What is Decentralized Storage, Is It Useful?
Find out how a decentralized storage network operates and the benefits it offers!
When it comes to keeping data internally, businesses encounter a number of challenges. Storage area network upkeep is difficult, and scaling the infrastructure up or down presents significant technological and financial challenges. In addition, there are troublesome data interoperability and safety issues to consider.
Due to these issues, a cloud storage paradigm has developed that provides scalability, agility, security, cost savings, and simplicity. According to Fortune Business Insights, the global cloud storage industry is projected to expand from $83.41 billion in 2022 to $376.37 billion by 2029.
Users can access their data from anywhere via the internet or private network by storing it in the cloud. Typically, cloud providers like Amazon Web Services and Microsoft Azure are used by services like Dropbox, Sync, and Google Drive to store their users’ data. Dropbox is a file-sharing and storage service that operates in the cloud, enabling access to data from any computer or mobile device.
It’s simple to collaborate on projects and exchange data with others with Sync, and it even supports real-time synchronisation. End-to-end encryption and two-factor authentication are only two of the cutting-edge security features provided by the solution. Google Drive is a cloud-based service that lets you access your files from any computer, phone, or tablet, as long as you have an internet connection.
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One big drawback, however, is associated with centralised solutions. One’s host gains tremendous control over one’s data when it is stored centrally, including sharing it with others without permission and wiping it clean in the event of a system crash or cyberattack.
Decentralised systems are now available as an alternative to traditional, centralised data storage systems. Decentralized storage apps that are powered by blockchain technology are proving to be highly handy in an era when company operations are dependent on the efficacy of data management.
What is decentralizedd storage, and how does it function? Also included is a brief examination of the differences between centralised and distributed data storage options.
Explain the concept of distributed storage
Instead of depending on a single institution to store data, a decentralized storage solution uses a blockchain-based decentralised network. Instead of storing information on a central server managed by a centralised body, decentralised networks spread data across multiple nodes. By spreading the information and protecting it from mistakes and other threats, it improves security and trustworthiness.
Furthermore, with decentralized storage, users are not reliant on a third party to manage and store their data but rather have full ownership and control over it. Decentralized storage solutions include the likes of InterPlanetary File System (IPFS) and StorX.
IPFS is a peer-to-peer file storage network that enhances security, privacy, and scalability by removing the need for a centralised server for file storage. With StorX, anyone can encrypt, fragment, and disperse vital data among numerous hosting nodes in a safe and reliable manner. Before being encrypted, every file on StorX is split into many pieces and stored in separate nodes run by different companies in different parts of the world.
— IPFS (@IPFS) February 14, 2023
StorX is designed as a collection of independent storage networks, so no one entity controls the information of any one user. Because of this dispersed ownership, no single entity has too much control over the data, making it safer. In the network, individual users’ private information is automatically shielded from prying eyes.
Just how does decentralized storage function?
Let’s keep using StorX as an example of how a decentralised solution operates. The StorX network requires a username and password in order to upload a file. The network secretly creates a private key, encrypts the file, splits it into many encrypted fragments, and disperses them across the Internet to various unaffiliated nodes.
Using a Distributed Storage System
Redundancy is provided by the network duplicating these data fragments over numerous nodes so that if one node goes down, the data may still be retrieved from other nodes. When a user needs to access their files again, they connect in with their credentials to activate the private keys and background to reconstruct the file and gain access.
Native SRX tokens are used as a form of currency on the network. Data centres run the storage nodes with spare storage space. They periodically verify their storage with the hub.
Reputation mechanism for storage nodes
StorX employs a storage node reputation mechanism, an AI-powered programme that performs routine quality checks on all storage nodes, to guarantee that they all live up to the platform’s stringent requirements for storage node quality. As a result of the mechanism’s quality check, each node receives a quality score.
The reputation system for nodes is affected by the node’s efficiency, quality, location, and quantity of SRX staked. The SRX token is the ecosystem’s native currency. In terms of effectiveness, the process considers new server operating system patches and improved security parameters. It also makes sure that the nodes aren’t all hosted by the same ISP or geographical area.
The benefits of decentralized versus centralised data storage
Because of their structure, decentralized storage platforms are safer investments than centralised ones. Let’s look at how StorX performs as an example:
Protection of vital records
Compared to centralised storage systems, which are vulnerable to spoofing and limits, StorX’s ability to store vital data is greatly enhanced by its distributed network of more than 4,000 nodes located worldwide. All StorX nodes are commercial-grade, meaning they’re servers running in at least a Tier 3 data centre. The quality of the storage is an indicator of hardware quality.
StorX limits the mapping of freely available information. Private keys allow only the account owner or their authorised users to access the data saved in their account.
Centralised storage systems have made attempts to compete with decentralized storage systems by developing hybrid decentralized solutions that lack essential features of decentralisation, such as moving the decision-making to a distributed network.
Data stored with StorX is safer because it uses both content and transport encryption. StorX provides distributed cloud storage using military-grade encryption (AES-256) and fragmentation algorithms, so your data is safe even though no single node stores the entire backup copy.
New-generation data storage on the cloud
Typically, data in the cloud is kept in a single location on a single file server. However, with decentralised data, the file is broken up into smaller bits and stored in different places around the world. Due to its distributed nature, decentralized storage is immune to being shut down or experiencing many simultaneous outages.
StorX releases a system that takes advantage of both of these options. Even if the file is replicated across multiple nodes, these nodes are all high-powered servers, not just any computer. Users gain access to hybrid cloud storage, combining the best features of conventional cloud computing and distributed databases.
In contrast to traditional storage methods, in which a large volume of data is kept in a single location, decentralized storage utilises a distributed network of computers to keep its information safe. In centralised systems, performance is dependent on many elements, including connectivity, bandwidth, and the number of processors available on the server. When data is retrieved in a decentralised system like StorX, it is fetched from the nodes that are geographically nearest to the user.
Dispersed data storage: the way of the future
The use of decentralized storage systems may rise in popularity in the future since they have many advantages over conventional centralised storage systems. They may also make storage cheaper and more readily available.
In addition, future developments in scalability, security, and usability of distributed storage systems are expected to increase their appeal to a wider range of users, including people and businesses. As the number of IoT devices and other distributed systems proliferates, there will be a greater need for decentralized storage options, which will likely lead to more exploration and development in this sector.