Decentralized Storage Is Becoming HOT
Decentralized Storage Is Becoming HOT
It all started one day with what is called cloud storage. It was run by large companies as a way to backup data on your phone etc. To be honest this information was already being backed up but they simply give you access to it now. That being said other cloud storage systems soon followed and have now exploded with the lockdowns of 2020. This was because companies and people working remote needed a way to send large files and collaborate with each other online only. It quickly became a hot topic and continues to be and evolves.
What Is Decentralized Storage?
By default it's said that decentralized storage is run by a network of computers across multiple locations. Nodes collectively store and secure data and are responsible for making files available to owners.
Major Players
Right now major players are starting to invest in this and make for very competitive options compared to centralized storage systems. One of these major players is AMD. While AMD is suffering from Ethereum proof of stake and the removal of proof of work they have clearly seen that decentralized storage systems is another very strong possible method to branch into.
Other major players branching into this space are Seagate and EY. It's highly thought that decentralized data storage will become a integral part of web3's adoption.
How Crypto Plays In
There's a number of platforms that have been around for a while. However many of these have very low adoption rates and values. Bittorrent for example comes to mind which runs on tron and the BTT token which let's be honest everything about tron and that community and owner down right sucks. There's also Sia and Tardigade but outside of that everything else is not on the blockchain. That is all but one more I haven't mentioned yet and a focus of todays article.
Filecoin
Filecoin is the single blockchain / crypto token (FIL) that is really giving more centralized businesses a run for their money. FIL currently ranks #37 on CoinGecko in terms of net worth.
It's at it's all time high and it could possibly go even higher. However it's gaining a lot of attention right now which might be causing short term over price value on the token at the moment.
It's also important to know that Filecoin did have a ICO in 2017 which raised 257 million.
Filecoin works by offering a P2P network with blockchain and crypto currency. People wanting to store files pay so via FIL coin and those acting as the "miners" storage providers earn FIL for managing and running the nodes that provide that storage.
Filecoin is a open source project which provides a awesome platform for others to develop on top of currently using Linux and MacOS as Windows is not yet supported.
The major plus here with Filecoin is as of October 31st of 2022 they finalized partnerships with ProtocolLabs, AMD and Seagate which is showing FIL is most likely going to become a central focus of groundwork for all of these major players in the storage industry space.
What are you thoughts on FIL coin and Decentralized Storage?
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Filecoin is a serious contender in the storage space and they continue to evolve and develop. One asset that I thought of investing into, but I am truly overwhelmed by the opportunities on the market.
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There's a ton of development going on right now but is getting hardly any attention. At some point it's all going to moonshot again
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I'm a long term FLC holder. Good project. But the ATH was ~182$ in April 2021 ;(
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Interesting, these where some of the first use cases for crypto and decentralization but I have not seem one actually "scale up" and compete with the big tech companies.
Maybe in the future. Who knows!
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AMD and Seagate there's a partnership you can sink your teeth into.The filecoin not so much.
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Yay! 🤗
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First time reading about this. Decentralized storage have the advantage of being decentralized but I am not so sure about the latency as this is affected by the closest node to the device accessing the data. A thing that needs to be considered when we are going to store data that we're going to do fast read/write requests. Not sure about this, it's the first thought that came to mind after reading your post. 🙂
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Blockchain solutions such as Filecoin provide an important service for the growth of both Web3 and cryptocurrenci via FIL. Something like Filecoin could also server as a building block for e-mail.
Actual messages and attachments would need to be stored off-chain-- who wants their correspondence visible on blockchain?-- but the access to these messages and attachments could be done through something similar to EtherScan or BSCScan.
I think JSTOR is an alternative to Filecoin, but I'm not sure.
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Honestly, I had to face some serious problem sending some data abroad which was over 50GB. It literally took a whole lot of efforts to share that and took me several days as well. Just because things were not really working for me in terms of free and centralized storage devices.
I do believe things can get much more smoother than it is now once storage issues gets solved out. With just one incident of mine I am so pissed, I am just imagining how others must have been feeling all this time.
While I wanted to get in on File in the early days but I was probably too much focused on other things and let it slide by lol. But either way its a good crypto to hold in long term. And if it goes like this it will have a very strong eco system in the coming days.
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