If you’ve used a computer for long enough, then you likely know the pain of a failed hard drive. With days, months, or possibly even years worth of files, work, and memories irrecoverably lost, hard drive failures can be a catastrophic event for many people.
For businesses, this also represents a major problem with customer data, records, logs, and a myriad of other important files generally being critical to their long-term success. For this reason, they often spend a large chunk of change for peace of mind when it comes to data redundancy and security.
This is slowly changing. Thanks to the advent of decentralized file storage solutions like Filecoin, Storj, and Arweave, users can now benefit from near-infallible redundancy and perpetual access to their files due to a decentralized, practically untouchable network of storage nodes.
However, in the last few years, an abundance of new blockchain-based cloud storage platforms has made adopting decentralized storage confusing for companies, especially outside the crypto-community. Smaller-scale users may also be intimidated by these many options, and unsure of which decentralized storage is best for them. Both large-scale and small-scale users are also faced with the challenge of navigating interfaces which they are not accustomed to.
ColdStack, a platform that aggregates the capabilities of numerous decentralized data storage platforms, seeks to solve these problems, and begin a paradigm shift to bring mass-adoption to decentralized storage. ColdStack can unite decentralized storages so they can compete with centralized ones for the first time.
Unlocking Blockchain-Powered File Storage
Decentralized file storage isn’t anything new. In fact, it’s been around for 2-3 years or so — as several blockchain-based platforms launched their working products in this time; including the likes of Filecoin, BitTorrent, and Sia.
But despite their rapid development, these platforms all have a particular focus and have their individual pros and cons, though it may be difficult for users to identify each particular difference between them. Individually, most of these platforms still have growing pains relating to supported file types, upload limits, costs, latency, and more. But when their capabilities are overlapped on top of one another, a more complete solution can be seen — one that is suitable for all individual and business needs.
However, up until the development of ColdStack, these platforms operated as closed silos. There was no interoperability between them, and using multiple solutions to get the best of everything was a time-consuming, costly process.
While platforms like Filecoin, Storj, and BitTorrent have been battling for supremacy among decentralized file storage solutions, ColdStack completely eliminates the need to spend countless hours researching the capabilities and limitations of the many options available. Instead, by simply holding one token, $CLS, users gain access to the entire array of decentralized file storage and sharing platforms.
Rather than pitting the different blockchain-based storage options against one another, ColdStack simply aggregates the best features of each to optimize the utility for the end-user, while keeping costs down to a bare minimum. This efficiency enables ColdStack to offer the most cost-effective storage solution, and allows us to offer better prices when compared to centralized exchanges. For comparison, centralized storages such as Amazon and Google are typically more than twice as expensive when compared to decentralized storages. The fact ColdStack further improves this cost-efficiency through decentralized storage aggregation, along with making decentralized storage easier to access for those outside the crypto-community through our AWS S3 API integration, means ColdStack will likely capture a significant portion of the storage market and provides a way for decentralized storages to properly compete with centralized ones.
ColdStack uses artificial intelligence to automatically provide users with the best storage options for their needs, all handled seamlessly in the background. It achieves these features without requiring users to fork over personal information for the privilege — providing users with true anonymity for their encrypted files.
While many current solutions lack a simple integration pipeline for businesses and institutional users, ColdStack overcomes this issue with its implementation of the Amazon S3 API — allowing users to easily connect to these storage solutions through an API they’re already familiar with and quickly integrate decentralized cloud storage technologies with their back end.
Like many potentially disruptive technologies, ColdStack’s infrastructure will be technically challenging to build. Fortunately, the team is decked out by industry leaders in the cloud data space, who have already put together a working demo version running on the Ethereum testnet, Rinkeby.
With plans for a full launch and cross-chain support scheduled for Q3 this year, it’s clear that ColdStack is set to hit the ground running after its public sale in Q2.
By reducing a major friction point for institutional adoption, ColdStack sets the tone for the development of the cloud storage industry. The door is now open for the largest data users to confidently make the transaction to decentralized storage, without any of the usual downsides.
The Makings of a Giant
The cryptocurrency industry is all about potential. Those that recognize this early stand to make fabulous gains, while those who don’t can be left holding the bags at a massive markup compared to fair value. The goal for all investors is to spot a game-changer before it’s common knowledge — this is where investors are able to generate incredible returns.
ColdStack may be an example of a monster in the making. As an aggregator for decentralized file storage solutions, it has clear utility value and fundamentals, and also addresses a strong unmet need in the industry — saving users both time and money, while boosting their capabilities.
But here’s the real kicker. ColdStack isn’t just on a path to disrupt the decentralized file storage space. It’s shaping up to displace the behemoths of the centralized file storage world too — think the Amazons, Dropboxes, and Googles of the world. By helping to make decentralized options just as accessible as today’s centralized frontrunners, ColdStack could be the enabler they need to achieve broader adoption.
To put this into perspective, when 1inch launched the 1INCH token in December 2020, each token was worth around 80 cents. Less than two months later, its value had exploded eightfold. Why? Because 1inch helped to unlock a blossoming new technology — in this case, automated market maker (AMM) platforms). One key difference in this comparison is that 1inch has competition through other swap and exchange services such as Uniswap and Balancer. ColdStack on the other hand, faces no competition as a decentralized storage aggregator. There are no other platforms which aim to accomplish what ColdStack seeks to achieve.
ColdStack offers similar, if not greater market potential. Featuring a tiny initial market cap, but unlocking the value of multiple large-cap assets (inc BitTorrent and Filecoin), it could be poised to follow a similar, if not superior, trajectory.