GhostDrive partners with Cointelegraph Accelerator to enhance data storage through Web3 technology.

What factors might attract the next billion users to the blockchain ecosystem? Positive price trends for associated cryptocurrencies, or perhaps increased acceptance from governments globally? Both elements could capture the public’s interest in blockchain technologies. Nevertheless, practical applications that offer real-world utility would spark sufficient curiosity for the average user to explore the technology — whether through an app or a service that serves the end-user’s needs.

Data storage represents a vital sector hindered by centralized monopolies that diminish user control and ownership of data. A report from Fortune Business Insights indicated that the market was valued at $217 billion in 2022 and is projected to exceed $777 billion by 2030. Major corporations have managed to dominate the data storage landscape with ease due to minimal competition, resulting in stagnation in advancements for end users.

The increasing demand from average users for data storage and management, combined with privacy issues and the high expenses linked to centralized platforms, has facilitated the rise of data storage driven by decentralized physical infrastructure networks (DePIN), such as FileCoin and Arweave. DePINs offer scalability, improved security, and data storage through a network of interconnected physical resources, including servers and storage devices spread across various locations. By leveraging DePINs, data storage services can provide their clients with more affordable pricing options.

In an environment where most smartphones lack additional storage capabilities and an average 4K video occupies at least 1 GB of space, it is understandable that major tech companies are steering users towards cloud storage. Both Google and Apple offer cloud solutions for their users that provide native-level support for their respective devices, leading these centralized entities to have no incentive to reduce prices.

DePIN utilizes tokens to establish physical infrastructure, subsequently creating a network effect that supports the development of decentralized applications (DApps). Centralized options like Amazon S3 can be up to 121 times more expensive than Filecoin. However, this price difference does not necessarily lead to an influx of new users, as these protocols concentrate on infrastructure and enterprise-level solutions rather than the general public. Thus, despite the low costs, the absence of consumer-focused applications limits the expansion of additional use cases.

Web3 data storage

A new Web3 data storage solution named GhostDrive is prioritizing the end user. GhostDrive provides an intuitive experience that is accessible for mainstream users transitioning from centralized alternatives like Google Drive. Users are offered the choice between integrating with a MetaMask wallet or registering via traditional email to streamline their onboarding from Web2.

Powered by the InterPlanetary File System (IPFS) and Filecoin, the platform facilitates asset tokenization and secure data exchange. GhostDrive incorporates various Web3-friendly features to support decentralized data storage, sharing, and access.

GhostDrive’s interface is intuitive and provides a familiar experience for users from centralized platforms. Source: GhostDrive

GhostDrive emphasizes users’ concerns regarding data privacy and security, as files uploaded to the platform undergo a comprehensive encryption process before being transmitted and stored. Only authorized users can access and view these files by decrypting them. GhostDrive allows users to set custom encryption rules for each uploaded file, facilitating easier access for collaborative projects while making personal photos more secure.

The distribution of data security in GhostDrive empowers users with greater control over their data protection. While the platform secures the infrastructure, users are responsible for safeguarding their data, ensuring that sensitive information remains confidential. This approach reduces users’ reliance on service providers while assisting providers in maintaining low prices by minimizing security expenses. Additionally, GhostDrive employs MultiSig technology, which requires multiple authorizations for critical data actions, enhancing security and promoting collaborative data management.

GhostDrive also supports on-the-fly file conversion and compression, allowing users to switch between different formats without needing external tools.

The Cointelegraph Accelerator program has now included GhostDrive among its participants. The program selected GhostDrive for its potential to transform data storage and tokenization, serving as a gateway for new users to enter the Web3 ecosystem by offering a practical use case. The Singapore-based company aims to become a comprehensive platform for data encryption, control, and ownership.