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Cryptocurrency Guide | Guides

What Is Bluzelle (BLZ)? All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update

Bluzelle

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Key Takeaways

  • Bluzelle is a blockchain project that provides decentralized storage solutions for the creator economy.
  • The project aims to offer secure, reliable, and censorship-resistant storage for artists, musicians, scientists, and other creators.
  • While it offers general storage solutions, Bluzelle also positions itself as a gaming-focused blockchain with features for faster and cheaper NFT transactions suited for the gaming world.

What Is Bluzelle (BLZ)?

Bluzelle (BLZ) is a decentralized storage network designed for the creator economy. It offers a secure and censorship-resistant way for creators to store their data, files, and other digital assets. The project aims to provide a scalable, secure, decentralized data management solution for the decentralized web.

How Does Bluzelle (BLZ) work?

Bluzelle (BLZ) is a decentralized data storage network built on the Cosmos blockchain. It aims to provide a secure and scalable alternative to traditional cloud storage solutions. Here’s a breakdown of how it works:

Decentralized Storage

Bluzelle utilizes a network of computers called “Swarms” to store data. These Swarms are nodes that work together to distribute and secure data. When you upload data to Bluzelle, it gets split into smaller pieces and distributed across multiple Swarms, making it very difficult for any one node to tamper with the data.

Security And Scalability

Bluzelle uses a delegated proof-of-stake (dPoS) consensus mechanism to ensure network security. In a dPoS system, users stake BLZ tokens to vote for validators who secure the network. Validators with more staked tokens have more voting power.

Bluzelle also uses sharding to achieve scalability. Sharding essentially divides the network into smaller partitions, which helps spread the load and improve transaction processing speed.

Additional Features

Bluzelle caters to the GameFi (gaming finance) market by providing solutions for storing game assets and NFTs. It also integrates with DeFi protocols, allowing users to earn interest on their crypto holdings.

Bluzelle (BLZ) Token And Tokenomics

Tokenomics

The BLZ token is Bluzelle’s native cryptocurrency. It is used for:

  • Rewarding Network Participants
  • Facilitate Data Access
  • In-Game Purchases
  • Data Storage And Services

Token Details

Total Supply 500,000,000 BLZ

Circulating Supply 428,076,891 BLZ

Current Price $0.3956

Market Capitalization $170,433,541

This information is current as of May 7th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

  • Public Sale (33%)
  • Bluzelle Company (22%)
  • Community & Network Rewards (10%)
  • Founders (20%)
  • Advisors & Bounties (10%)

Where Can I Buy Bluzelle (BLZ)?

Binance Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.

KuCoin KuCoin is a smaller exchange known for its competitive fees and support for many cryptocurrencies.

Coinbase Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.

Is Bluzelle (BLZ) A Good Investment?

Pros

  • High Scalability And Low Cost – Bluzelle promises a decentralized storage solution with significantly greater capacity and lower costs than traditional cloud storage solutions.
  • Enhanced Security – Data on Bluzelle is encrypted and sharded across the network, making it highly resistant to hacking and data breaches.
  • Strong Team And Partnerships – Bluzelle has a team with experience in blockchain technology and has formed partnerships with other blockchain projects.

Cons

  • Early Stage Development – The Bluzelle platform is still under development, and it may take time to reach its full potential.
  • Competition – Other blockchain projects are also developing decentralized storage solutions.
  • Token Functionality – The primary use case for the BLZ token is currently limited to rewarding storage providers.

Final Thoughts

Whether Bluzelle (BLZ) is a good investment depends on your risk tolerance and goals. Remember, this guide only provides a starting point for your research. Always conduct your due diligence before making any investment decisions.