It is possible that blockchain technology can be used to create reliable, decentralized file-sharing networks where contributors are encouraged to continue their contributions. Thanks to a token-based reward mechanism, there are always enough nodes offering their services to the network. Crypto expert Will Izuchukwu reviews the top 5 Filesharing altcoin projects to watch in July 2022. We have prepared the sharing of the expert’s narration for our readers.
The first altcoin project Storj (STORJ)
An open source cloud storage system is called Storj, pronounced “storage”. In essence, it hosts user data on a decentralized network of nodes. The platform uses cutting-edge encryption to secure the hosted data as well.
Storj stands out from other cloud storage networks in several aspects. Altcoin runs on a network of thousands of individual computers, unlike standard cloud storage solutions that keep data in large data centers.
By installing Tardigrade, it is possible for anyone with a few terabytes of space to join the platform as a node. All it takes is a reliable and stable internet connection. Due to the efficiency of the network, hosts pay significantly less for data storage compared to using traditional cloud storage services.
Storj Labs Inc. uses Tardigrade software to generate and protect user data uploaded to node computers. Thanks to this anonymous network of nodes, users no longer need to rely on cloud storage service providers to protect the privacy of their data.
Second project Arweave (AR)
Arweave is a decentralized storage network. It aims to provide a platform for long-term archiving of data. The network primarily hosts the “permaweb”, a permanent, decentralized web containing a variety of community-driven applications and platforms. It describes itself as “a collectively owned hard drive that never forgets.”
Arweave pays “miners” to permanently store the network’s data using a cryptocurrency called AR. Arweave wants to provide ‘the collective ability to store and share information between individuals and to new generations over time’. The flagship permaweb is built on Arweave’s ‘blockweave’. This is a variant of Blockchain technology where each block is linked to the previous one and a random older block. According to Arweave, this encourages miners to hold more data. Because they need to be able to access previous blocks to contribute new ones and get rewards.
Holo (HOT) third altcoin project
Decentralized applications (DApps) are hosted on the peer-to-peer Holo platform built using the Holochain framework, which does not use Blockchain technology. Holo is hosted on the internet by users of the Holo Network. Therefore, it provides an environment and marketplace where DApps can be easily accessed. In this way, it aims to act as a bridge between the public internet and applications built using Holochain.
Holochain stands for cryptographic technology industry. Holo was designed to serve as a conduit between Holochain and ordinary people. The project talks about many improvements, such as the capacity to host P2P programs on the Internet for general users. It also claims that it will allow for a dramatic shift in the landscape of crypto apps and currencies. The hosts Holo Network is connected to provide storage and processing power to DApps created using Holochain.
In fourth place is BitTorrent-New (BTT)
BitTorrent is a P2P platform used for more decentralized torrenting and file sharing in recent years. According to its official literature, BitTorrent is currently the largest decentralized P2P communication protocol. BitTorrent’s original goal was to disrupt the established entertainment market and the way customers consume information. Original creator Bram Cohen saw the benefits of allowing internet users to distribute content directly among themselves. This has made costly and ineffective distribution networks a primary target.
BitTorrent was the P2P file sharing platform of choice until TRON hit the market in 2018. Under TRON, BitTorrent’s user base has grown to include both its existing users and those who are turning to cryptocurrency and decentralized solutions. One of the new features is BitTorrent Speed, which works in part using the BTT token. Additionally, BitTorrent has expanded into commercial services. It has also provided several ‘premium’ versions of its platform that include VPN functionality and ad-free browsing.
The latest altcoin project Filecoin (FIL)
Filecoin’s mission is to store humanity’s most critical information in a decentralized database. The project was first introduced in 2014 as an incentive layer for the P2P storage network. Filecoin is an open protocol powered by a Blockchain that keeps track of promises made by network users. Transactions are made in FIL, the local currency of the altcoin project.
Decentralized data storage is the goal of Filecoin. It has a different structure from centralized cloud storage providers such as Amazon Web Services or Cloudflare. Filecoin uses its decentralized nature to maintain the integrity of a data location. This makes it easy to retrieve, while making it harder to censor. Decentralized storage platforms like Filecoin enable individuals to become data controllers. It also makes the internet more accessible to people around the world. For more detailed information, take a look at this article of Kriptokoin.com.
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