Decentralized Cloud Storage System
Bitcoin and its underlying technology, the Blockchain, have undoubtedly shaken up the world of finance forever. The creation of a universal, immutable, and decentralized ledger for value transactions has been a completely pivotal innovation for the world financial industry. The same can be said for Ethereum, smart contracts, and how they are shaping what is becoming the new version of the internet, the Web 3.0.
Ethereum and the advent of smart contract technology have opened up unimaginable possibilities in countless fields, where decentralization can improve transparency, fairness, and accessibility for all parties involved. This is something that can be observed in the growth of the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) industries.
What about data?
While the blockchain has proven to be a great way to maintain a decentralized ledger of balances and transactions, it has many limitations, especially when it comes to metadata storage and distribution. In the meantime, blockchain is perfect for keeping track of transactions, balances, and permissions, there is something amiss in our journey towards full decentralization.
While not new, decentralized storage is still an instrumental step when it comes to ushering in the “new” era of the Internet. We’ve seen this with P2P networks like BitTorrent. The world’s hunger for decentralized, private, and fair models of data sharing (financial and of all sorts) is undeniable and despite the challenges currently being tackled by the most popular ecosystems: including, lack of ease of use and high gas fees, it seems clear that blockchain networks like Ethereum and others are here to stay.
So, what’s next?
As we enter the Web 3.0 era, several unique storage solutions have begun to compete with centralized hosts for market dominance across a variety of application scenarios since the emergence of blockchain as an incentive layer for decentralized storage markets, with several notable storage solutions beginning to fight for market dominance across a variety of application scenarios since the emergence of blockchain.
China, for example, has limited the use of social media. Access to Twitter, YouTube, Facebook is limited. Domestic social media sites such as WeChat, Weibo, Renren, and YouKu serve as news sites and instant messaging applications. The country has also banned access to Google, using state-controlled Baido as its main search engine.
The problems these presents are obvious. The EU’s lead privacy regulator noted that there was a 71% increase in data breaches between 2018 and 2019. And that is just one of them. Centralized storage poses increases the opportunity for data breaches and theft.
The solution? Decentralized storage network.
Decentralized storage system? What is that?
Decentralization means that the system is not reliant on a central authority. In technical terms, decentralization is a subset of distributed architecture in which all participating nodes make decisions independently rather than relying on a single node. Decentralization has been around for a long time and relates to governance, decision-making, and control.
A decentralized storage system works based on open participation and free-market principles. This means that anyone can join the network, and data is duplicated across several nodes across the dispersed network to avoid a single point of failure.
Decentralized Cloud Storage System