The blockchain sector enables investors to gain exposure to a range of newly emerged industries through the purchase of digital tokens. One such sector is decentralized cloud storage.
In this guide, you will learn what decentralized cloud storage is and how you can invest in this new market through the purchase of decentralized storage tokens.
What Is Cloud Storage?
Cloud storage is a type of data storage where a user’s files are stored online “in the cloud” — in remote data centers from cloud storage providers — as opposed to on their own hard drives in exchange for a fee.
Cloud storage enables users to store large amounts of data that can then be accessed remotely from anywhere in the world. Moreover, it provides a cost-beneficial alternative to hosting your own data centers for startups and SMEs that require high storage space.
Leading cloud storage providers include DropBox, Google Drive, and Microsoft OneDrive.
What Is Decentralized Cloud Storage?
Now that you know what cloud storage is, let’s talk about decentralized cloud storage. As the name suggests, the different between traditional cloud storage providers and blockchain-powered decentralized cloud storage is that, in traditional cloud storage, your data is stored in one data center and is effectively held by one centralized organization.
In blockchain-based decentralized cloud storage, your data is encrypted and stored across a distributed network of nodes, which is composed of individuals and/or companies that share their excess hard disk space with the network in exchange for a fee.
Decentralized cloud storage solutions are more secure, more private and generally also more affordable than traditional cloud storage services.
Top Decentralized Storage Tokens
|Name||Description||Company Launch Year||Market Capitalization ($)||Trading Volume ($)||Price ($)||Twitter Followers||Is the Product Live?||Score|
|Siacoin (SIA)||Sia is a decentralized cloud storage platform that enables users to store data by splitting into small chunks, encrypting it, and then distributing the files across its network of nodes which are composed of hard disk space providers. In exchange for a small fee – lower than traditional cloud storage solutions – users can store their data in the cloud while providers are being paid for offering their disk space to the network. Siacoin is the platform currency and is used by uploaders and providers for payments.||2015||59,000,000||1,500,000||0.001||109,000||Yes||3.5|
|Storj (STORJ)||Storj is probably the most-known decentralized cloud storage provider in the market today. Storj enables users to rent cloud storage space from other users in the network in exchange for a fee. Storage providers, on the other hand, receive fees for providing their free disk space to the network. The STORJ token is the currency that is used in Storj network transactions. To date, Sorj has grown in user base to over 20,000 uploaders and 19,000 storage providers, and plans to roll out the third iteration of its cloud storage solution in late 2019.||2014||13,500,000||2,500,000||0.099||83,000||Yes||3.5|
|MaidSafeCoin (MAID)||MaidSafeCoin was launched by the company MaidSafe, which aims to disrupt the way that internet users store their data. Since 2006, MaidSafe has been working on “providing privacy, security and freedom” for everyone on the planet. Its company name is is an acronym for “Massive Array of Internet Disks – Secure Access For Everyone.” Currently, MaidSafe is developing the SAFE Network, the world’s first autonomous and decentralized data network. The SAFE Network will be powered by the spare computing power of its users “to create a network that can manage all our data and communications: a global decentralized network free from corporate servers, so it can’t be controlled or restricted.”||2006||50,000,000||200,000||0.112||56,000||No||3.5|
|Filecoin (FIL) [Futures]||Filecoin was one of the largest ICOs of all time when it raised $257 million in August 2017. During the crowdsale targeted at accredited and institutional investors, SAFT contracts were sold which will be “redeemed” for FIL tokens once the digital token starts to the trade in the secondary market. Due to the popularity of the Filecoin ICO, FIL futures can be traded on several exchanges. The data found in this chart is for FIL futures and, thus, does not contain market cap and can only be used as a reference point. Filecoin is a decentralized storage solution that is being developed by Protocol Labs and built on the IFPS (InterPlanetary File System) protocol.||2017||n.a.||5,000,000||3.54||25,000||No||3|
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