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WiMi is Researching Federated Blockchain Technology to Build a Decentralized File Storage and Sharing System

BEIJING, March 4, 2024 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced that it is working on researching federated blockchain technology to build a decentralized file storage and sharing system.

A federated blockchain is a special type of blockchain, which is a blockchain network managed and maintained by multiple organizations. A federated blockchain offers higher performance and privacy protection compared to a public blockchain. In a federated blockchain, a file storage and sharing system can be built, i.e., files are stored on different nodes, and the sharing and transmission of files are realized through blockchain technology. In this system, each node can store and share files, and other nodes can transmit and obtain files through the blockchain network. The security and trustworthiness of the files can be ensured through the consensus mechanism and smart contracts of the federated blockchain.

The core of the federated blockchain-based file storage and sharing system researched by WiMi involves splitting files into small blocks and encrypting each block using a cryptographic algorithm. These encrypted blocks are then distributed to various nodes of the federated blockchain for storage. By using the consensus mechanism of the blockchain, the integrity and reliability of the file is ensured. At the same time, users can control the access rights to the files through smart contracts on the blockchain to realize secure file sharing. The advantages of this system include data security, decentralization, scalability and high performance. By using federated blockchain technology, WiMi seeks to build a trusted and secure file storage and sharing system that provides users with a better file management and sharing experience.

Architecture design is a very important step in a federated blockchain-based file storage and sharing system. The main components of this system include client, peer nodes and blockchain networks. The client is the interface where the user interacts with the system to upload, download and share files. Peer nodes are the core components of the system that are responsible for storing and sharing files and participating in the consensus process of the blockchain. The blockchain network is a distributed network of multiple peer nodes for storing metadata about transactions and files.

The system adopts a layered architecture, including the application layer, blockchain layer and storage layer. The application layer provides user interface and file operation functions, including uploading, downloading and sharing files. The blockchain layer is responsible for handling the metadata of files, including information such as the hash value of files, uploaders and permissions, and ensures the consistency of data through consensus algorithms. The storage layer is responsible for actually storing the contents of the files, which can be done using a distributed file system or a cloud storage service.

In this system, a client uploads, downloads and shares files by communicating with peer nodes. The client first establishes a connection with a peer node and sends a request for a file. After receiving the request, the peer node verifies the user’s identity and permissions and access the file from the storage layer as needed. The peer node also writes the metadata of the file to the blockchain and sends it to other nodes for consensus.

Traditional file storage and sharing systems typically rely on centralized servers, with the risk of a single point of failure and data loss. A system based on a federated blockchain can distribute files across nodes in the network to achieve decentralized storage and sharing, improving the reliability and stability of the system.

Blockchain technology also provides encryption and authentication mechanisms that can ensure the security of files during storage and transmission. Each node has its own identity and digital signature to verify the integrity and authenticity of the file, preventing it from being tampered with or forged. Blockchain is a tamper-proof distributed ledger and all file operations are recorded on the blockchain. This means that every file upload, download, modification and other operations can be traced back, and everyone can verify the history of the file, enhancing the transparency and credibility of the system. A federated blockchain-based file storage and sharing system can utilize smart contract technology to achieve more complex file management functions. For example, the access rights of files, sharing rules of files, etc. can be defined through smart contracts, and the corresponding operations can be performed automatically to improve the automation and efficiency of the system.

The federated blockchain-based file storage and sharing system can realize efficient, secure and reliable file storage and sharing functions, providing users with a more secure, reliable and efficient file management and sharing experience, promoting information sharing and advancing the development of the technology industry.

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

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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.