WiMi Applied Bitcoin Algorithm DHT Technology to Build Decentralized File Storage and Sharing System
- None.
- None.
Insights
The announcement by WiMi Hologram Cloud Inc. about their new decentralized file storage and sharing system represents a significant technological advancement within the field of cloud computing and data storage. By incorporating Bitcoin's distributed hash table technology, WiMi is addressing critical issues such as data security, system reliability and user privacy. This innovation is particularly relevant given the increasing frequency of data breaches and the demand for robust cybersecurity measures.
The use of Bitcoin's algorithm for decentralization ensures that the system is not reliant on a single point of failure, which enhances fault tolerance and data integrity. The application of blockchain technology for file integrity and tamper-proofing also adds a layer of security that is highly valued in industries where data integrity is paramount, such as finance, healthcare and legal services.
From a business perspective, the deployment of such technology could potentially reduce costs associated with data storage infrastructure and increase the attractiveness of WiMi's offerings to clients concerned with data security. However, the scalability and adoption rate of this technology will be critical factors in determining its impact on the company's financial performance.
The move by WiMi to create a decentralized file storage system using Bitcoin's DHT technology is indicative of the broader industry trend towards enhancing cybersecurity. The decentralized nature of the system means that it is less vulnerable to attacks that typically exploit centralized architectures, such as Distributed Denial of Service (DDoS) attacks.
Furthermore, the anonymity feature provided by Bitcoin's algorithm could be a double-edged sword. While it increases user trust and privacy, it may also raise concerns regarding the potential for illicit use. Companies considering the adoption of such systems will need to balance the benefits of anonymity with the need for regulatory compliance and the prevention of misuse.
For stakeholders, the long-term benefits may include reduced cybersecurity risks and improved compliance with data protection regulations. However, the initial investment in such technologies and the need for user education on the new system's operation could pose short-term challenges.
WiMi's initiative to utilize Bitcoin's DHT technology for file storage and sharing underscores the growing importance of data privacy in the digital age. The ability to store and share files anonymously addresses a key consumer demand for greater control over personal information.
The system's design, which distributes file chunks across multiple nodes, not only improves security but also aligns with the principles of data minimization and decentralization advocated by privacy-focused regulations such as the General Data Protection Regulation (GDPR).
Companies that handle sensitive data could benefit from this technology by enhancing their data governance and privacy frameworks. However, they must also be mindful of the need to ensure that such systems are compatible with existing legal requirements for data access and traceability.
Beijing, Dec. 26, 2023 (GLOBE NEWSWIRE) -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that a decentralized file storage and sharing system is built by applying the bitcoin algorithm distributed hash table (DHT) technology.
The Bitcoin network is a distributed network consisting of many nodes with no centralized control node. WiMi draws on this decentralized idea to build a file storage and sharing network consisting of multiple nodes. Each node owns a certain amount of storage space and is interconnected with other nodes. This distributed storage eliminates the dependence on a single data center and improves data security and fault tolerance.
A DHT is an underlying algorithm for a distributed network that maps a file's hash to the address of the node storing the file via a huge file-indexed hash table. Bitcoin's algorithm can be applied to build such a DHT system for decentralized file storage and sharing. Bitcoin's algorithm provides strong technical support for decentralized storage with its decentralization, security, and immutability. DHT is a distributed mechanism for storing and retrieving data. In WiMi's system, DHT is used to slice files into small chunks and store these chunks dispersed across multiple nodes. Through the hash function of DHT, the system can determine the storage location of the file and realize efficient data retrieval. When a user uploads a file, the system slices it into small chunks and stores them on other eligible nodes; when a user downloads a file, the system retrieves the data chunks from the corresponding nodes and reassembles them into a complete file.
In this system, files are split into small chunks and hashes are computed using Bitcoin's hash algorithm. The hash of each file block is used as an index to map it to the address of the node where the file block is stored. In this way, when users need to access or share a file, they only need to provide the hash of the file block and the system will be able to look up the address of the node storing the file block from the DHT and transfer the file block to the user.
Decentralized technology improves system reliability and reduces the risk of a single point of failure by having nodes in the network work together to maintain and manage file storage and sharing. Bitcoin's hash algorithm and blockchain technology ensure file integrity and tamper-proofing by verifying the hash of a file block to protect the integrity of the file against tampering and corruption.DHT technology allows file blocks to be distributed across nodes in the network, enabling parallel and distributed file storage and sharing, improving system performance, and speeding up file transfers. In addition, Bitcoin's algorithm enables anonymous file storage and sharing, allowing users to upload and download files using anonymous identities to protect their privacy.
By utilizing Bitcoin's hash algorithm and blockchain technology, the integrity and tamper-proofing of files is effectively protected. The system verifies the hash of the file block to ensure the integrity of the file and prevent tampering and corruption. In addition, DHT technology allows file blocks to be distributed across nodes in the network, thus realizing parallel and distributed storage and sharing, greatly improving the performance of the system, as well as speeding up the transmission of files.
In addition to efficient and secure file storage and sharing, Bitcoin's algorithm provides the system with anonymity. Users can upload and download files using anonymous identities to protect their privacy. This anonymity feature increases users' trust in the system and comfort in using it and further satisfies their need for data security and privacy protection.
The decentralized file storage and sharing system built by WiMi that applied Bitcoin algorithm DHT technology, not only improves data security and reliability but also combines efficiency and anonymity. The application of this technology is of great significance in meeting the growing demand for file storage and sharing and promoting the development of the Internet.
About WIMI Hologram Cloud
WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation, and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.
Safe Harbor Statements
This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services.
Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.
Contacts
WIMI Hologram Cloud Inc.
Email: pr@wimiar.com
TEL: 010-53384913
ICR, LLC
Robin Yang
Tel: +1 (646) 975-9495
Email: wimi@icrinc.com
FAQ
What technology did WiMi Hologram Cloud Inc. (WIMI) implement for the decentralized file storage and sharing system?
What are the benefits of the decentralized file storage and sharing system implemented by WiMi Hologram Cloud Inc. (WIMI)?
How does the DHT technology work in WiMi's file storage and sharing system?
What is the significance of applying Bitcoin's algorithm to the file storage and sharing system by WiMi?
