Understanding ColdStack : A Decentralised FIle Storage DApp

Understanding ColdStack : A Decentralised FIle Storage DApp

By CryptoWise | CryptoWise | 18 Jun 2021


Today we will learn about ColdStack Crypto project, which is also touted as the uber of cloud in the crypto world

1*Lc8_CcpVi0CelsTymZqCtQ.png

I feel:

“The innovative use cases associated with the world of decentralization is truly fascinating and distributed file storage is one of such unique utility which has lately seen a larger adoption thanks to the crypto project like FileCoin & StorJ that has found their unique space in this decentralized blockchain ecosystem.”

Problem Worth Discussing :

One key problem with this blockchain-enabled file storage solutions like Filecoin and StoreJ are that they are extremely complex to set up and use, also all such existing file storage solutions have their own individual challenges, so there is no such one generalized one-fit solution to help user adopt these promising storage solutions with ease.

Solution Worth Adopting: ColdStack Is Our Answer

It is a good problem to have as it has led to the birth of this new technology platform called ColdStack and today ConiWise will look into this amazing decentralized file-storage aggregation platform in detail.

So, let’s dig deeper,

What is ColdStack(CLS)?

ColdStack In Brief:

  • AI-enabled cloud aggregator DApp, with Simple and seamless integration of all file storage solutions with the all-in-one platform
  • Unified API for easy data storage and retrieval: anytime, anywhere
  • Easy to switch between multiple decentralized clouds without data migration
  • It is specifically designed for Defi
  • It is transparent, immutable, and cryptographically verifiable
  • It consists of large hybrid datasets (like payout schedules and token bonding curves)
  • Incorporates Web3 based “all-in-one” experience for unified data management

1*TguVWM3FDPhoH-zAcZztPg.png Source: coldstack.io

It is a decentralized cloud aggregator of all the popular decentralized file storage solutions like

  • FileCoin
  • Crust
  • Storj, etc…

And makes use of Artificial Intelligence technology to help you find the best Decentralized Cloud storage Network for each of your files.

As per their official web page coldstack.io:

It can also be called as the Uber for Clouds: first to market Aggregator of Decentralized Data Storages such as Filecoin.

Any individual (Developers or any tech-enthusiast)users or any businesses who want to avail the file storage service can make use of CLS, an intelligent AI service to find the appropriate decentralized cloud storage, and that too at a very low cost.

What’s The Core Objective Of CLS?

ColdStack boasts itself to be the the disruptor in decentralize file storage arena and aims to make it most affordable, efficient, & easily accessible for all, thereby positioning itself as the alternate one-stop shop for regular and advanced cloud storage needs.

In a nutshell:

They want to make blockchain-based file storage more accessible and cost-effective for all

Why It Is Called ColdStack?

As it supports multiple cloud platforms like AWS, Google Cloud to store the Cold data leveraging services offered by Amazon Glacier or Google ColdLine, it has got its name as the best cold storage solution.

Cold Storage Attribute:

  • “Cold” data is rarely used, but must be stored for a long time or even forever
  • It is 100x cheaper and relatively slower than usual storages like Amazon Clouds

How Does ColdStack Works?

1*znChLY94hLO01zuDVN2Slg.png Source: ColdStack

As can be seen from the ColsStack Functional Diagram above, It has three major nodes which are primarily the part of its ColdStack Bucket

  • File Node
  • Billing Node
  • Gateway Node

Let’s get into the role of each ColdStack Node one by one briefly

File Node:

It provides a file upload/download service to the user

Billing Node:

Billing Node calculates charges applicable for the cold storage for the concerned user or business entity

Gateway Node:

It is the main doorway to interact with existing decentralized cloud storage service providers like StoreJ, FileCoin, etc…

These three nodes collaborate to process transactions, file transfer operations and issue NFTs in a trustless, decentralized manner. The ColdStack systems core idea is to store and retrieve user data from various cloud stack using a Unified Data Exchange API which is compatible with all cloud service provider

On their portal, they have declared that:

They will publish an open-source library with AWS S3 compatible API to the most of Decentralized Storages. Users of ColdStack Storage System will save up to 80% of the storage cost with their AI-based ColdStack pipeline.

