As the world evolves, we add value to more and more behaviors in the web 3.0 world. Recording and storage have also become the foundation of everything. Today, 499X Builders will explore with you:
Why is decentralized storage the basic track of web3.0?
Tadeo：Hello everyone, today we are honored to invite Booker @Boqian , Jared @Jared Ma , two core developers of Filecoin/Filswan to share with us: Why is decentralized storage the basic track of web3.0?
Boqian：Hello guys! Jared Ma：Hello everyone, its a pleasure to be here talking about decentralized storage.
Tadeo ： I am honored to be today's host, this is also the first ama event since 499x builders was established.
Boqian ： Hi, I am core developer of Filswan, and project leader of NBFS, I have much experience with Filecoin 😁 We also provide Filecoin server hosting solutions for storage providers.
Jared Ma ： Hi guys, welcome again to our event. I am Jared Ma,Senior Software Development Engineer from Swan Cloud Inc. Master degree of both Computer Engineering and Civil Engineering. I have proficient practical working experience in agile software development, project management and team organization. I've aslo got profound knowledge in blockchain, cryptocurrency, AI/ML, algorithms design, databased and data security. Meanwhile I have lead FS3 cloud projects with outstanding communication and customer satisfaction.
Tadeo ： Ok, then we will officially start today's sharing. After the start, I will mute everyone. If you have any questions, please ask them after the ama is over.
Tadeo： First of all, we all know that decentralized storage is important, but we don't hear much about the actual application. The first question is: What is the current development of decentralized storage?
Boqian ： Actually, now there are various decentralized storage solutions, which means that the decentralized storage is still in a very primitive stage It is still in trial and error stage All projects have failure rate, and there are all kinds of unnatural designs These projects can be roughly divided into two kinds. For example BitTorrent. Filecoin, Arweave, etc, could represent the incentive layer of the file sharing network based on content addressing, while Sia, Storj, and MaidSafe are more inclined to share its own hard disk space.
Boqian ： BTW, Filecoin is the leading project of decentralized storage.
Boqian ： And the most promising one.
Jared Ma : Well a thousand people have a thousand Hamlets. There are different angles to interpret these questions. From my experience, I would say the migration-related concern is probably the hottest issue. The decentralized data storage system uses peer-to-peer technology, circumventing any centralized regulatory authority. Yet businesses and customers may find it difficult to trust the decentralized network as it lacks accountability for lost data or misplaced transactions. Given this lack of trust, developers are working towards designing the highest level of security within the decentralized network. It may still take some time for businesses to put their faith in new technology.
Tadeo: Great, could you be more specific, from a developer's point of view?
Jared Ma: Yes for sure. Nowadays most companys are still using traditional centralized storage for the simple reason that they have use the same way for many years. They already build trust in centralized storage. It's hard for them to take risk, though very minor, migrating to decentralized storage. However, the centralized storage has its drawback, one of them is that individuals or companys do not have control over their data. Hence, the attractiveness of decentralized storage is that it is decentralized😀 , meaning that rather than consumers accessing the internet through services mediated by companies like Google, Apple or Facebook, individuals, themselves, own and govern sections of the internet. To gain trust, the development of decentralized storage is always focusing on building a Persistence mechanism / incentive structure and consensus for everyone. For example, on Ethereum, the persistence mechanism is that the whole chain needs to be accounted for when running a node. New pieces of data get tacked onto the end of the chain, and it continues to grow - requiring every node to replicate all the embedded data. We are aiming to bring a new storage option with consistence and trust. Hopefully a few years later , we will arrive there.
Boqian: We will be there for sure.
Tadeo: Awesome, from the perspective of developer, what problem does decentralized storage solve?
Boqian: Nice question. The most obvious one is the security and privacy. It enhance the security and user privacy. The encryption of data by decentralized storage is not only limited to users and softwares, it also encrypted in all aspects of the storage network It protects user privacy by private access keys, zero-knoledge proofs, and many other methods Then, decentralized storage could prevent data loss with backups Data is stored on different nodes, and data loss is prevented by data redundancy Most important one, it also reduces the cost Well designed decentralized storage allows to increase performances and lower network costs by bringing the data as close to endpoint as possible Here is a good news! 🤓 We have a integrated decentralized storage solution called MCS Filswan and Filecoin have started the testing of MCS recently, users will be invited to upload files, mint NFTs, and pay for storage using stable coin to win FIL rewards!
Tadeo: If it is really a decentralized storage solution, it should be a part of it. Where is the application scenario of decentralized storage in the future? What are the advantages compared to today's cloud storage?
Jared Ma: Actually the technology of decentralized storage can be applied to any area related to data. We have already have some user cases in hand.
- Public interest databases: Public interest databases like Wikipedia, OpenStreetMap, and Project Gutenberg will be hosted on decentralized storage.
- High performance Parallelize Big Data Computation: on very large datasets, you can benefit from parallelizing calculations on several nodes.
- Non-fungible Tokens (NFTs). As the NFT industry continues to grow, I believe decentralized storage for the metadata that these tokens carry will be elementary.
- As Booker mentioned, an integrated decentralized storage solution is vital, MCS for example. There is also a competition with Filecoin reward coming on Wed. You can find more info from our twitter https://twitter.com/0xfilswan
Tadeo: After we learn these, what is the future direction of decentralized storage?
Boqian: To be brief, there are three ways to improve that I can think of
- Lower the bar for storage provides, so that home users can participate in the network as storage providers
- Design reasonable consensus, so that the probability of storage reward is linearly related to the increase of the total effective storage
- Use a stablecoin to stabilizes the costs
Tadeo: So the last question is also the theme of this ama: why is decentralized storage the basic track of web3.0?
Jared Ma: Well thank you for asking that. There are a few key distinctions between Web 2.0 and Web 3.0, but decentralization is at the heart of both. As I have explained, you have no control over your data or how it is stored in Web 2.0. In truth, businesses frequently track and save user data without their permission. The firms in charge of these platforms then own and manage all of this data. Web 3.0 developers rarely create and deploy apps that run on a single server or store data in a single database (usually hosted on and managed by a single cloud provider). Instead, Web 3.0 apps are built on blockchains, decentralized networks of numerous peer-to-peer nodes (servers), or a hybrid of the two. These programs are known as decentralized apps (DApps). Decentralized storage utilizes blockchain technology and has the characteristics of strong scalability, security, high efficiency, automatic fault tolerance, high reliability, and lower cost. The competition of web3.0 will definitely focus on Decentralized storage and you'll hear that term a lot in the Web 3.0 community. Network participants (developers) are rewarded for delivering the highest quality services to establish a stable and secure decentralized storage. Thus decentralized storage is the basic track of web3.0. Data is everyting. period