What would attract the next billion users to the blockchain ecosystem? Green price charts for corresponding coins or perhaps more acceptance by governments around the world? Both can help draw the attention of the masses to blockchain-based technologies. However, the real-world uses would generate enough interest that the average user would try the technology – an app or service that provides value to the end user.
Data storage is a crucial area plagued by centralized monopolies that take control and data ownership away from users. According to a report by Fortune Business Insights, the market was valued at $217 billion in 2022 and is expected to grow to over $777 billion by 2030. Large companies have easily dominated data storage due to a lack of competition, leading to stagnation in data storage improvements for end users.
The average user’s growing need to store and manage data, coupled with privacy concerns and the high costs associated with centralized platforms, enabled the growth of data storage supported by decentralized physical infrastructure networks (DePIN), including FileCoin and Arweave becomes. DePINs provide easy scalability, enhanced security, and data storage across a network of interconnected physical resources, such as: B. Servers and storage devices that are distributed across multiple locations. By using DePINs, data storage services can offer their customers cheaper pricing options.
In a world where most smartphones lack additional storage capabilities, while the average 4K video requires at least around 1GB of storage, it’s no surprise that Big Tech is pushing users towards cloud storage. Since both Google and Apple offer end-user cloud offerings that provide native support for their respective devices, these centralized entities see no reason to lower prices.
DePIN uses tokens to initiate the construction of physical infrastructure and then promotes a network effect that enables the construction of decentralized applications (DApps). Centralized solutions like Amazon S3 cost up to 121 times more than Filecoin. However, the price differences do not directly translate into new users as these protocols focus on infrastructure and enterprise solutions and not the general public. So while the cost is low, the lack of consumer-facing applications limits the spread of more use cases.
Web3 data storage
Instead, a new Web3 data storage platform called GhostDrive puts the end user at the center. GhostDrive offers a user-friendly experience that feels intuitive to mainstream users who use centralized alternatives like Google Drive. Users can choose between MetaMask wallet integration or traditional email registration to simplify their onboarding process from Web2.
The platform is based on the InterPlanetary File System (IPFS) and Filecoin and enables tokenization of assets and secure data exchange. GhostDrive offers various Web3-friendly features to enable decentralized data storage, sharing and access.
GhostDrive’s interface is intuitive and provides a familiar experience for users of centralized platforms. Source: GhostDrive
GhostDrive puts users’ privacy and security concerns at the forefront as files uploaded to the platform go through a detailed encryption process before being transferred and stored. Only authorized users can access and view these files by decrypting them. GhostDrive allows users to customize the encryption rules for each uploaded file, making collaborative projects easier to access but personal photos much more difficult to view.
Distributing data security in Ghostdrive gives users more control over protecting their data. While the platform protects the infrastructure, users secure their data, ensuring that sensitive data remains private. This solution reduces users’ dependence on service providers while helping providers keep prices low by saving on security costs. Additionally, GhostDrive leverages MultiSig technology, which provides multiple permissions for critical data actions, increasing security and promoting collaborative data management.
GhostDrive also enables file conversion and compression on the fly by allowing users to switch between different formats without external tools.
The Cointelegraph Accelerator program has now added Ghostdrive to its roster of participants. The program chose Ghostdrive for its potential to revolutionize data storage and tokenization and become a focal point for onboarding new users into the Web3 ecosystem by providing a real-world use case. The Singapore-based company aims to become an all-in-one data encryption, control and ownership platform.
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