Industrial Era

Society is transitioning from the industrial era to the information age where information has become the world's most precious resource. As people continue to create countless petabytes of data, the question of where and how to keep it becomes increasingly significant. Migration from on-premise storage into cloud storage has become the major topic of the past decade, and the tendency is accelerating. The tech giants dominate this market now where each control a huge share of the world's data. But unfortunately, this present system leaves much to be desired. It's insecure, expensive, centralized, and involves placing an abundance of trust into these big corporations. Centralized servers containing sensitive or valuable data are big targets for hackers, whereas we watched Drop box become one of them. These programs are just as secure as the measures set up by the companies running them. The world's best and most financed tech teams can't even protect themselves. The fact that each one of these companies really takes custody of customer data implies that there is always risk of theft.

These firms also have broad jurisdiction to censor individuals or data, to supply users' information to authorities or other law enforcement agencies, or even to sell customer information to advertisers. They are fundamental points of failure which are targets for nefarious actors and therefore are inherently fragile. Earlier this season, by way of instance, a human mistake by an Virtual assistant worker caused several prominent sites to temporarily go offline. Blockchain technology has established the first chance to rethink cloud storage on a technical level and as an economic system by solving these major problems. Blockchain-based decentralized storage is more affordable, more secure, faster, censorship resistant, and much more dispersed than present cloud storage solutions. It leverages the fact that enormous amounts of storage space sits unused on people's hard drives around the world; making a marketplace for this allows people to market their spare storage area. The influx in distribution into the worldwide storage market will drive down storage rates. To do this in a secure, trustless, peer-to-peer style is the guarantee of the blockchain itself. The decentralized cloud storage marketplace is not likely to be a winner-take-all scenario. Network effects are minimal beyond a certain degree of scale. Unused hardware is already a sunk cost for the majority of users, so there's no supply side “scale" that should result in lower costs. Moreover, storage suppliers will gravitate to the marketplace with the greatest prices. If demand materially exceeds supply in any of those distributed storage markets, prices will grow, causing providers to change to networks where they can make more profit. As these protocols are available and permission less, 3rd parties will build utilities that monitor costs and automatically shift suppliers between networks to maximize gains. This will have the effect of equalizing prices across networks through negative feedback cycles. Analogous tools are available today for mining. It's very likely that prices will equalize across all these platforms with time. The less-popular protocols will not die off completely, but they will probably experience little price development.

DXchain is presently the project likely to succeed, and we expect that it'll come to get a substantial share of the cloud storage marketplace. Other protocols may offer improved services for particular use cases, and will probably be competitive on cost nor will they provide computation power. The addition of decentralized protocols into the cloud storage market will probably cause costs to collapse; asset valuations in the area must take that into consideration. Other factors like token velocity, ease of use, and market timing and should also be considered.

Were excited about the possibilities provided by decentralized cloud protocols to reshape core elements of Internet infrastructure and application delivery, and we believe they're among the most fascinating uses of blockchain technology. We look forward to seeing the ecosystem evolve over time as these teams bring these technologies to market.

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