Right when everyone thought blockchain was done spreading its wings, it invaded the storage spaces and made a business out of them as well. The cryptos based on cloud storage allow users to store their data in hard disc space provided by other users. Here are some cloud-storage based cryptos which can prove beneficial in the coming time.
A rather new approach to cloud storage platforms, SIA is not a data center operated and owned by a single company but a platform that allows anyone and everyone to monetize by renting out their hard drive space.
The data integrity is protected via cryptography and redundancy. The encryption is ensured by smart contract cryptography and the data transfer involves no interference by any third party.
All the transactions occur in Siacoin which can easily be mined and traded. SIA appears to be the most affordable and beneficial storage crypto so far. The coin was launched in August 2015 and its current market cap value stands at $244,244,435 USD.
A smart data storage box, Minebox offers a p2p cloud storage network that is secured and powered by a blockchain. This is a Network Attached Storage computer which acts as your personal cloud. Minebox acts like a really small bank where users can earn Bitcoin and Siacoin. All that needs to be done is connecting the box to the internet.
Some benefits of this crypto include the fact that it constantly and automatically backs up the encrypted data of a user in multiple locations on a p2p network and the local data can be accessed from anywhere.
Filecoin is a platform that allows you to rent your hard drives, single disks, whole data centers, or racks for that matter to users and earn filecoins in return which can then be traded for USD, bitcoin, ethereum, and other currencies as well.
A different feature of filecoin is that clients can adjust their storage strategy as per their needs and create a custom balance between redundancy, retrieval speed, and cost. The entire network is supported by end-to-end encryption and is decentralized.
The Storj network allows users to rent and buy storage. The network is blockchain based, end-to-end encrypted, distributed object storage network. It is a community shared network that provides users the opportunity to earn by renting out their storage space.
Storj is an open-source cloud platform with the aim to change the rudiment ways in which people and devices own data. The aim of the network is to become a cloud-storage platform that cannot be monitored or censored.
On the Storj network, the users’ files are encrypted, shredded into little pieces, and stored on a decentralized network of computers globally.
This allows Storj to be a faster, cheaper, and reliable network that is radically different from the traditional cloud storage platforms. The network employs blockchain features such as transaction ledger, cryptographic hash functions, and public/private key encryption etc.
The main aim of Storj is to solve issues relating to data security issues and is working hard to do that.