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What is the reason for on-chain data (upstream data chain)

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What is the reason for on-chain data? The essence of blockchain is to establish

What is the reason for on-chain data (upstream data chain)

What is the reason for on-chain data? The essence of blockchain is to establish a verifiable database based on distributed ledgers and smart contracts, where various business records can be publicly and transparently traded at any given time. However, these records are usually not authenticated by intermediaries, making them tamper-proof and traceable.

This article provides a brief analysis of on-chain data: What is the reason for on-chain data? Why does this problem exist? Why is there a need for on-chain data? This is because blockchain technology can achieve ownership transfer, allowing data to fundamentally solve trust issues (such as privacy protection and leakage prevention). On-chain data is mainly divided into two categories: cryptocurrency and storage assets, including wallet addresses and digital identities; and the method of storing and saving data is based on traditional centralized systems. Among them, holding and owning cryptocurrencies have different functions.

One of the main characteristics of on-chain data is to eliminate the role of intermediaries, allowing users to fully control their accounts without having to rely on third parties to request or exchange funds, thus avoiding the risks brought by centralized platforms and reducing costs, making it easier for more people to obtain security guarantees. (PANews)

Upstream Data Chain

The Upstream Data Chain (Upstream Valuation Proof) is an Ethereum sidechain that allows users to transfer encrypted assets or send tokens to their addresses without relying on third parties through smart contracts. The protocol has completed testing and is currently being audited. According to a post published by the developers, the project aims to provide accessibility cross-chain bridge services for decentralized applications on Ethereum. The Upstream Data Chain is a secure, fast, and scalable data network maintained and operated by a node independent of EOS.

In this article, we will briefly summarize the content of the following text regarding upstream data blockchain technology and the future development of the upstream data chain: first, introduce the upstream chain model. The Upstream Data Chain is a blockchain network built on the Ethereum mainnet, with main functions including: 1. Initiating validator set; 2. Consensus mechanism upgrade. (Refer to this link here).

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