Mine Labs, a New York-based blockchain startup has announced the evolution of Mediachain, a Bitcoin blockchain-based decentralized metadata protocol which relies on the InterPlanetary File System (IPFS) to protect as well as ensure the rights to creative digital works.
Since early on 2015, emerging blockchain startups accept begun to focus on the evolution of blockchain-based identity as well as authentication systems to assist artists, freelancers as well as digital content providers to protect their travel from beingness plagiarised. To encrypt as well as shop digital rights on the Bitcoin blockchain, most of these blockchain startups accept either encoded an ID into the Bitcoin blockchain using OP_RETURN or CoinSpark to reference centrally hosted information or used a custom-built blockchain to attach metadata straight to transactions.
But at that spot are several challenges inwards using these 2 techniques inwards encoding metadata onto the Bitcoin blockchain.
For example, the maximum information storage per transaction allowed past times the Bitcoin protocol’s built-in OP_RETURN code is xl bytes. This restricted storage makes it hard to shop long strings of metadata onto the Bitcoin blockchain. Thus, using OP_RETURN to encrypt metadata onto the Bitcoin blockchain becomes extremely inefficient as well as is discouraged past times essence developers which intend that it contributes to “blockchain bloat.”
The resultant alongside the mo technique of edifice a custom blockchain is security. Newly established blockchain networks alongside a lack of miners as well as hash ability could last vulnerable to 51 per centum attacks. The occupation intensifies if the information as well as the blockchain becomes large as well as at that spot is non plenty hash ability to secure the protected information.
Pete Dushenski explains, “As shorter walls are easier to attack, the metropolis has grown at the expense of security. To convey this into relevant (Bitcoin) terms, the size of the metropolis is the Blockchain as well as the travel past times of its walls is the network’s hashrate. As such, the larger the Blockchain, the to a greater extent than hashpower is required to hold the same marker of security.”
Instead of entirely relying on the Bitcoin blockchain’s built-in features to shop metadata, Mine Labs has introduced a novel method of validating information without storing large sums of information onto the Bitcoin blockchain itself. Mine Labs’ protocol, called Mediachain, capitalizes on the limitations of existing startups past times using the InterPlanetary File System to shop the actual data, simply publishing the information onto the Bitcoin blockchain to authenticate the information using using fourth dimension stamps. This allows digital content providers, artists as well as freelancers to encrypt rights to their digital content past times making images as well as other information interoperable as well as discoverable inwards a hybrid decentralized system.
“Mediachain is a collaborative federated media metadata protocol that allows parties to brand statements well-nigh creative works,” explains Denis Nazarov of Mine Labs. “The metadata statements are cryptographically signed past times the contributor, timestamped inwards the Bitcoin blockchain, as well as stored inwards IPFS. The statements tin as well as hence last looked upwards via perceptual search using an event of the media itself.”
One of the essence technologies behind Mediachain, the InterPlanetary File System is a novel hypermedia distribution protocol developed past times the IPFS community as well as many contributors from the opened upwards origin community to enable the creation of completely distributed applications. The concept of IPFS is truly like to the Web inwards price of providing a high throughput block storage model alongside content-specific cryptographic hyperlinks. The unique payoff of using the IPFS every bit a foundation of an application is that the IPFS provides cryptographic proof or hash to every ready of information stored inwards the system.
“IPFS, billed every bit “a novel hypermedia distribution protocol,” is a stack incorporating a lot of the best distributed systems ideas of the past times few years (DHTs, Merkle DAGs, BitTorrent swarms, self-certifying file systems) to deliver a global, uniformly addressable namespace that anyone tin participate in. Influenza A virus subtype H5N1 late landed novel object format patterned later JSON-LD allows us to shop richly structured as well as interlinked information inside this system,” explained Arkadiy Kukarkin of Mine Labs.
Because the information encoded into the IPFS arrangement is accompanied past times a unique cryptographic hash of its digital content, the actual links to the content cannot last changed or altered. The Mediachain publishes the cryptographic hash of the content onto the Bitcoin blockchain, providing irrefutable as well as unalterable information that tin last used to verify as well as authenticate digital content.
The postal service Mediachain: Protect Digital Content With a Bitcoin-Based Metadata Protocol appeared outset on Bitcoin Magazine.
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