Decentralized Data Storage

Data-storage is a multibillion-dollar business and there are a lot of companies clawing their way into the industry. The key is making it secure, fast, and affordable – usually, you’re told to pick just one or two. As we push more data into the hands of the gatekeepers (Apple, Google, Amazon, Facebook) we are relinquishing our control over our data. If they find something that violates their ToS, they could prevent you from accessing your data. Centralized data also provides a single point of attack and failure. A server can be compromised and leak information from millions of accounts, or a web server fails and can no longer handle the requests made. Decentralized data storage is a system where data is not controlled by any single entity. It is effectively shredded up and encrypted, and then sent to multiple nodes on the network. Data is duplicated throughout the network, so even if a node goes offline that held a chunk of your data, it will be stored in multiple other locations as well.

Decentralized Data Storage

Decentralized data storage may not be the primary method of cloud storage, however, in the future, it will more than likely capture a segment of what’s projected to be an $80 billion dollar industry by 2021. There are multiple decentralized storage solutions that are competing in the space today. The four that are talked about most often are Sia, Storj, Filecoin and MaidSAFE. They all have their pros and cons, I’ll link an article that attempts to provide a brief, unbiased explanation on each of them. The idea here is very promising. Most of us have unused computing power and storage, why not begin using (or renting out) these resources to create a more robust and resilient network?

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