As we progress towards the Web 3.0 era, many experts agree that 2022 will be the year where Web 3.0 reigns supreme. Web 3.0 has cultivated a trillion-dollar market, and that figure is expected to grow at least ten-fold by 2030. The decentralized features of Web 3.0 can also liberate the Internet from centralized entities that have formed monopolies over the years.
Genaro Network has an ambitious plan to build a comprehensive distributed storage infrastructure for Web 3.0, and they will do so by engaging top-tier talent, leveraging their technological expertise, and incorporating the principles of decentralization within their storage solutions.
What is Decentralized Storage?
Web 2.0 is highly centralized, with the ownership of data mostly in the hands of a few powerful companies. Whatever information that users post or share online is usually controlled by those powerful companies. Very often, centralized networks use user-created content to earn lucrative profits, yet users do not receive a single penny of these profits.
Information is potentially the most valuable asset of the 21st century, and we can no longer use the antiquated method of valuation to determine the worth of this commodity. In an economy driven by data, data storage follows the same principle. Data that originated from your everyday user would essentially be stored and utilized by centralized enterprises, and customers with storage needs may even have to pay a significant storage fee to these enterprises.
Genaro’s distributed storage network is very different from a typical centralized storage network, as it distributes data to multiple network nodes and uses smart contracts to assist in storage, forming a peer-to-peer distribution service that can store, disseminate and distribute information effectively. Without expensive operation costs normally associated with centralized networks, decentralized data storage can reduce costs while improving efficiency.
In addition to reducing the cost of storage, Genaro has several security advantages over traditional centralized storage solutions. The platform splits the stored data into small chunks that are encrypted, making it so that the nodes that are hosting these files cannot view their content, allowing for greater privacy. The entire system is also fault-tolerant; a single node being compromised will not crash the entire system, and lost data can be easily recovered through redundant storage files.
Relationship between Distributed Storage and Web3
Technology is developing at a rapid pace, and the data economy seems to be the way forward, driven by technologies such as 5G, artificial intelligence, Internet of Things, and the metaverse. As the need for data become more crucial in the market, Genaro’s distributed storage solution which combines many technologies will be crucial in building the underlying infrastructure of the digital economy.
When the data economy develops to a certain level, everyone will start to be increasingly invested in data storage, thus unleashing the era of universal storage. The relationship between distributed storage and Web3 is mutually reinforcing. Distributed storage is the ideal way to address the storage needs of the data economy in the Web 3.0 era, and can help mobilize idle resources in a completely different way from Web 2.0. Data distribution and storage can now be optimized in terms of proximity, efficiency, and decentralization. This new way of storage that adequately credits individual users for their contributions is a huge advantage in Web 3.0.
After nearly five years of development, Genaro Network is one of the top projects in the decentralized storage field. Genaro Network is committed to providing storage services for the permanent preservation of data. It also provides a one-stop solution for blockchain developers to develop new decentralization applications through the deployment of smart contracts.