How Web3 improves data storage: GhostDrive joins Cointelegraph Accelerator
What would drive the next billion users to the blockchain ecosystem? Green price charts for related coins, or perhaps more acceptance from governments around the world? Both can help draw the masses’ attention to blockchain-based technologies. However, the real-world uses would generate enough interest for the average user to try out the technology — an app or a service that provides utility for the end-user.
Data storage is a crucial area plagued by centralized monopolies that take away user control and data ownership. According to a Fortune Business Insights report, the market was valued at $217 billion in 2022 and is expected to grow to over $777 billion by 2030. Large corporations have been able to dominate data storage effortlessly due to the lack of competition, causing a 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 powered by decentralized physical infrastructure networks (DePIN), including FileCoin and Arweave. DePINs provide easy scalability, enhanced security and data storage through a network of interconnected physical resources, such as servers and storage devices distributed across multiple locations. By utilizing DePINs, data storage services can offer their customers cheaper pricing options.
In a world where most smartphones don’t have additional storage features while an average 4K video is holding about 1 GB of storage at minimum, it’s no surprise that Big Tech is pushing users toward cloud storage. Since both Google and Apple have cloud offerings for end users that provide native-level support for their respective devices, these centralized entities don’t see a reason to lower prices.
DePIN employs tokens to initiate the setup of physical infrastructure, subsequently fostering a network effect that enables the building of decentralized applications (DApps). Centralized solutions like Amazon S3 cost up to 121 times more than Filecoin. However, the price discrepancy doesn’t directly translate into new users, as these protocols are focused on the infrastructure and enterprise-grade solutions instead of the general public. So, while the costs are low, the lack of consumer-oriented applications restricts the proliferation of more use cases.
Web3 data storage
A new Web3 data storage platform called GhostDrive is putting the end user in focus instead. GhostDrive offers a user-friendly experience that feels intuitive for mainstream users coming from centralized alternatives like Google Drive. The choice between MetaMask wallet integration or traditional email registration is given to users to simplify their onboarding process from Web2.
Powered by InterPlanetary File System (IPFS) and Filecoin, the platform enables asset tokenization and secure data exchange. GhostDrive delivers various Web3-friendly features to enable decentralized data storage, sharing and access.
GhostDrive’s interface is intuitive and provides a familiar experience for users from centralized platforms. Source: GhostDrive
GhostDrive puts users’ concerns about data privacy and security at the forefront, as files uploaded to the platform go through a detailed encryption process before being transmitted and stored. Only authorized users are able to access and view these files by decrypting them. GhostDrive allows users to customize the encryption rules for each file uploaded, making collaborative projects easier to access but personal photos much harder to view.
The distribution of data security in Ghostdrive gives users more control over protecting their data. While the platform safeguards infrastructure, users secure their data, ensuring sensitive data remains confidential. This solution reduces user’s dependence on service providers while helping providers keep prices low by saving on security costs. Moreover, GhostDrive uses MultiSig technology, which provides multiple authorizations for pivotal data actions, bolstering security and fostering collaborative data management.
GhostDrive also enables on-the-fly file conversion and compression by allowing users to switch between various formats without external tools.
The Cointelegraph Accelerator program has now welcomed Ghostdrive to its list of participants. The program picked Ghostdrive for its potential to disrupt data storage and tokenization and become a point of onboarding new users to the Web3 ecosystem by providing a real-life use case. The Singapore-based company aims to become an all-in-one platform for data encryption, control and owners.
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