Is Blockchain and Cryptocurrency Likely to be the Next Big Thing in Cloud Storage?

Filezilla, the open-source FTP client, is all set to offer users free online data storage at the same time allowing them to earn cryptocurrency.

Galoppini, director of strategy for FileZilla, stated that his service is geared to partner with Atlanta-based Storj Labs Inc.’s using its peer-to-peer (P2P) distributed storage platform that is facilitated via blockchain.

“People have been using FileZilla for free for so many years, it’s important to find a new service that, if it’s not free, it’s cheaper than anyone else,” said Galoppini.

Filezilla, the open-source FTP client, is all set to offer users free online data storage at the same time allowing them to earn cryptocurrency.

Galoppini, director of strategy for FileZilla, stated that his service is geared to partner with Atlanta-based Storj Labs Inc.’s using its peer-to-peer (P2P) distributed storage platform that is facilitated via blockchain.

“People have been using FileZilla for free for so many years, it’s important to find a new service that, if it’s not free, it’s cheaper than anyone else,” said Galoppini.

Storj Labs’ blockchain tracks digital ‘farmers’. Like Bitcoin miners, digital ‘farmers’ allow an application to share excess network and storage capacity on their computers or servers. The blockchain electronic distributed ledger enables the farmers to be paid in cryptocurrency. Thus, by sharing revenue with Storj, Filezilla will be able to offer free service to users as well as free access to a VPN using blockchain.

Storj’s P2P network currently hosts 30 petabytes of data, with over 50,000 digital ‘farmers’ having joined the network.

The distributed storage service is also toying with a concept known as sharding, that requires a percentage of nodes to process transactions. Sharding would allow many more transactions to be processed simultaneously.

In the early 2000s BitTorrent started a distributed file-sharing service managing over than half of the internet’s file-sharing bandwidth. Thus, the concept of aggregated computer resources using P2P networks has been around for a while.

Another leading blockchain platforms Ethereum also announced its intentions to explore the distributed ledger technology.

Another blockchain managed P2P network for excess storage capacity is operated by Boston-based Sia, running more than a thousand hosts in over 50 countries worldwide. Having started out as MIT hackathon David Vorick’s vision, Sia declared recently that it would be targeting CIOs and CTOs as enterprises, and universities for cold storage.

“Cold storage is one of the most prime opportunities for blockchain right now. It’s a $200 billion market,” Vorick said.

One of the major challenges that seem to be emerging for these platforms is the lack of capacity for efficient scaling, although Sia claims it is immune to these problems from surfacing. Storj, though, announced that it would not be accepting new users or farmers until this issue is effectively addressed.

Storj Labs, it seems, is looking to adhere to the old adage: a stitch in time saves nine – addressing the looming scalability problem before it even surfaces as an issue for its farmers and users.

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