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I FOUND THE NEXT BIG CRYPTO INDUSTRY - YouTube
Channel: Max Maher
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you know i love use cases in crypto file
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storage cryptos this is going to be big
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i've done the research let's look at
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five storage cryptocurrencies with
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massive potential that you can invest in
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first on the list is filecoin filecoin
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is a decentralized storage network that
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was created in 2014 by protocol labs
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filecoin is by far the largest on this
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list with a market cap of 7.5
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billion dollars which is exactly why i'm
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starting out with this one as of now
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filecoin is kind of the bitcoin of
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storage cryptos it's the biggest dog
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it's the household name on top of
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filecoin protocol labs has seven other
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projects that all have the same mission
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as filecoin building a foundation for
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web 3.0 so filecoin is a decentralized
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storage network this is where a network
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of nodes which is simply computers
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running blockchain software provides
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storage space in order to decentralize
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and secure users files so how does it
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work well there are different types of
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decentralized storage networks filecoin
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uses a system called ipfs that was
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developed by their parent company
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protocol labs and if you want to know
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what ipfs stands for stands for
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interplanetary file system and if you
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heard that and you thought to yourself
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interplanetary yes
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interplanetary we're living in the
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future an ipfs file storage system due
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to it being permanent and distributed
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could hypothetically be shared across
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planets no one tell elon musk so not to
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be geeky here but this is because it
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wouldn't ever have to reference a
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central server well our current protocol
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http does so the filecoin blockchain is
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actually just a layer built on the ipfs
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system it doesn't do any file storing
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itself it's just a ledger for
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transactions of the fil coin which is
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used as a store of value so users can
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pay fees that create incentives for node
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operators so here's how the system works
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if you were looking to store files on
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this network you would upload your files
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those files would then be broken off
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into mini pieces and stored with nodes
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providing their storage space when you
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want to retrieve these files the network
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determines the closest node to retrieve
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that data for you now if you are a node
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operator looking to make some sweet cash
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from providing storage space you would
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stake your fil coin for the opportunity
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to provide storage this would allow you
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to dedicate a certain amount of storage
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the network then fills that storage with
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pieces of user data and fees are paid by
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the users using that storage space that
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would then go straight into your pocket
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and if a node ever decides to delete or
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tamper with a user's data the data is
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compared to other holders of that data
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remember it's all decentralized and if
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it doesn't match up the bad actors
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staked fil coins are then slashed i
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could have used this last week there was
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a power surge here in puerto rico and it
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completely fried my computer i lost 500
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gigabytes of data including two finished
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videos
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[Music]
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500 gigabytes including two
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finished
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anyways what sets filecoin apart to me
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is the name recognition in the team of
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120 people behind it so not only is it
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the top dog with a 7.5 billion market
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cap but it uses that ipfs system which
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is the most well-known protocol for this
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type of file storage next on the list is
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bittorrent now this name might bring
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back some memories for you internet
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pirates out there bittorrent was founded
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in 2004 as a peer-to-peer file sharing
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platform 2004. crypto was just a twinkle
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in satoshi's eye at that point in time
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this peer-to-peer file sharing system
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allowed users to share files with each
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other without the need for a centralized
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server to be the middleman and i know
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this sounds like blockchain technology
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but it wasn't exactly had a little less
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decentralization and no ledger but they
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were still ahead of their time anyways
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bittorrent was super popular for years
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but struggled to monetize their platform
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more and more over time before being
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acquired by the tron foundation in 2019.
