It’s no secret that we are currently experiencing a new industrial revolution through the power of the blockchain technology. Disrupting the money market, or what Bitcoin is trying to do, is just an aspect or use case of what can be achieved with the help of blockchain. Data, for example, is considered the new gold nowadays. Any company that wants to remain relevant in today’s business climate must safely collect and interpret data. However, the current storage solutions have been proven to be suboptimal as time and time again hackers can easily access it and leak it all over the internet.
Being a big company like Google, for example, you might get away with it but if you are a small venture, having weak security infrastructure will inevitably become the final downfall as users will never entrust your product with their sensitive data, ever again.
Casper Network: P2P file storage revolution
The Casper Network is decentralized P2P file storage system that allows mainly dApps developers to deploy and store their databases in a reliable environment. With the help of the CST token, Casper wants to implement a viable economic system where supply will meet the demand, namely storage rental.
Individuals that want to rent out storage space will receive CST tokens for the services rendered. With the help of the ERC20 infrastructure, Casper will deploy the smart contracts feature that will ensure all the involved parts of any contract are held accountable for any transaction that’s done on the network.
Who loses in this picture?
Big companies that currently provide cloud storage services will not be able to compete with their current business plan as the maintenance and running costs are significantly lower than the current standard. If up until now, entering such a business was considered nearly impossible with the help of a decentralized network like Casper people have the option branch out in the world of cutting-edge tech.
Once a user decides to store his data on the Casper Net he can rest assured that his information is safe as the file storage vendors and providers cannot access the stored data. Advanced network algorithms ensure the safety of the storage plots. If for any reason any hardware modules decide to go off the grid, the Casper ecosystem assures total data redundancy by transferring the data to other storage vendors.
The scalability of this system is virtually infinite, provided that more and more storage vendors join the network. In phase two of the project, Casper plans to deploy a set of advanced virtual machines that are meant to serve IoT (Internet of Things) projects; without the high throughput of these VMs, it would be impossible to deploy a project where lightning-fast reactions are needed.
As the blockchain market grows with every cycle, so is the need for reliable storage services that are not concentrated in a central point. Decentralization and P2P networks will undoubtedly change the way we currently perceive online technology.
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Thank you for the really interesting article. It's a shame that so many people don't try to keep the data safe or aren't aware of the dangers the internet provides.
This sounds very familiar to Storj. Storj was a hassle to try and setup and most average users will not go through the trouble of signing up to use it.
Maybe Casper is more user friendly, I may have to check it out.
Yeah, Casper's trying to solve a problem that's already being solved by other established cryptos like Siacoin (SC), Storjcoin and a number of data storage centric coins. Because you see, the market for data storage and security is huge and has mind boggling opportunities. But just like any viable opportunity, it's also rife with enormous challenges. One of which is scalability.
I guess the real question is what else does Casper bring to the table? How is the investor better advantaged by investing in Casper instead of tried and tested coins like SC, etc? Who are the developers behind it? How experienced is the team? What are their plans to tackle scalability, etc? How effective is their marketing strategy? What strategic partnerships do they currently have and hope to have in the coming weeks/months/years? What incentives are they offering to storage vendors? The list of questions are infinite lol but I suppose these are some questions investors who are doing their due diligence would want to ask.
I certainly wish Casper the best in this emerging crypto-economy. But they've definitely got work to do too.
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