GhostDrive Joins AskFX Accelerator to Improve Data Storage.
What will attract the next billion users of the blockchain ecosystem? What would attract the next billion users to the blockchain ecosystem? Both can draw attention to blockchain technologies. The real-world applications would be enough to generate interest among the average user to test the technology – an app or service that is useful to the end user.
Data storage is an important area that suffers from centralized monopolies that take control and ownership of the data away from the user. Fortune Business Insights reported that the market value was $217 billion in 2022 and is expected to reach $777 billion in 2030. Due to the lack of competition in the data storage market, it is dominated by large companies. This has led to a stagnation in improving data storage.
FileCoin, Arweave and other decentralized infrastructure networks (DePIN) are gaining popularity due to growing user demand for data storage and management combined with privacy concerns and high costs associated with centralized platforms. DePINs provide easy scalability and increased security through a network that distributes interconnected physical resources such as servers and storage devices across multiple locations. Data storage services can offer cheaper prices by using DePINs.
It’s not surprising that Big Tech is pushing users toward cloud storage in a world where most smartphones don’t have additional storage and a 4K video averages at least around 1GB . Google and Apple both offer cloud services for users that provide native support for their devices. These centralized entities see no reason to lower prices.
DePIN uses tokens to build physical infrastructure. This creates a network that enables the creation of decentralized apps (DApps). Amazon S3 costs up to 121x more than Filecoin. The price difference does not directly translate into more users as these protocols are focused on infrastructure and enterprise solutions rather than the general public. The cost is low, but the lack of consumer applications limits the use of the protocol.
Web3 data storage
GhostDrive, a new Web3 data storage platform, puts the user at the center. GhostDrive offers a simple, intuitive experience for users accustomed to centralized alternatives like Google Drive. Users can choose between MetaMask wallet or email registration to simplify the onboarding process.
The platform powered by InterPlanetary File Systems (IPFS) and Filecoin enables asset tokenization and secure data exchange. GhostDrive offers a variety of Web3 features that enable decentralized storage, access and sharing.
GhostDrive is easy to use and familiar to users of centralized platforms. Source: GhostDrive
GhostDrive addresses users’ privacy and data security concerns by encrypting files before transferring or storing them. Decrypting these files allows only authorized users to view and access them. GhostDrive allows users to customize the encryption settings for each uploaded file, making viewing shared projects easier but viewing personal photos more difficult.
Ghostdrive’s data distribution security gives users greater control over their data. Users secure sensitive data while the platform protects the infrastructure. This solution helps users become less dependent on service providers while keeping costs down. GhostDrive also uses MultiSig, which allows multiple permissions to be granted for important data actions. This increases security and promotes collaborative data management.
GhostDrive allows users to convert and compress files in a snap without using external tools.
Ghostdrive has been added to the AskFX Accelerator participant list. Ghostdrive was chosen for its potential to revolutionize the data storage and tokenization industry and become a platform to onboard new users to the Web3 ecosystem by providing real-world examples. The Singapore-based company aims to provide an all-in-one data encryption and control platform.