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that's the same tron foundation that
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built the tron blockchain they then
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added the btt token which is basically
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an incentive layer for file hosts that
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would hopefully fix some of the issues
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bittorrent was running into making the
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project self-sustaining speaking of
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self-sustaining check out that link in
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the description for block fi where you
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can receive up to 250 in bitcoin when
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you make an account now the key
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difference between a file storage system
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like file coin and bittorrent as well
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filecoin is offering a way to store any
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files bittorrent is a platform for users
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to offer specific files to other users
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this could be movies songs or that one
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episode of spongebob where everything
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was chrome for some reason
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[Music]
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now how does this work how does
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bittorrent work it starts by connecting
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the provider of a file to a user who is
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requesting it then a bid is agreed upon
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by both parties and the tron blockchain
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facilitates payments of the btt token
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from the user to the provider and boom
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that's it rinse and repeat now what sets
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it apart to me bittorrent is very
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different from other storage related
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cryptos they have their own niche and
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use cases in sending specific data
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between users third on the list is see a
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coin c coin just like filecoin is a
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decentralized storage network its
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conception was technically before
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filecoin yet coin lost its crown to
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filecoin for two major reasons first
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filecoin was able to raise way more
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money than c coins c coin raised three
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million dollars well filecoin raised 200
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million dollars talk about a serious
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head start
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and second file coin just has a better
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name i mean how clean is filecoin for a
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file storage blockchain now how does it
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work besides some technical differences
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between coin and filecoin they basically
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work the same node operators can stake
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coins in order to lend out storage space
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and then users can pay to use that space
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to securely store their files in a
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decentralized manner now i know what you
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might be thinking like max why say the
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same thing why even include see a coin
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if it's the smaller version of filecoin
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well there is a difference and that's
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what they're being used for filecoin is
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looking to be the backbone of web 3.0
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with their decentralized file storage
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network while stiacoin is looking to
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give access to secure cloud storage
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that's much cheaper than google drive
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and it is much cheaper than google drive
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coin charges one to two dollars per
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terabyte per month well google drive
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charges ten dollars so 10x so see a coin
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is focusing on the consumer side and not
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trying to store literally everything
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let's put it this way well filecoin is
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trying to get entire websites to host
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from their protocol c coin is telling
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your grandma that she can upload her
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favorite photos to the cloud if she
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knows what a cloud is she's probably
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checking the weather app if it was my
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grandma sorry grandma and while filecoin
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storage nodes are the size of rooms
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seocoin has nodes hosted on 2012 laptops
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by people looking to make an extra buck
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so filecoin and coin are doing the same
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thing but have totally different target
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demographics this is definitely one to
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keep an eye on fourth on this list is
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our weave founded in 2017 are weave
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provides decentralized file storage of
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any type and can even host apps and
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sites are weave differentiates itself by
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storing its data permanently and it uses
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some clever math to do so are weve uses
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our history of improvement with file
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storage to predict the cost of storage
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over the next 200 years it then uses
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that number to calculate how much to
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charge per gigabyte stored on the
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network again over 200 years our weave
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also isn't technically a blockchain
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instead of the typical hash storage
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system that creates a chain-like
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connection between blocks our we've
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connects each block to two earlier
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blocks creating a kind of woven
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structure hence the name our weave now
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what sets it apart the biggest
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differentiator is the prices like i said
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our weave charges based on the expected
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cost of storing data for 200 years and
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it costs a whopping 15
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per gigabyte of data stored and this
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isn't necessarily a bad thing like i
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said that's what sets it apart and it's
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their belief that by offering permanence
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this will help promote higher quality
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applications and projects with good
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upkeep now number five on this list this
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is anchor anchor was founded in 2017 by
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chandler song and it's doing a little
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bit more than decentralized storage so
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it's a little bit unfair to include this
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on this list but i'm including it anyway
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because it's very interesting and also
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because all the other file storage
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cryptos that i had in mind were very
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similar to filecoin and siacoin so let's
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let's spice this up a little bit so the
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anchor network doesn't just host any
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data anchor stores and hosts nodes for
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other blockchains they do this in a
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really unique way they reuse old and
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outdated pc hardware they run them in
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bulk and then they allocate hardware to
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certain nodes based on what is needed
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for that node now what sets it apart i
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believe that anchor is one of the few
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projects that is really forward thinking
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in this model the idea of using outdated
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computer hardware that has been
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neglected and even ignored by most
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people is crucial for long-term
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efficiency and we have to have to
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applaud them for that and also lowers
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the barrier to entry for creating
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blockchains since anchor can host nodes
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for literally anything now let's talk
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about the benefits of blockchain cloud
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storage just in general the first big
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one is unhackability with traditional
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centralized cloud storage if the
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provider of that storage gets hacked all
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of your data is compromised along with
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everyone else using that provider and
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this does happen from time to time with
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decentralized cloud storage this is
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basically a non-issue since user's data
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is encrypted and decentralized if one or
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two nodes are compromised the data
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inside
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does nothing the hacker can't do
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anything with it think of it like
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someone came along and stole one thread
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from your t-shirt you're just fine it's
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also way cheaper using blockchain
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storage like i said earlier it's one
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tenth the price of google drive and it
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prevents file loss with file coin and
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coin since multiple copies of each shard
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of data are stored in the network if
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something were to happen to one node the
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network can replace that chunk that's
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lost meaning your data is virtually
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untouchable so file storage is one of
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those perfect use cases for blockchain
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tech and it really just gets me jazzed
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up for the future i'd like to thank you
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for watching and i hope you have a
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profitable day
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