Abstract

Web3 is a new Internet designation referring to the decentralized web using a token economy.

This token economy encapsulates more than just the transfer or exchange of liquid assets. It includes the conversion of illiquid assets (fixed assets) such as real estate, natural resources, land, commodities, public infrastructure, mines, ports, art, and private equity into exchangeable forms. Furthermore, Soulbound Tokens (SBTs) have the capability to encapsulate an individual's unique life data including medical history, educational background, and work history, enabling personal data to be utilized meaningfully while preserving privacy.

As the market for asset tokenization expands, projected to reach $16 trillion by 2030, the value held within these tokens, particularly when assets are converted into NFTs, lies in the data they represent. This evolution underscores the criticality of sustainable data storage solutions, as the value of these tokens becomes intrinsically linked to the longevity of their respective data storage.

While decentralized storage solutions, including IPFS, present a possible avenue, they are hindered by the inherent challenge of storage media lifespan. Decentralized storage solutions, including IPFS, present a path of possibilities, yet are hindered by the inherent challenge of the lifespan of storage media. This whitepaper introduces our solution to this pressing issue: the Xenea and Decentralized Autonomous Contents Storage (DACS), whereby both technologies have separately been reviewed and passed through the stringent peer review approach of authoritative international conferences including the IEEE.

Xenea operates its blockchain infrastructure using a unique consensus algorithm, Voting Proof-of-Work (PoD), a power-saving and secure blockchain technology developed in-house. This technology introduces the concept of an Escrow node, a decentralized validator node, selected randomly to designate voting nodes, enabling consensus voting in a secure and transparent environment.

The innovation does not stop there; the DACS, embedded within Xenea, serves as a testament to this value proposition. It provides data owners with permanent data storage and secure ownership, a necessity in the growing token economy. DACS nodes provide storage for the Xenea network, receiving incentives for the storage space they provide. The system guarantees the preservation of data, and storage locations are written on-chain.

This whitepaper delves into the intricacies of Xenea and DACS, outlining our vision and the significant contributions we aim to bring to the world of blockchain and decentralized data storage.