This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.
The development of truly decentralized applications requires creation of a decentralized repository for a massive data set. The Casper solution will scale DApps abilities and open a door to the mass market.
The number of decentralized applications (DApp) built on the Ethereum blockchain has approached 1,000. This year their number will continue growing. According to Ethereum co-founder Steven Nerayoff, in 2018 there may be 10 times more projects. Apart from Ethereum, other blockchain platforms are rapidly developing, focused to serve as ecosystems for decentralized applications, such as NEO, Lisk, Stratis, Waves, EOS.
It may result in appearance of thousands and even tens of thousands of decentralized applications in the long term. All of them are already facing or will soon face one of the main problems of the information space, i.e. the problem of storing large volumes of data.
Recently, cloud storages from IT-giants Amazon, Google and others have gained great popularity among companies. The services of these companies are used by many users, both public and commercial. But all these services have one drawback that runs counter to the very idea of decentralized applications. They are controlled by one provider, meaning that they are centralized and therefore more vulnerable.
The key concept of Dapp is decentralization. The services for storing the information of decentralized applications should share this characteristic. The lack of such services hinders the development of DApps. Furthermore, nowadays DApps can not develop a mass user-friendly interface due to technical limitations of the blockchain they are built on.
Several projects, such as Filecoin, Storj, Sia, and others, have announced plans to create decentralized repositories, but so far these solutions are in the early stage of their development and have a number of significant constraints. They either depend on one blockchain or try to create their own blockchain, which has yet to be popularized, that is, attract as many infrastructure participants as possible.
Decentralized applications require reliable, confidential and decentralized cloud storage. Such service is developed by the Casper project team. Their goal is to create a secure and reliable storage infrastructure for DApps, compatible with various blockchains, be it Ethereum or its future competitors.
The decentralized storage platform will consist of a multitude of suppliers. They can be either ordinary users with good home equipment or data centers that have unused capacities. Suppliers will receive a fee for data storage services. Not only those who have high-speed access to the network will be able to become a supplier, but also those who are connected to a less fast Internet channel, but have a large storage capacity. The first will act as hosting providers, and the latter as backups. This approach allows to expand the range of potential suppliers, without limiting them by excessively stringent requirements. There are only two main conditions for suppliers – to be online 95% of time and to have a speed of at least 5Mbps.
All information will be stored in four replicas in an encrypted form in order to avoid data loss or modification. The suppliers of storage capacities will not be able to view or edit it. The vendor’s revenue from storage of 50 terabytes will be about $953 per month, while initial investments will be about $2,386. This is the total amount to be spent to purchase a hard disk for 50 TB, racks for its placement and a high-speed Internet channel.
The storage of 50 terabytes of data for customers will cost approximately $5,445 per month. This is 66% less than a similar offer from the current market leader Amazon, whose storing of 50 terabytes costs about $16,500 per month.
Payments will be made in the platform’s utility tokens CST. They will be distributed within the crowdsale. CST owners will be able to choose how to use tokens: to buy a quota and get the status of a supplier (1 CST = 256 GB), to pay for storage services or to rent for fee. According to preliminary calculations of Casper’s financial analysts, taking into account the most negative scenario, the CST token price will rise to at least $63 with the initial price at $1 five years after the launch of the platform.
Casper’s mission is to help scale up the development of decentralized applications. Having access to decentralized storage, DApps can become truly decentralized without relying on centralized repositories and can also create complex graphical user interfaces, friendly to average users.
“We do not build a cloud storage, we help DApps based on any blockchain system with a smart contract to solve the task of storing information in a decentralized manner and speed up the development of the industry of blockchain projects,” Artem Koltsov, Founder of Casper, states.