The Decentralized Storage Alliance Will Help Bridge the Gap Between Web2 and Web3
New York City: On Monday, a new organization known as the Decentralized Storage Alliance was established by the Filecoin Foundation, Protocol Labs, and a number of other members. The formation of the Alliance marks the first time that businesses operating in the decentralized sector would work together to further the acceptance and understanding of distributed ledger technology.
They also aim to assist companies who operate in the web2 sector in making a seamless move into the web3 arena. They want to accomplish this goal through engaging in lobbying and education, as well as by making use of existing best practices.
By the year 2025, it is anticipated that the global data market would have exceeded 200 zettabytes. Approximately 80% of the total demand in the market is met by businesses. However, more than 90 percent of those still rely on public clouds and centralized storage solutions to keep their data, both of which turn out to be prohibitively costly and inefficient.
The market’s major players are continuing to strengthen their grip on the industry. As a result, they restrict the effectiveness of the data pricing. In a poll that was carried out not too long ago by the International Data Corporation (IDC), it was found that about 86 percent of businesses had a favorable attitude on decentralized storage.
Decentralized storage would result in a storage system that is more reliable, secure, and efficient. In addition to this, the price would be far lower than that of the conventional storage system. While doing so, it opens the door for a greater number of businesses to participate in the data economic arena.
According to Stefan Vervaet, Head of Network Growth at Protocol Labs, the newly formed Alliance has the potential to radically alter the core of the internet. The reason for this is that influential people in the we2 and web3 spheres are collaborating with one another in order to harness more of the potential of the decentralized technology environment.
He went on to say that decentralized storage would provide a higher level of confidence about the validity of data.
The purpose of the newly formed Alliance is to bring together the divergent perspectives of web2 and web3 pioneers. For example, Advanced Micro Devices has one of the world’s biggest leading portfolios of adaptive and efficient processors that integrate GPUs and CPUs, in addition to other types of processors. This makes AMD a leader in the market.
One of the “big four” companies that was one of the first to commit to using the public blockchain is Ernst & Young. Its primary emphasis is on developing infrastructures, services, and tools that may assist both public and private organizations in capitalizing on the opportunities presented by blockchain technology. They would be able to handle the demands of the ecosystem that are the most urgent right now, which are privacy, security, and laws.
Seagate is the industry leader when it comes to the provision of storage solutions. Over the course of 40 years, the firm has been responsible for the shipment of more than 3 billion gigabytes of data storage.
The Alliance will go on with plans to establish a reliable venue in which companies and organizations of a similar kind may come to engage with one another. They would be able to create new technologies that would push the use of decentralized storage on a global scale.
As part of this trend, the development of standard specifications and reference structures that are tailored to the individual requirements of enterprises will take place. In addition to that, they would make resources for education and technology accessible.
In addition to this, they would enhance the methods for the incorporation of data into storage networks. In addition to this, they would make it simple for every new data location to get integrated into the network.