The blockchain technology has recently been applied to cloud storage which is a unique concept in its entirety. The application of the technology in cloud storage has provided a superior data storage ability, security and privacy for its users when compared to traditional cloud storage. Decentralized cloud storage network is simply put, a collection of storage space provided by an array of listed user on a blockchain, without any central storage or monitoring facility. The storage space owners will be able to rent out their unused space, collectively to a blockchain platform that consequently allows people to store up their files and valuable data at a certain fee.
The fact that this storage method is completely decentralized, makes it the perfect solution for the issues that have been observed with the centralized storage methods provided by the popular storage companies. Since these platforms operate individually on their blockchains, each of them has a dedicated token which is the means by which all the transactions (rewards and fee payments) occur. Every available cloud storage cryptocurrency shows some awesome features for its users and storage providers alike.
We have taken a close look at the best ones available and here is the top 4 best decentralized cloud storage networks.
As is regular with virtually all of the decentralized storage networks, Sia makes use of underutilized hard drive space from people everywhere around the world. The concept of the sia network is an interesting one, as it has a wide and reasonably even distribution of its host servers and users across the globe. Stored files are encrypted and distributed through several locations and on several nodes. Hence your files are not stored up all in one place, even though you can always have access to them with your personalized private encryption keys. An advantage of this, is that chances of stored files security failures are brought to a low.
Aside from this attractive feature, sia provides a relatively cheap cloud storage, as users can store enormous file sizes of up to 1terabyte for only $2 worth of the siacoin, for every month. The original space owners also get their rent rewards in siacoins, but before this, they are expected to provide a collateral deposit as a requirement for hosting. This collateral is a precautionary measure to ensure that the provider (host) adhere to their terms of service. If a provider (host) defaulted, he could lose his collateral deposits as well as the rewards that should have been laid to him.
Sia currently has a storage capacity of about 4.5PB from 907 active hosts. Siacoin seem to be thriving substantially well on the markets with a market cap of over 400 million dollars.
TheStorj blockchain is another top notch cloud storage based cryptocurrency. It was founded by Shawn Wilkinson, John Quinn, James Prestwich and Tome Boshevski. The platform commenced operation in July 2014. Storj cloud storage notably provides a trip advantage. Firstly, it provides a faster service where you retrieve your files quickly from different storage nodes. Also, the network provides a high security end-to-end encryption storage that ensures only the owners of the stored files, have access to them. Stored data are not just redundant, but are also not stored in any single particular node; they are shared out across different hosts. Consequently, none of the file hosts have a complete copy of the stored files, even in the encrypted form. This is unlike the centralized cloud storage systems where a targeted hack on the server could prominently get all the stored data security, compromised. Then lastly, it is way cheaper when you’re comparing the fees you have to pay on the network, with that which is required from the dedicated cloud storage outfits.
Storj token has a market cap of over 100 million dollars and has a place amongst the first one hundred cryptocurrencies.
One observable difference between the sia cloud storage network and that of Storj, is that the latter has no collateral requirement or any declared punitive measure for defaulting storage host providers. This needs to be addressed by the cryptocurrency network management, so it doesn’t pose as a major disadvantage for the network.
Filecoin made a remarkable debut on the digital currency space, when it rakes in a substantial $257 million, during its initial coin offering alone. The company believes that a massive adoption of its cloud storage services would rapidly drive down the costs of cloud storage in general. It also has plans of a collaboration with other cryptocurrency blockchain in a bid to achieve its core objective of accessible and cheap storage in all forms. On the filecoin network, service providers are required to have a rather periodic replication of stored files; this is to ensure adequate storage, so that no data files are lost. The platform also utilizes an end-to-end encryption security measure. Users are allowed to store files according to preferences based on cost budgets, redundancy, and file retrieval speeds.
Filecoin thrives reasonably well and is definitely one of the coins to look out for.
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MaidSafe is that network with such distinguishing traits that portrays it’s many additional useful functions as far as data storage and accessibility is concerned. It is the world’s first autonomous data network, and is sometimes referred to as the new internet because of its ability to keep large amount of data in small encrypted chunks. Thus file hosting and storage security are not dependent on the owners of the rented identifiable nodes, but on the network’s independent storage system security methods. This means the platform uses a different consensus approach from the other decentralized cloud storage forms.
The MaidSafe project is looking to become a global data bank where volumes of information can be kept, and retrieved.
With its array of advantages over traditional cloud storage, we see no reason that decentralized storage network won’t be mass adopted. We believe that it is only a matter of time till it finally takes place. Aside from the DSN mentioned above, there are plenty other new projects that work on a similar concept. We will add them to the list once we give a thorough look into their technology. Have you tried any of them? If you have, how was your experience? Looking forward to hearing from you in the comment section below!
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