What is cryptocurrency Bluzelle (BLZ) and how does it work?

What is Bluzelle (BLZ)?

The Bluzelle project aims to set a new standard for the decentralized internet, predicting that centralized infrastructures won’t have the necessary capacity to support the new decentralized web currently in development. The Bluzelle ecosystem represents a decentralized layer where users can store and use data for dApps without censorship and with maximum scalability.

Most blockchain environments that operate with smart contracts have issues with scalability, which is why projects like Bluzelle could play a huge role in the overall development of the decentralized web. Bluzelle was built with the Cosmos SDK and is based on Tendermint’s Byzantine Fault Tolerant technology. This combination of software and consensus mechanism makes Bluzelle compatible with multiple blockchain platforms. The project even offers web hosting with decentralized architecture on the Bluzelle testnet.

A way to describe what Bluzelle is all about is to make an analogy with Airbnb – Bluzelle is, in a nutshell, a decentralized Airbnb for databases. Since Bluzelle is decentralized, there are no central authorities running the platform. Instead, the Bluzelle system relies on network participants to share their redundant storage with other users who then rent that storage for their data. Users who choose to share their storage are compensated in the form of BLZ tokens, which are the native tokens of the network.

How Does Bluzelle Work?

Bluzelle is a decentralized database layer powered by BFT and Cosmos technology to bring scalability and remove censorship when it comes to storing data for dApps. dApps often require massive amounts of storage space, which is a common problem for many blockchain platforms that host them.

Essentially, Bluzelle is a peer-to-peer market for database storage that connects users who want to rent storage with users that need extra storage space, with maximum security and high capacity for scaling. Those that share storage get compensated in the form of BLZ, the network’s native token previously known as BNT, for their redundant storage space, while users can pay a fair fee for using Bluzelle database storage. 

The native BLZ token is just used internally to enable the Bluzelle crypto economy without the congestion and high gas fees of Ethereum. However, there is also an externally-tradable ERC-20 BLZ token which connects the Bluzelle network with Ethereum. Bluzelle users can buy ERC-20 BLZ from an external exchange and convert it to native BLZ for use on the Bluzelle network through the Bluzelle bridge. Conversions can also take place in the opposite direction.

The Bluzelle ecosystem is based on nodes, known as “Swarms”. Swarms, a group of network nodes, are the base of the entire network. The network also uses sharding to enable scaling, so every time someone uploads data to the network, that data is split into shards and distributed across Swarms.

Who Are the Founders of Bluzelle? (History of Bluzelle)

Bluzelle was originally founded in 2014 by Neeraj Murarka and Pavel Bains under the company name “Bluzelle”. At first, Bluzelle was focused on developing blockchain apps for banks. It later changed its model of operation in 2017. With the realization of the increasing need for decentralized storage systems, Bluzelle created a database storage layer where dApp developers and enterprises can store their important data.

Since 2018, Bluzelle has been based in Singapore with a global outreach as a storage provider for enterprises and dApp developers.

What Makes Bluzelle Unique?

Bluzelle’s use case is not unique in the world of blockchain as there are similar projects like Filecoin and Siacoin, for example. Bluzelle aims to work alongside these projects and other similar blockchain-based platforms to set new standards for the developing decentralized internet, dubbed Web 3.0.

Although Bluzelle represents a decentralized database storage platform with a P2P market, the project also offers decentralized web hosting on Bluzelle testnet. This feature makes Bluzelle unique among similar projects as Bluzelle testnet offers life-long URLs that can’t be shut down like traditional URL addresses you can buy from centralized web hosting providers. 

What Gives Bluzelle Value?

Bluzelle’s value is derived from its technical capacity, technology, innovation, and utility. The market price of BLZ usually doesn’t match its fundamental value due to the volatility in the cryptocurrency market. Bluzelle price and the price of other cryptocurrencies in the market can radically change within a relatively short period.

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Bluzelle is also valued through the activity of its dev team, or devalued due to the lack of it. Other important elements such as upgrades and updates, new features, developments, and positive news, also give Bluzelle value. Mainstream use and institutional investors are further value indicators for Bluzelle and other crypto assets.

How Many Bluzelle (BLZ) Coins Are in Circulation?

