Decentralized storage solutions are a great way to address centralized server issues. In a decentralized storage world, there is no central computer or host to take offline. Various cryptocurrency projects are working towards achieving this goal, although they all seem to take a very different approach. The future is looking bright for decentralized storage solutions, that much is certain.
3. MaidSAFE
One of the more prominent projects focusing on decentralized storage goes by the name of MaidSAFE. It is a rather intriguing project that has plenty of ambition. Not only do they look to improve decentralized storage, but they are also big fans of improved efficiency. On paper, this concept sounds quite interesting, although the global network to upload and download files has not been completed yet. That being said, the network is currently in the testing stages, with Test 15 being released about a week ago.
Ultimately, MaidSAFE aims to become a crowd-sourced internet, removing any threats related to data theft and surveillance. Moreover, everyone who provides unused computing resources to SAFE will allow users to get paid in the native safecoin token. The MaidSAFE technology ensures unneeded duplicates of all stored information are automatically removed, limiting the number of copies in circulation. Redundancy is a critical pillar of the MaidSAFE network.
2. Sia
Most cryptocurrency enthusiasts have come across Sia before, although very few people seem to give it the credit it deserves. The project is all about providing decentralized and incentivized storage competitive with centralized alternatives such as Amazon S3. With a strong focus on the enterprise sector and providing a fast, reliable, and cost-efficient service, Sia is on the right track to become a major contender moving forward.
One thing setting Sia apart from the competitors is how they are not creating a marketing buzz until the platform is finished. Additionally, Sia supports on-blockchain smart contracts incentivizing hosts to store files if they want to get paid. Creating such a contract ensures the hoster gets paid, even if the client decides not to access the files. On the other hand, these contracts allow for punishing misbehaving hosts. Creating and maintaining this decentralized ecosystem is of the utmost importance.
1. Storj
Storj is by far the project with the most media attention as of late. It shares a lot of similarities with how Sia developers are going about their decentralized storage model, yet it does not offer on-chain smart contracts in its current iteration. Automating agreements between hosters and uploaders is well worth exploring moving forward, although their pay-as-you-go model has a lot of potential as well. It will be interesting to see which of these models attracts the most users in the long run.
At the same time, the pay-as-you-go model means hosters will no longer get paid once the user disappears. That can be a rather big problem in the long run, although the developers are confident it will have a minimal impact on the project. Pricing for the project has been announced already, as storage will cost users US$0.015 per GB per month. Bandwidth is priced at US$0.05 per GB. Both price structures seem more than reasonable at this stage. Storj came out of beta a little while ago, which means anyone can start using this solution as we speak.
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This isn’t investment advice or anything, but I think SiaCoin is a sleeping giant. The dev team is working hard, and the price of the coin is ridiculously cheap. I think at the time of this writing it’s around 50 satoshi! I’ve been buying up this coin like crazy on just about every price dip I see. Brilliant business model, great tech, I may start renting storage space on a work computer I have laying around too, just to experiment with this tech a bit. Decentralized, cloud based storage… yes please 🙂
You’re right, it is indeed a sleeping giant. Look how low the market cap is too. It should be at least 10x that.
Where are you buying Sia? I haven’t seen it on my exchanges.
There is a tiny clarification it should be made: MaidSafe’s SafeNetwork is not only about decentralizing storage, it is also an anonymous (IP protocol is not used after the first bootstraping) and secure communication network (everything self-encrypted and self-authenticaticated even before establishing the first connection)
Every single service and app on the web will be able to be replicated in the SafeNetwork: chat, videoconference, email, anything you want. Static or dynamic content, everything.
All this with almost broadband speeds and total anonymity.
Also a key detail worth pointing out is that because MaidSafe’s plans precede the existence of bitcoins (it has been in development since 2006) so they follow a complete separate evolutionary path to any other crypto project out there to solve the same problems with NO BLOCKCHAIN.
Their way of solving the Byzantine General’s problems and double spending is novel and extremely efficient. Due to these crucial differences in their model, all transactions are instant and are free (no fees!) without any trade-off in security.
The primary scope of MaidSafe’s Network is to become a secure and anonymous distributed computer, data and communication network. It is the ultimate triple threat to the existing Internet, with the potential of making several industries completely obsolete.
No more need of hosting services or “cloud solutions”, no more CDNs, no need of DNS, no more reverse proxies, no more backups (everything is permanently stored in the SafeNetwork, with autonomous backuping), no more servers. No more DDoSes, no more servers based hacks or exploits, no more SQLi, no more data leaks, no more snooping, no more censorship, no more tracking.
Everything mentioned here will become obsolete.
The SafeCoins were just a natural extension to it.
There are no competitors in this field, it is at its own category on its own. The rest of the projects such as Sia or Storj will eventually be migrated or replicated as simple apps in the SafeNetwork.
If you want to learn about more in depth about it, read the following explanation here:
[link removed]
And join the forum for more questions:
[link removed]
Poloniex.
Wow, that’s one impressive project! I’m in.
2 thumbs up
You were correct, market cap is up 52 times what it was 3 months ago.
Only 10 times, you were underestimating! 😉
Great explanation, I’m sold!
MaidSafe Network Protocol and Validator will make it much more superior than Sia and Storj.
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