Proquest, a decentralized cloud database for managing digital assets, will be launched as a decentralized platform in 2017, its founders said.
The company, founded in 2014 by bitcoin pioneer Gavin Wood and blockchain pioneer Alexey Melnik, said it will use the blockchain as its core, rather than using the Ethereum blockchain as a central repository for data.
Proquest, which will offer a marketplace for digital assets to buy, sell and store, is based in San Francisco, but has its headquarters in the Netherlands.
It has already raised over $1.2 million in Series B funding, according to the company’s website.
The blockchain-based blockchain database Proquest aims to be a “global standard for data, identity and reputation management,” the founders said in a statement.
ProQuest will be the first decentralized database to support digital assets on the blockchain.
In a blog post, Wood said that the company aims to offer its users the ability to access their digital assets in the same way they do today with the existing centralized systems that store digital assets.
“In the near future, ProQuest will offer decentralized storage for digital asset data that is stored in the blockchain,” Wood wrote.
“This means that Proquest will be able to store the same data as today but will be transparent about how it has been processed, and be able share its results with anyone.”
ProQuest is set to launch as a marketplace in 2017.
Proquest is also the only blockchain-powered digital asset registry to date, the company said.
It will be a decentralized solution, with its users “limited to the data they need to keep,” the blog post said.
Proquests founders said the database will be free and open to everyone.
Users can opt out of the platform at any time, but the data will always be available to anyone who has the software installed.
Users will be provided with access to the database by a “secure password” that will be shared with the community, the blogpost said.
“We believe that a robust decentralized database with the same ease-of-use and security as our existing centralized services will become the default choice for people to access digital assets and track their wealth,” Wood and Melnik wrote.
“This is because, for the first time in history, we have a database with real value for everyone, from the richest to the poorest.”
The company also said it plans to release a whitepaper to explain its platform.