Market.space creating a reliable and accessible decentralized storage service
Market.space, a decentralized service for secure data storage, transfer, and distribution, is getting ready to start selling tokens. The ICO will begin on April 16 and last 6 weeks, through May 27, 2018.
Along with the rapid growth in the popularity of cloud storage for both private and business use come increased risks of data loss or theft. There is currently a shortage of solutions on the market that combine the potential of distributed ledger technology, high-quality encryption, stability, and affordability. The public services are not secure: the information is stored in a central location and is generally not encrypted. Decentralized services are rather expensive and not always reliable: until now, the resources of ordinary PCs have been used to store data.
The experts at Market.space have taken a new approach to the problem of creating a reliable and accessible decentralized storage service. Market.space offers vetted contractors, state-of-the-art data protection technology, flexible pricing, user anonymity, no middlemen, and benefits to all stakeholders.
Professional hosting providers will handle storing the data. That will ensure fault tolerance, high-speed operation, and proper security: professional equipment is regularly inspected and is better protected from attacks, malware, and outages. To gain the right to operate within the system, contractors would submit a security deposit in the MASP tokens that will be issued during the project’s ICO. When they leave the system, the deposit is returned.
Clients pay only for the actual volume of data and storage duration. They can choose from among several offers, taking into account both the lowest price and the contractor ratings. The data is encrypted and stored in a decentralized way: when files are uploaded to the system, they get split into chunks and protected by high-level encryption. Clients can use proxies, as well as create data backups by choosing several contractors.
There is no registration necessary: addresses (wallets) are used to log in. All users are anonymous and have equal rights.
In addition to the standard features of cloud storage, Market.space also offers the ability to directly distribute digital content with support for copyright protection. Movie studios, record labels, photographers, educational program creators, and other content providers will be able to work directly with clients, eliminating commission costs for middlemen and bringing down the price for the final product. When a file is uploaded, a fee can be set for each download, and if necessary timestamps can establish ownership rights.
The system is built such that all stakeholders derive a benefit: the client gets a quality product, the hosting provider gets an additional sales channel, miners and proxies get rewards for verifying transactions and transferring data, respectively.
During the ICO, Market.space plans to raise $15-50 million. These funds will go toward developing, testing, and launching the system, setting up the initial infrastructure, and bringing in clients and contractors. For working with the system, a base version of the software (web app) will be created, as well as additional software versions for mobile platforms.
The MASP token is based on the Ethereum blockchain, and the emission is governed by a smart contract. MASP is a functional token used for submitting the security deposit when contractors join the system. The price of one MASP token will be $0.35. Payment can be made by Visa or Mastercard, as well as in BTC, LTC, ETH, and DASH. The minimum transaction amount is $35, with no upper limit.
In addition to typical payment methods, Market.space will also accept Siacoin (SC) and Storj (STORJ). They will be exchanged at the current market price for the project tokens (1MASP = $0.35). “We want people who are already familiar with decentralized data storage to be able to discover a new approach to the concept they know,” explains Market.space founder Alexander Rakhmanov.
The number of MASP tokens that can be acquired during the ICO is not limited, but there will not be any further issuance. After the ICO concludes, the token will be traded on the exchanges. Since the MASP token is necessary for the system to function, its development will support growing demand for the token and therefore an increase in its price.
Investors who acquire tokens within the first two weeks of the ICO will receive bonuses. Within the first 24 hours of when sales begin, the bonus will be 25%, then 15% for days 2-11, and 10% for days 12-14.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.