services offered by the network (which don’t require P2P transactions) will also generate an income despite no transaction fees being involved.

In effect, these conditions guarantee that both XFUEL & XBY will continually employ different use cases.

And by creating a common-use case for both tokens (e.g. nodes, XIP, …), network users are provided with an opportunity to profit from the difference in value between both tokens. Moreover, this will enable them to find the best deal for these common use cases.

At XTRABYTES, we believe this approach provides us with the best chance to find our footing in this emerging new industry. 

The XTRABYTES™ Team
https://xtrabytes.global/team

Additional blockchain development interest: https://blog.xtrabytes.global/technology/the-biggest-limitation-to-crypto-adoption/

Would you like to know more?

We don’t just publish articles, XTRABYTES™ is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES™ presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.

You can learn more on our website where you can also help to spread the word through our bounty program and get rewarded in XFUEL™, or join our community and hop into the discussion right now!

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