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If this has been your question then, YES! it will. The decentralised web, or DWeb, could be a chance to take control of our data back from the big tech firms. So how does it work and when will it be here?

As discussed in our previous blog post on Filecoin, Web 3.0 Data Storage and all-new investment opportunities, we would also like to introduce IPFS.

What is IPFS?

IPFS (Interplanetary File System) is a protocol and peer-to-peer network for storing and sharing data in a distributed
file system. IPFS allows users to not only receive but host content, in a similar manner to BitTorrent, as opposed to a centrally located server. IPFS is built around a decentralised system of user-operators who hold a portion of the overall data, creating a resilient and reliable system of file storage and sharing.

IPFS reengineers the web to work peer to peer, addressing data by what it is instead of where it’s located. In doing so, IPFS powers a resilient and scalable network, offering even greater performance and reliability to meet the increasing demands on the web today, as well as into the future.

This would by default eradicate DDOS attacks and the compromising of web-based business’ period! Saving billions of dollars for companies currently exposed to such incidents. IPFS has already been widely adopted and is commonly referred to as the decentralised replacement for the current HTTP internet model. 

WEB 3.0 IPFS has grown to support an array of different use cases and is improving information management for industries across the spectrum: from disintermediating the music industry to unblocking weather risk protection for agribusiness.

Watch this short video for some user studies on how organisations have adopted IPFS to store historic data.

For IPFS to ultimately replace HTTP, it will need a scalable storage solution. Filecoin is that solution!

What is Filecoin? What is the relationship with IPFS?

Simply put, in order for IPFS to succeed in its mission to replace HTTP, it needs storage and lots of it. This is what Filecoin was created for, to be the storage mechanism to store all of the data created on IPFS and with the further ambition to provide decentralised storage for all web 3.0 applications.

How does Filecoin work?

The File Coin network allows anyone with any storage hardware and an internet connection to generate revenue by renting out this storage across the network, these are referred to as “miners”. However, unlike traditional blockchain custom, miners in the Filecoin network aren’t rewarded FIL for substantiating a block’s proof of work. Rather, miners in the Filecoin network have hardware with internet connections and available storage for clients to rent. On the basis of a successful deal, storage providers are rewarded with FIL for supplying storage to the network.

The users, however, are the companies, or individuals in the market that are looking to rent storage from the storage providers that have joined the Filecoin network

Good to note that, The idea to store valuable information on someone else’s computer may seem risky at first, but apart from the usual decentralised security features, IPFS and FileCoin have many layers of security that really makes it near impossible for anyone to access the files stored, one of those features, for example, is that the user has the ability to choose to break down the data files into fragments and then replicate those files as many times as they require before storing.

So, even in the unlikely event that a miner is compromised the attackers would never have access to a complete file they will only see meaningless pieces of data.

How the network operates.

As mentioned earlier, IPFS enables users to share and store verifiable data through a distributed file system. The IPFS network does not have a built-in incentivisation mechanism. Filecoin incentivises nodes to take part in long term storage of verifiable information. It does this by creating a marketplace for decentralised storage!

Even though users do not actually need to use Filecoin to access data stored in the IPFS network, all Filecoin nodes are also IPFS nodes. These two protocols are in fact independent, but also complement one another and this will provide a much more efficient environment and long term stability.

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Filecoin is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. It is made by a top Tech Company and builds on top of InterPlanetary File System, allowing users to rent unused hard drive space.

Everything from the websites you use to the fiscal infrastructure supporting our everyday digital lives relies heavily on effective data storage. But now, that data storage is expensive, opaque, delicate, and censorable, more so, in that the lion’s share of the market is controlled by the top 3 tech giants creating a monopolistic landscape for cloud storage consumers.

Filecoin aims to solve this issue and reunite storage to its naturally private and affordable state. Interesting to note that millions of dollars have already been committed to acquiring new resources and continue the expansion of the existing Filecoin operation by providing a larger volume of hardware, infrastructure, budget and collateral in order to execute the plan of being one of the largest dedicated storage providers to the Filecoin network.

Filecoin is an extremely important and vital link in the chain in order to facilitate the smooth and imminent transition to web 3.0.

Great to note that Skylight Venture Group have partnered with TOP Tech companies and are extremely dedicated to supporting the Filecoin network and are seeking to expand our current operations.

What is in store for you as an investor?

Now, we have created the opportunity for investors to get involved and join in the mission to provide this desperately needed resource.

In the Filecoin mining model, miners who are dedicated to expanding the networks storage capabilities are rewarded by being able to mine blocks that contain block rewards paid out in the native currency FIL, which is a cryptocurrency that has naturally grown in value as the network has expanded, this has already seen a 5x increase in value in Q1 2021.

Before we explain this opportunity in more detail, it’s important to understand why Filecoin was created and what part it plays in the rapidly growing web 3.0 revolution. Here is a question for you, IS THE CURRENT INTERNET as you know it BROKEN? Well, one thing is for sure, whichever side of the fence you are sitting on, the current internet is completely centralised! Today’s web is fragile, inefficient, and expensive. It’s built on a client-server model that finds and serves up content based on its location on a particular host no matter how far away or inaccessible. It is a system that can no longer stand up to the highly dynamic ways we communicate, create, work, consume, and connect. The pro web 3.0 crowd are suggesting that we adopt a more decentralised option.

Web 3.0 Is Here!

Also referred to as “the intelligent web” The new generation of the continuously evolving world wide web will be more connected, open, and intelligent, with semantic web technologies, distributed databases, natural language processing, machine learning, machine reasoning, and autonomous agents.

So much for the technology but what difference will this make to the individuals and society as a whole? 

With Web 3.0, women, men, machines & businesses will be able to trade value, information & work with global counterparties they don’t know or yet explicitly trust, without an intermediary.

Web 3.0 will fundamentally expand the scale & scope of both human and machine interactions far beyond what we can imagine today. These interactions, ranging from seamless payments to richer information flows, to trusted data transfers, will become possible with a vastly increased range of potential counterparties.

Web 3.0 is built largely on three new layers of technological innovation: edge computing, decentralized data networks and artificial intelligence.

What about Data Storage?

Simply put, without storage the internet today would not function. Currently, people generate around 1.145 trillion MB (megabyte) of data per day. As society relies more and more on the internet to work, study, socialise, and store, data. See this link for some mind-blowing stats from Forbes.

Once again just like the existing internet model, the data storage industry is hugely centralised and the dangers of storing such enormous amounts of data on centralised servers have been obvious for years. For example, in 2012, leading cloud storage supplier Dropbox revealed a data breach that had compromised more than 68 million of its user accounts. The stolen passwords and data were put on the Dark web, in exchange for payment.

COVID-19 Impact on Cloud Intake.

Even before 5G having a mass commercial impact, the Covid-19 pandemic of 2020 has played a vital part in the surge of international cloud intake. According to technology market analyst Canalys, the global cloud market grew by 33% in Q3 of 2020, which was a US$9 billion year-over-year growth in one quarter! 

Amazon Web Services (AWS) currently dominates 32% of the world’s cloud (and has gone down again, causing massive outages throughout the net), while Microsoft Azure comes in second, with 19% of this market. Storage and storage needs are predicted to grow with the emergence of 5G and other technology like the Internet of things (IoT).

Was this helpful? Get in touch with a Tech Specialist to learn more and invest today for FREE.

 

Learn more about how Filecoin works and how it yields income on our next blog post.