What Are The Potential Use Cases Around ColdStack?

Some of the key use cases of the ColdStack Project are:

Offering services around Defi Ecosystem:

  • ColdStack storage system can support large hybrid dataset, being generated by Defi fintech services like user payout schedule storage and token bonding curves
  • As these financial data sets are not required to be accessed frequently but are required to be stored for a longer time period or forever for that matter, ColdStack storage services are a perfect use case for these Defi services.

Storage Solutions For NFT(Non-Fungible Token):

  • NFT file storage requirements especially for Large files can be easily taken care by ColdStack which will act as their economical Digital asset storage solution.
ColdStack’s NFCLS is compatible with major NFT marketplaces such as SuperRare or OpenSea.

Support For Gaming Platforms:

  • A multiplayer game with a large userbase requires archiving the player's log and game activities, ColdStack is congenial to store such datasets to keep the record of player activities, payments and these records can be easily audited as and when required.

Support For Web3 Infra Projects:

  • ColdStack can help provide clients with unified data management to deal with heterogeneous data of any size.
  • It can empower clients dApps with a Web3 based “all-in-one” experience.

Native Token of ColdStack :

CLS is the native token of the ColdStack crypto project and is used

  • For paying for various services through ColdStack, such as file storage authentication,
  • For authentication token storage in order to access ColdStack’s NFT features and DAO Participation
  • The token was launched in May 2021, following an IDO on SuperFarm’s “SuperStarter” platform and a final Liquidity Bootstrap Pool on Balancer.

Price & Tokenomics:

  • The live Coldstack price at the time of writing this piece is $2.72 USD with a 24-hour trading volume of $246,402 USD.
  • The current CoinMarketCap ranking is #1243, with a live market cap of $4,090,157 USD.
  • It has a circulating supply of 1,504,975 CLS coins and a max. supply of 50,000,000 CLS coins.

ColdStack Market Presence:

It currently available on the following Decentralized Defi platforms, as shown in the images below

  • UniSwap
  • 1 inch Exchange
  • Balancer

1*nkP8H6NvFE1S9Ed4YysdYg.png src: coinmarketcap

As it is still very new in the crypto world, It has not yet been listed on some of the popular centralized exchanges like Coinbase, for trading.

Current Functional Status: In Beta Phase

At the time of writing, ColdStack has processed thousands of files on its API beta test, and has a live demo platform up and running, which can be used to test its storage service and NFT minting features.

ColdStack RoadMap:

Coldstack has made a great start in 2021, but this decentralized storage aggregation as a service is a promising concept which has a great future going forward, especially when storing at a cheaper cost that too with the AI intelligence will be game-changer when it comes to file-storage services

So let’s see what are the current and future roadmap which ColdStack team has laid down for the users and potential investors

1*A2AE1-gpwpUZlylkJoIEPg.png Source: ColdStack

As per the above roadmap available from their official portal they are planning to

  • Launch a public MVO of ETH Mainnet in Q3(Third quarter) 2021, along with extending their storage services to DeFI platforms
  • And full-blown product launch is slated in the last quarter of 2021 extending their presence on the Binance smart chain and EOS blockchain platform

Summing Things Up:

Considering the wider utility of cold file storage services being offered by ColdStack especially for Defi and NFT ecosystem, this tech is here to stay for the longer haul. It will be very interesting to see how it fares when its full-blown version is out in the market as 2021 ends. Also when it gets available on centralized exchanges for masses to trade, I feel its native token CLS will shine out as they are early in this Decentralized file storage domain.

Keeping my fingers crossed and looking forward to writing part 2 of ColdStack when we have some more market data available for its use case and user adoptions.

So would like to sign-off with this food for thought,

“ The more decentralized the tech world becomes the more power gets distributed into the hands of the common people , which i fell is the true democratization of the technology for people’s well being “

Disclaimer!

Opinions expressed here at CryptoWise are not investment advice and are only for educational purposes. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility

Thanks a lot for being there and inspiring as always …

 

NOTE!

This article was originally published on Medium, Here is the link:

https://medium.com/crypto-wisdom/crypto-projects-what-is-coldstack-cls-2bf9bba28273

 

 

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