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Additionally, they are more reliable than typical centralized solutions that limit opportunities – on the other hand, IPFS fuels the creation of diversely resilient networks that enable persistent availability, with or without connectivity to the Internet backbone. This means better connectivity for the developing world, during natural disasters and disruptions, or simply when users are stuck in an area without a good Wi-Fi signal. It can be very expensive to store data on other blockchains such as Ethereum or Bitcoin – so much so that previous estimates place the cost of data tokenization on Ethereum at 17,500 ETH per GBamounting to approximately $42 million at the time.
Beyond that, by evolving towards solutions like Filecoin, organizations are also endorsing an evolution towards Web 3.0, and therefore, a more democratic Internet. By displacing market titans such as Amazon’s AWS and Microsoft’s Azure and Google Cloud, the move towards decentralized solutions opens up the democratizing potential of the internet more generally. IPFS solutions remain true to the original vision of the World Wide Web as an “open” and “flat” space – rather than remaining locked into an unfair contract with a market leader and paying excessively high storage prices, the likes of Filecoin will make for a more competitive market. Since Filecoin deals are traded on the open market, running a storage provider simply requires a working internet connection and available disk space. This essentially lowers the barriers to entry, allowing users to access better deals and get more out of their storage.
Reliability and flexibility will be key
Users are often tempted by long contracts with well-known vendors, and in many cases these brands survive on large marketing budgets and the power of their name. Filecoin solutions offer a refreshing change in this regard, as storage providers can demonstrate their reliability through their track records, which are published on the blockchain, rather than through outlandish campaigns or exaggerated claims about their services.
In the open market, customers can choose from a growing ecosystem of vendors. Even better, businesses and users can benefit from much improved flexibility when it comes to switching providers. Unlike traditional storage solutions, Filecoin providers generally offer the same services and APIs. Likewise, files are content-aware, which means they can be easily transferred to a new provider, if a user finds a preferable provider, without the need to manually re-upload and download files, which can be a tedious work.
Going by the trajectory of Bitcoin, it is quite possible that Filecoin will experience a huge period of growth and surpass its Web 2.0 cloud peers. Early adopters will undoubtedly reap the benefits of adopting Filecoin, ensuring that all storage is used wisely and stored securely, as the World Wide Web progresses on its way to becoming a more open and democratic.
About the Author
Chris Starkey is the founder and director of NexGen Clouda cloud GPU rental and decentralized storage company focused on creating affordable and sustainable infrastructure solutions for Web 3.0.
NexGen believes that public cloud companies do not provide enough transparency in pricing and offer these services up to 8 times cheaper than AWS, Microsoft and Google.
NexGen Cloud’s storage arm is currently the largest decentralized storage project in Europe and is on track to become one of the largest in the world by the end of 2022.