There are currently BLZ in circulation. Bluzelle has a limited supply of BLZ coins, which means that no new BLZ should be minted once the total supply is exhausted. The finite supply acts as an anti-inflation mechanism.

The number of BLZ coins in circulation multiplied by the current price of Bluzelle in the market is equal to the market cap. The market cap ranks the crypto and determines its market share.

Other Technical Data

Bluzelle enables scaling on the network and allows dApp developers and enterprise users to store their data and use computational power without downtime. Bluzelle achieves this through the use of sharding across the structure of computational nodes, or Swarms.

Swarms consist of singleton metaswarms and virtualized metaswarms. The first represents an identifier that denotes the entire framework of swarms and groups them. The latter stands as a colony of leaf swarms and represents individual swarms that create the entire system. Each swarm is responsible for an individual set of data, thus achieving scalability.

How Is the Bluzelle Network Secured?

The Bluzelle system is secured through the use of Proof of Stake and Tendermint’s BFT consensus engine, powered by Cosmos. Bluzelle distributes the data uploaded to the network and transforms it into shards, which is why data can’t be compromised in its entirety even if there is a breach in security. Validators are in charge of validating blocks and transactions while being rewarded for their participation.

The uploaded data is additionally secured through replication. Once replicated, the file can never be lost and the owner of that data can access it at all times.

How To Use Bluzelle

Bluzelle is used as a decentralized data storage layer for enterprises and dApp developers who need extra storage space for sensitive and important data and files. Bluzelle also offers web hosting services through the decentralized environment of its testnet. Its main use case is providing safe and secure data storage space and a P2P market where users can rent redundant storage space and computational power provided by other users.

BLZ can be used to reward network participants and provide compensation for renters, while it can also be traded in the live market of cryptocurrencies. Traders may make a profit based on the difference between the buying and selling price. BLZ is the native token of the Bluzelle network, so it is also the main payment method on the platform. 

How To Choose a Bluzelle Wallet

Bluzelle uses a dual token system involving native BLZ and ERC-20 BLZ. Native BLZ is just for use on Bluzelle’s own blockchain and can be stored and staked in the Frontier mobile wallet following its partnership with Bluzelle.

ERC-20 BLZ is the external token used for trading on exchanges and can be stored in any wallet that is compatible with Ethereum. The type you choose will likely depend on how much BLZ you have and what you intend to do with it.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of BLZ for more experienced users.

Software wallets like Atomic provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of BLZ or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your BLZ, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your BLZ tokens without hassle. Storing your BLZ with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling BLZ, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Bluzelle Proof of Stake

Bluzelle uses Proof of Stake in combination with BFT and sharding to achieve scaling.

Proof of Stake is known to be more efficient and cost-effective than blockchain networks that run on the Proof of Work protocol. In combination with sharding, Bluzelle achieves superb scaling and maximum security of the network and uploaded data.

Conclusion

Bluzelle is a prominent blockchain project that aims to contribute to the general development of the decentralized web. Its goal is to set a new standard for Web 3.0 and decentralized applications by creating a scalable ecosystem where enterprises and dApp developers can securely store large amounts of data.

Bluzelle also offers decentralized web hosting as a part of the project’s vision, which makes it unique among similar projects. Bluzelle continues to develop in pursuit of Web 3.0-related goals.

Join the crypto revolution and start your Bluzelle journey today.

Bluzelle FAQ

How to Buy Bluzelle

Buying BLZ is as easy as visiting Kriptomat’s how to buy Bluzelle page and choosing your preferred method of payment.

How to Sell Bluzelle

If you already own BLZ and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Bluzelle Price

Bluzelle price is subject to frequent changes and is in constant flux to match trend reversals and other factors that affect Bluzelle price. The price of BLZ can change radically within a brief timeframe, affected by various specific factors that define its market value. You can check live Bluzelle prices on Kriptomat with real-time price updates.

As well as traditional factors such as market sentiment, the flow of cryptocurrency on exchanges, and the economy in general, BLZ price is also affected by the number of Bluzelle users and the amount of tokens being staked.

The current BLZ price is EUR.

The 24-hour trading volume of BLZ is EUR. BLZ is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of .

Register now to begin your journey into the world of Bluzelle and cryptocurrencies with Kriptomat!

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