In the past year, internet giants like Amazon and Google all experienced outages which were blamed on errors and failed upgrades. The occurrence of such outages and their impact around the world again highlighted the importance of having a decentralized internet.
Also, just like how the Covid-19 pandemic showed the world that blockchain-based digital currencies are the future, the outages suffered by the powerful internet companies may have given an impetus to those that champion the Web3.0.
However, this Web3.0 can really take off if players in this ecosystem play their part in building the critical infrastructure. That is what Lucky Uwakwe, the co-founder of Stoor, says he is attempting through the startup’s blockchain-based cloud storage service.
In a question and answer interview with Cryptox.trade News, Nigeria based Uwakwe explains the concept of decentralized cloud storage and how the blockchain makes this kind of storage possible. He also shares thoughts about the trajectory of Web3.0 and why he thinks the world is now ready for this next stage of the internet. Below are Uwakwe’s written responses to questions sent to him.
Cryptox.trade News: Can you explain this concept of blockchain decentralized cloud storage?
Lucky Uwakwe: The concept of decentralized cloud storage is basically utilizing the benefit of blockchain decentralized cloud storage. Unlike centralized databases, the existing decentralized cloud storage systems were designed to take advantage of the blockchain by incorporating the following features that are an improvement from the traditional cloud storage providers:
Decentralized systems ensure that the cloud storage is distributed across many computers and in multiple locations. Hackers would have a more challenging time accessing large amounts of data, so they can seldom go down. This also means that no single government or institution can interfere with the blockchain, as long as other servers are running the database outside their jurisdiction.
They are designed to run with the input of every user of the network, which is to say, peers in the system can share information without requiring a central administrator’s supervision or approval. They incentivize users to participate in the network by encouraging them to provide unused storage on their devices and earn money from this.
They take advantage of unused hard drive space from devices all across the world to establish a data storage marketplace that is more dependable and less expensive than traditional cloud storage providers. They encrypt and distribute all files across a decentralized network. This means every uploader of files own their keys and own their data. No outside company or third party can access or control one’s files.
BCN: How is this different from centralized storage and why do you think it is needed now?
LU: Centralized databases storage systems have typically been the ones handling data storage. They are physically run on one server and are controlled by a designated authority. But as customer demands continue to grow, it is getting more difficult for the data center industry to ensure higher uptimes, while maintaining security and keeping costs at a minimum. They are an easy target for hackers who can potentially gain access to a lot of data stored in one location.
Talking about incentives, only shareholders or board members of this centralized cloud company get to earn dividends unlike in decentralized blockchain solution where everyone can be given the opportunity to earn dividend
BCN: Who should use this type of storage?
LU: Every user of the internet or someone that upload or save any type of file via the internet or on their device (phone, laptop, iPad, tablet, desktop etc.)
BCN: In your pitch, you also introduce the concept of earning as you store. Can briefly explain what this entails and why this is necessary?
LU: Centralized solutions like Microsoft Azure, Google Cloud, Amazon Web Service, iCloud, Dropbox etc. only comes with the incentive of storing users’ data and at a price considered to be cheap enough. On the other hand, decentralized services like Sia, Filecoin and Arweave come with an incentive from the centralized system and with additional incentives to storage space providers on their network.
However, (at our company) Stoor we have all the above as well as incentives to those uploading files. There are incentives for holders of our token, app developers and platform owners which ensures all users in the ecosystem are covered. These opportunities and corresponding rewards speak to our company’s core ethos: The people who make up the entire ecosystem matter; they must be rewarded.
BCN: What made you decide to venture into this business?
LU: The world is obviously ready for web 3.0 and we are moving away from the web 2.0 era, blockchain has shaped this for us all. However, it becomes a concern when we see web 3.0, which should be independent and progressive, continue to depend not on the blockchain but on centralized Amazon and Google cloud to store data for web 3.0 solutions.
We have been getting more reports of these cloud providers being taken offline due to hackings or errors in upgrades while the companies never update us about the integrity of our stored data after each attempted hack or successful hack. At Stoor we believe it too risky for the world to depend mainly on these few centralized platforms. If we truly want to get into web 3.0 we need a solution that is web 3.0 driven
BCN: In your opinion, is Africa and the rest of the world ready for blockchain storage?
LU: The world is ready for a blockchain decentralized storage solution, it is just that we have not had a perfect blend that captures all the participants in the ecosystem and we know our solution to be a better plan that captures all ecosystem participants in the area of data storage.
BCN: Jack Dorsey, the founder of Twitter, recently stirred controversy when he tweeted about the VCs’ role in building the Web3.0. Do you agree or disagree with what Dorsey said?
LU: I respect Jack as a person and his bold vision. As a person and co-founder at Stoor, I have taken the path to build and build with the mindset of putting the majority of the power of web3.0 to the people.
What are your thoughts about this interview? Tell us what you think in the comments section below.
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