Where will Web3’s data explosion live?
Storage is a big issue in Web3. The human race is responsible for an explosion in data production, and that data has to live somewhere, says Dr. Max Li, CEO of Computecoin.
Data these days mostly ends up being stored on our phones, hard drives, or cloud storage services. Tools like Dropbox and Google Drive make it easier than ever to upload and access computer data from anywhere in the connected world.
But all of these different solutions suffer from the same main drawback: they are centralized, and centralization comes with some fundamental vulnerabilities. What happens if you lose your hard drive in a house fire? What happens when Dropbox servers experience a network outage?
Also, how well do you think a third party like Dropbox protects your privacy rather than abusing it?
Storage and Web3
“Web3” is the term commonly used in conversations about our evolving relationship with the Internet. Where the original World Wide Web was primarily a read-only experience for the end user, Web2 ushered in a read-write experience. Social media has allowed people to cultivate and interact with their own audience. Powerful media and marketing tools are available to anyone who wants them.
Now, cryptography principles and blockchain technology herald Web3 as a “read-write-clean” experience. In this paradigm, it is not only possible to track the ownership of virtual assets, but also to buy and sell these assets in an open market.
The evolution of Web3 is driven by decentralized blockchains which can provide greater accessibility to cloud storage without any of the security risks. In a Web3 storage paradigm, files are stored on a network of computers rather than on a single server. With the help of encryption, mining resistance, and peer-to-peer networking, Web3 principles provide a more secure and breach-resistant storage solution.
Web3 storage is also significantly cheaper than traditional cloud storage options. With no central authority controlling the platform, users are free to choose their own storage providers, like Storj, Ankr, or my own company Computecoin.
How Storj does it
Storj is a key player in the decentralized storage space and is comparable to Amazon S3 in terms of features and functionality. However, while Amazon Simple Storage Service (Amazon S3) costs an average of $22/TB/month, Storj services only cost $4/TB/month.
Storj can help Web2 and Web3 businesses save on storage costs. For example, media and entertainment companies can use Storj to deliver their content, or machine learning companies can use it to host their data more cost-effectively.
How Ankr does it
Ankr is on a mission to make blockchain technology more accessible to developers. The company provides developer tools and infrastructure services that optimize the blockchain experience. Some of Ankr’s notable partners include Binance, Polygon, and Avalanche.
The distinguishing feature of Ankr’s approach is that it focuses on the computational layer. The company’s servers are located around the world on bare metal, which provides faster speeds and more reliable service.
How Computecoin Works
The Computecoin network aims to provide compute and storage in a decentralized way. You might think of it as Amazon Web Services (AWS). But, it does not rely on a central authority like AWS.
AWS currently offers dozens of different services, but Computecoin plans to replace each of them in a decentralized way. This would provide the same services currently offered by AWS, but in a more robust and resilient way with reduced downtime. And, it is less prone to malicious hackers.
While enterprises face high educational and technical hurdles that make it difficult to adopt decentralized cloud systems, Computecoin aims to make this process easier and more accessible to everyone.
Just as Expedia provides a simple end-to-end booking solution that simplifies the process and ensures users have a smooth user experience, Computecoin provides an end-to-end computing and storage solution that is easy and intuitive to use. The goal is to offer lower costs and increased privacy to compete with traditional centralized providers like Amazon and Google.
Storage and Creating a New Future for Web3
The web has come a long way from its humble beginnings. We have gone from a few simple pages to a complex and interconnected network of information. But as the web has grown, problems have developed along the way.
From data breaches to excessive government surveillance, the web’s centralized model has left users vulnerable and exposed. Web3 is the solution. By decentralizing web infrastructure, we can build a more resilient, secure, and private Internet.
Yes, it’s a storage issue. But it is also about the future of the Internet.
About the Author
Dr. Max Li is the founder and CEO of Compucoin, co-founder of Nakamoto & Turing Labs (N&T Labs) and managing partner of a New York-based VC Aves Lair. He is also an assistant professor at Columbia University (in New York City).
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