Over the past year, internet giants like Amazon and Google have all experienced outages due to errors and failed upgrades. The appearance of such blackouts and their impact around the world have once again highlighted the importance of having a decentralized Internet.
Moreover, just as the Covid-19 pandemic has shown the world that blockchain-based digital currencies are the future, the outages experienced by powerful internet companies may have given a boost to those defending the Web3. 0.
However, this Web3.0 can really take off if the actors in this ecosystem play their part in building the critical infrastructure. That’s what Lucky Uwakwe, the co-founder of Stoor, says he’s trying through the startup’s blockchain-based cloud storage service.
In a question-and-answer interview with Bitcoin.com News, Nigeria-based Uwakwe explains the concept of decentralized cloud storage and how blockchain makes this type of storage possible. He also shares his thoughts on the trajectory of Web3.0 and why he thinks the world is now ready for this next stage of the internet. Below are Uwakwe’s written responses to the questions sent to him.
Bitcoin.com News: Can you explain this concept of decentralized blockchain cloud storage?
Lucky Uwakwe: The concept of decentralized cloud storage essentially uses the advantages of blockchain decentralized cloud storage. Unlike centralized databases, existing decentralized cloud storage systems were designed to take advantage of blockchain by incorporating the following features that are an improvement over traditional cloud storage providers:
Decentralized systems ensure that cloud storage is distributed across many computers and in multiple locations. Hackers would have a harder time accessing large amounts of data, so they can rarely break down. It also means that no government or institution can interfere with the blockchain, as long as other servers are running the database outside of their jurisdiction.
They are designed to work with the contribution of each user of the network, that is, the peers of the system can share information without requiring the supervision or approval of a central administrator. They inspire users to participate in the network by encouraging them to provide unused storage on their devices and make money from it.
They leverage unused disk space on devices around the world to build a more reliable and cheaper data storage market than traditional cloud storage providers. They encrypt and distribute all files over a decentralized network. This means that each file downloader has its own keys and data. No outside company or third party can access or control its files.
BCN: How is it different from centralized storage and why do you think it is needed now?
LU: Centralized database storage systems are typically the ones that manage data storage. They are physically executed on a server and controlled by a designated authority. But as customer demands continue to grow, it becomes increasingly difficult for the data center industry to ensure higher uptime, while maintaining security and keeping costs to a minimum. They are an easy target for hackers who can potentially access a lot of data stored in one place.
As for the incentives, only the shareholders or board members of this centralized cloud company can earn dividends, unlike the decentralized blockchain solution where everyone can have the opportunity to earn dividends.
BCN: Who should use this type of storage?
LU: Any Internet user or anyone who downloads or saves any type of file via the Internet or on their device (phone, laptop, iPad, tablet, desktop, etc.)
BCN: In your pitch, you also introduce the concept of earning as you store. Can you briefly explain what this involves and why it is necessary?
LU: Centralized solutions such as Microsoft Azure, Google Cloud, Amazon Web Service, iCloud, Dropbox, etc. are only provided with the incentive to store user data and at a price considered sufficiently cheap. On the other hand, decentralized services like Sia, Filecoin and Arweave come with an incentive from the centralized system and additional incentives for providers of storage space on their network.
However, (in our company) Stoor we have all of the above as well as incentives for those who download files. There are incentives for our token holders, app developers, and platform owners that ensure all users in the ecosystem are covered. These opportunities and the corresponding rewards reflect our core business ethics: the people who make up the entire ecosystem matter; they must be rewarded.
BCN: What made you decide to take up this profession?
LU: The world is obviously web 3.0 ready and we are moving away from the web 2.0 era, blockchain has shaped this for all of us. However, this becomes a concern when we see web 3.0, which is expected to be independent and progressive, continuing to depend not on the blockchain but on the centralized cloud of Amazon and Google to store data for web 3.0 solutions.
We have received more and more reports of these cloud providers going offline due to hackers or errors in upgrades, while companies never inform us of the integrity of our stored data afterwards. each successful hacking or hacking attempt. At Stoor, we believe it is too risky for the world to depend primarily on these few centralized platforms. If we are serious about getting into Web 3.0, we need a Web 3.0-centric solution.
BCN: In your opinion, are Africa and the rest of the world ready for blockchain storage?
LU: The world is ready for a decentralized blockchain storage solution, it’s just that we haven’t had a perfect mix that captures all participants in the ecosystem and we know our solution is a better plan that captures all participants. of the ecosystem in the field of data storage.
BCN: Jack Dorsey, the founder of Twitter, recently sparked controversy when he tweeted about the role of VCs in building Web3.0. Do you agree or disagree with what Dorsey said?
LU: I respect Jack as a person and his bold vision. As a person and co-founder of Stoor, I took the build and build path with the mindset of putting most of the power of web3.0 to work for people.
What do you think of this interview? Let us know what you think in the comments section below.
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