Everything You Need to Know: Genaro Network & Decentralized Storage
The ongoing pandemic has accelerated the convergence between the real and virtual world. Almost all of the activities that people do in the real world, such as working, socializing, entertaining, dining, shopping, and traveling, can be executed through the internet. Meanwhile, the amount of data created has increased exponentially from Web 1.0 to Web 3.0, mainly due to user-created content being the norm these days.
According to the latest statistics, the digital content creation market is expected to reach a market valuation of $16.9 billion by 2025, prompting a huge demand for data storage. Meanwhile, the development of microchip technology, algorithms, and hardware has led to the advancement of storage technology, though the pressing need for data security has forced innovation in this sector to stagnate. The storage industry has gradually evolved from its traditional disk storage methods, and has broken through the physical limitations of hardware storage to focus on cloud storage. Centralized storage has given way to decentralized storage, but what exactly are the differences between these two storage methods?
When it comes to centralized storage, we can understand it as a model of centralizing the entire storage network into one system, using a limited and fixed number of nodes. This method was very common in the past. Data can be queried through a single server, which has the advantage of low latency, though this comes with a price of relatively higher costs, lower data security, and lower scalability.
One of the key factors of the smooth operation of a centralized storage system is the upkeep of the storage server. Storage servers become the bottleneck of system performance, putting high demands on storage environment, hardware devices etc. As a result, the huge centralized storage market is also limited to tech companies with sufficient scale, with the four giants — Amazon, Microsoft, Google, and AliCloud — accounting for 67% of the cloud storage market share.
With the rise of social media platforms like Facebook, and the popularity of user-created content, we have entered an era of explosive data growth, and this has placed higher demands on storage capacity size, expansion speed and data backup. Real-time interaction between users requires faster read/write data speed and higher security. At the same time, as the types of data generated become more complex and diverse, existing storage systems need to be expanded to incorporate semi-structured and unstructured data relationships. Due to the high costs involved and the high barriers to entry, existing centralized storage models can hardly keep up with the pace of data production, which necessitated the creation of decentralized storage.
Decentralized Storage by Genaro Network
When it comes to centralized data storage, users pay exorbitant fees but face plenty of security issues. With Genaro Network’s decentralized cloud storage service, users can have full control over their data, encrypt their storage, grant access to other users, enjoy secure data backup and more. This will greatly enhance users’ privacy and also ensure the long-term preservation of their data. At the same time, the cost of storage can be greatly reduced as other users contribute their idle storage space.
Genaro Network is the first Turing Complete public chain with a decentralized storage network, and is dedicated to building a top-tier distributed cloud storage service and providing a one-stop development platform for developers. In Genaro’s decentralized cloud storage platform, user data is sliced into multiple pieces known as sentinels, and then stored on multiple independent network nodes. This ensures privacy protection, data redundancy backup etc., coupled with strong economic incentives provided to storage providers.
From an economic perspective, data security is vital to the development of the metaverse; and the demand for massive data storage generated by the metaverse and Web 3.0 could unlock immense economic opportunities. We will likely see a surge of applications in decentralized storage and with improvements in storage technology and optimized incentive models, the decentralized storage industry will finally make significant and stable progress.