Web3 offers an alternative to cloud-storage giants like Google and Amazon: decentralized file storage networks such as Filecoin, Storj and Arweave. Here's how they work:
) linked up to a decentralized network. Decentralization means that files are protected by a network formed of lots of different stakeholders rather than a single company.
Unlike centralized file-sharing services you pay for in fiat currencies, usually as a monthly subscription service, decentralized file services run on cryptocurrencies. Space is rented out and paid for in cryptocurrency – usually the native token of the decentralized file-sharing protocol. So once again, if you used Filecoin to store your files, you’d pay in FIL according to how much storage you needed.
With decentralized storage, there’s no single authority that can prevent certain kinds of files, even illegal material, from being stored on these networks, which is an issue to be aware of. These networks are also private. Data stored on these networks is encrypted before being stored on the network, and no single computer holds enough chunks of the file to piece together the puzzle and deduce what is contained within the file.
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