How You Can Make Money In The Crypto-Economy Using Your Hard Drive
As you probably know, the crypto-economy is very high at the moment. If you take a look around at some of the websites related to the industry, you’ll notice that there are many new developments that are attracting more and more people. And one of the main reasons is to have an extra income.
In case you believe that the cryptocurrencies market is too risky for you, you don’t actually need to invest your money to make an extra income from this niche. All you need is to have an unused hard drive space on your computer. That’s it!
There are many different services that allow you to do this. They all pay users according to their contribution in cryptocurrency tokens, which are peer-to-peer digital currencies.
When you get these tokens, you can pay for any of the services provided by each one of these companies, or you can simply exchange them for your regular national currency or for Bitcoin.
Here are some of the companies that include these services:
Burst is an Altcoin, which means that is similar to Bitcoin but includes more functions and features.
While Bitcoin and other peer to peer digital currencies usually use the Proof of Work system to make sure their network is secured and to create a consensus about how many coins each participant in the network owns, Burst developers took a different approach. They use the Proof of Resource system. In this case, the resource is the computer storage space.
Because of this innovation, Burst allows you to use your spare hard drive space to mine. This means that you’ll be helping securing the network and you’ll be rewarded for that.
While some of the data that will be stored in your hard drive may be wasteful, the truth is that this is also an advantage for you since you won’t need to have your computer on and connected to the Internet 24/7.
Some of the advantages in choosing Burst include the fact that this service is not only available as it is already established. Plus, just like we said, you don’t need to have your computer turned on the entire time.
Some of the disadvantages include the fact that you’ll need to download several software which are not very user-friendly and the Burst token may not retain its expected value.
Maidsafe’s main goal is to make the Internet a safe and secure place for everyone, without any fear of viruses, hackers, or spies.
What Maidsafe does is that they store websites’s data and code on their servers, and then they will serve them up to the users to request them.
Maidsafe isn’t open yet. It is planning to launch later this year and you will be able to join the SAFE network as a farmer. In this case, your spare disk space will be used to store the websites’ data and and apps and to serve them whenever necessary or requested. Your reward will be paid in Safecoin.
All the data is going to be shredded and then encrypted to make sure that it continues to remain private.
On the other side, business owners will then rent Maidsafe servers, instead of having a regular hosting, and they will pay in Safecoins.
Some of the main Maidsafe advantages include the fact that you don’t need to have your computer turned on the entire day. Plus, all the services in this network are paid with Safecoins which allows them to maintain some of the value of this coin.
In terms of disadvantages, when you don’t have your computer turned on most of the time, you’ll lose power compared with others. Plus, Maidsafe isn’t “live” yet.
Storj is a peer-to-peer cloud storage service that also allows you to rent your spare disk space. This service will mainly store photos as well as other media, in a private way, in the cloud.
In case you opt for Storj, you have many great advantages. The more important ones are the fact that they are targeting a global market niche. Plus, it really couldn’t be more simple to install and configure the app that allows you to share your free disk space,
However, the Storj also has some disadvantages. These include the fact that you will have a huge penalty in case you don’t have your computer on 24/7. Plus, at the moment, this service is only available for a very small group of people who contributed to the crowdfunding project.
Sia is a decentralized storage marketplace, with the goal to be a major cloud storage player and to compete with giants such as Google or Amazon.
The idea behind Sia is a new approach to cloud storage platform. The idea was originally conceived at HackMIT 2013, and wants that blockchain technology will decentralize file storage and make it open source, instead of everything hosted on central servers.
Sia allows anyone to make money by renting out their hard drive. Moreover, data integrity is protected using redundancy and cryptography.
Sia is really easy to use, and beginner friendly.
However, the profit you could expect from these platforms is really small, and you have to keep it in mind.
For example, for the Siacoin, hosts are not really hosting for profit right now, but rather to get the ecosystem bootstrapped or because they think the technology is neat. Then, you will earn US $0.435942 per TB per month, that is ridiculously small.