Ever since the advent of Bitcoin in 2009, the cryptocurrency market has been on the rise. As the crypto market grows, there is a need for new and innovative methods of storage. A decentralized storage economy could be the answer to mainstreaming the crypto market. Combining the security of blockchain technology with advanced data storage capabilities, decentralized storage may be very well on its way to becoming a key player in the crypto market.
Saswata Basu, CEO of Züs, spoke with Joao-Pierre S. Ruth with Information week on how the crypto industry has gone through several innovations, starting with currency such as bitcoin and has progressed to smart contracts. Then came DeFi (decentralized finance), he says, which has gone through some growing pains, and NFTs (nonfungible tokens). In the article, Blockchain Report Card: What does it matter to enterprises now?, Basu explains “NFTs are very useful.” “It’s a growing market and is established to some extent. NFTs, we feel, are going to be key in terms of the adoption of decentralized storage.”
Blockchain is more than just cryptocurrency
When most people think of blockchain, they think of cryptocurrency. However, blockchain is a much broader technology with a variety of uses. One of the most promising applications of blockchain is decentralized storage. Just as cryptocurrencies are stored on a decentralized network of computers, so too can files and other digital assets.
This has several advantages over traditional centralized storage systems. For one, it is much more resilient to hacking. Additionally, it provides greater privacy and security, as data is not stored in a central location where it can be accessed by unauthorized individuals.
New alternative: A decentralized storage economy
A recent study estimates that the annual spending on storage infrastructure will exceed US$60 billion by 2025. This suggests a huge opportunity for a decentralized storage economy to emerge and provide an alternative to the centralized storage services that have become the norm. Such a storage economy would be powered by crypto tokens and would allow users to store their data in a secure and decentralized manner. This would not only improve security and privacy, but it would also reduce costs. Ultimately, a decentralized storage economy can potentially move the crypto market to the next level.
No central authority
What also makes blockchain interesting is the idea that without any central authority to trust or rely on for truth-telling purposes; its users have formed their own self-organized communities with bonds of mutual interest. In other words, blockchain provides a way for people to come together and form a connection based on shared values and interests, without the need for a third-party intermediary. This is an incredibly powerful concept, as it has the potential to disrupt many industries that are currently reliant on central authorities.
For example, imagine if there was a blockchain-based system for sharing medical data. This would allow patients and doctors to connect directly, without having to go through a hospital or insurance company. This could potentially lead to faster diagnoses, treatment plans that are tailored to the individual, and cost savings for both patients and providers. Blockchain has the potential to change the way we interact with each other on a fundamental level.
Decentralized storage is more secure
Decentralized storage is more secure than centralized storage because it is a distributed network of computers to store data. This means if one computer is hacked, the rest of the network is still secure. Additionally, decentralized storage is more reliable, as it does not rely on a single server. If one server goes down, the rest of the network can still function.
Züs is a decentralized storage platform that promises to provide better performance than incumbent services. Züs uses a novel technique called “sharding” to implore performance. Sharding allows Züs to break data into small pieces and spread those pieces across the network. This allows Züs to provide faster access time due to the synchronous downloading of file fragments or shards. Züs plans to revolutionize the way we store data.
A decentralized storage economy has yet to go mainstream, despite the many advantages that it offers. The centralized storage model that most of us are used to is no longer feasible in today’s decentralized world. With data breaches becoming more and more common, it is clear that we need a new way to store our data. Blockchain technology offers a solution that is secure and efficient. If you are interested in learning more about this exciting new technology, check out Züs.