Decentralized Data Storage
Data-storage is a multi-billion dollar business and a lot of companies are scrambling to get a piece of the pie. The key is making it secure, fast, and affordable — usually, only 2 of the 3 can be achieved, but that might change with decentralized data storage.
As we feed more of our data to FAANG (Facebook, Apple, Amazon, Netflix and Google) we are relinquishing our control over our data. If they find something that violates their terms of service, they could suddenly prevent you from accessing your information. A server can be compromised and leak data from millions of accounts, or a web server fails and can no longer handle the requests being made. Decentralized data storage is a more fault-tolerant system where data is not controlled by any single entity. The data is effectively shredded up (sharded) and encrypted, then sent to a wide variety of nodes on the network. Data is also 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.
Contenders
Decentralized data storage may not be the primary method of cloud storage in the future, however, it will more than likely capture…
