CryptoCurrency : The Bluzelle – How Does Bluzelle Work?
Bluzelle takes blockchain principles and sharding & par22oning concepts to create an AirBnB like marketplace for data storage and management. This is a crypto-economic network of powerful producers and consumers.
The consumer is the one who “consumes” the Bluzelle database services. These are the developers we target. Consumers are spending Bluzelle tokens so they can store and retrieve data. Addi_onally a user could get a credit of tokens if a producer failed to meet certain service levels.
The producer is the one who provides resources to the network in return for earning Bluzelle tokens (BLZ). Bluzelle producers will be required to put up a propor_onal stake of Bluzelle tokens, in order to provide a guarantee on the service levels Bluzelle will provide. Bluzelle will encourage compe__on by producers to provide higher quality services, where those with higher service levels can charge more but also have to put up a higher stake.
Every par_cipa_ng consumer and producer of Bluzelle are ini_ally required to independently create their own Ethereum account and take responsibility for securing and protec_ng their private key. The private key is used to secure access to their ETH and Bluzelle tokens and encrypt their data before it gets sent out over the Bluzelle network.
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