What is a Emollient Coin?
Emollient coin is a cryptocurrency that runs on the Bitcoin platform but which functions like a peer to peer decentralized cloud storage. Decentralized storage means users who join this network are able to store data and information on multiple computers run by users who are located in different geographical locations.
A peer to peer network also allows the transfer of information or exchange of it from one person to another without a central server as it usually happens in other non-blockchain based systems. This aspect not only lowers the cost of exchanging information and transacting but is more private and secure especially with the benefits of blockchain.
The network allows anyone who joins the network, to save data or information or provide storage services and get paid to do so.
Those who store data on the network pay for the service but the cost of renting storage space is very minimal compared to centralized cloud storage.
The mode of transaction is the cryptocurrency TEC; Users who are contributing their computing power to facilitate storage and securing of information and data for other users will be rewarded for this with the cryptocurrency, and those renting storage space on the network also pay for the service using the cryptocurrency.
Compared to centralized storage platforms where users store data in centralized cloud servers run by big organizations that own these servers, the computers storing data are run remotely by individuals but the data is stored in copies in multiple computers such that even one user’s computer was down, anyone interested in accessing the data they stored would be able to do so at any time.
Decentralized data storage turns out to be less costly compared to cloud storage systems and is more secure and less prone to hacking compared to centralized data storage systems.
The blockchain platform used by Emollient coin uses what is known as Proof of Work and Proof of Stake algorithm. Thus, it is a hybrid of the two algorithms. For starters, these are called protocols and are coded rules that define how different transactions and operations including mining are to be done on the network. It also defines the number of rewards to be received by users who are contributing their computing power for data storage and securing the network.
Each of blockchains including Bitcoin, do have their own custom blockchains that contain these algorithms that spell the coded rules to be followed when different tasks and operations are being accomplished on the blockchain.
Emollient has a wallet that can be used to facilitate sending, storing and receiving the cryptocurrency and to allow for mining crypto and storing of information and data on the decentralized cloud storage network.
How Emollient coin works
Emollient coin can be described as a cryptocurrency and like many other coins or tokens, it is based on blockchain technology.
This technology allows multiple people running computers and other devices to network and collaborate in doing various tasks including contributing their computing power in order to mine cryptocurrencies and secure data. For the case of Emollient Coin, the task is to facilitate storage, securing and retrieval of information and data.
Those in the network compete to mine blocks and get rewards for that purpose. Thus, although the users engage in mining, the mining power is proportional to active storage and the amount of reward is proportional to a user’s mining power.
The reward comes from the storage rental fee charged on those using the service to store their data and individuals and companies can so use the platform.
In addition to being a digital blockchain ledger where every transaction is recorded permanently, the cryptocurrency acts as a medium of exchange through which value can be exchanged from one person to another. Further, the network facilitates peer to peer transfer and exchange of data between persons, without need for a central server.
Advantages of decentralized data storage
First, the blockchain secures the data with encryption. In addition to securing the data with encryption, this network, due to the fact that it is decentralized, will actually make it hard for any hacker to tamper with the information if they happen to access it.
It also prevents loss of data and information in situations where one micro-server — an individual’s computer goes down or is inaccessible. This is because other computers will have a copy of t