Another Strong Competitor of Filecoin: Deer Network to Become a Dark Horse on the Decentralized Storage Track
The metaverse is moving from virtual to reality. As we stand at the intersection of Web 2.0 and Web 3.0, the importance of decentralized storage is becoming more and more prominent.
With the development of NFT, Metaverse, and WEB 3.0 in full swing, the floor price of a monkey’s photo has reached more than 100 ETH, and the amount of NFT data stored on Filecoin has reached 54TB, and these NFTs came from including OpenSea, Oneof, Makersplace and other projects. Currently, there is more than 1 NFT uploaded to the decentralized network per second.
Massive data brings huge business prospects to the storage market. The current global storage market growth rate is about 40% per year. Relevant research reports show that the global market size of cloud storage alone will reach 169.7 billion US dollars by 2026. Indeed, the storage market has endless opportunities.
The storage-as-a-service business model has been around for a long time. In 2006, Amazon.com launched Amazon Web Services (AWS), which leased its own servers and storage space to users, reducing the overhead for developers to create and manage server infrastructure.
As time passes, traditional cloud storage services continue to improve their functions and become more affordable, but they have met some bottlenecks in recent years, that is, they cannot solve the problems of frequent data breaches, the limitation of services, and the risk of operator outages. Thus, in order to fundamentally solve the shortcomings of the traditional storage business model, the concept of decentralized storage has gradually emerged.
Decentralized Storage Network (DSN) is a storage business model that stores files or file set shards on storage space provided by the provider through distributed storage technology.
We divide centralized storage projects into two categories from an application perspective:
The first is a currency project based on hard disk space as a proof of computing power for mining including bitcoin, which is mainly represented by PoC (Proof of Capacity) consensus projects including Burst and BHD;
The second is to mine with efficient storage as computing power to earn rent, but it is actually an application-oriented project that mainly provides storage services, such as Filecoin, Storj, Sia and other projects.
Projects that adopt the PoC (Proof of Capacity) project consensus mechanism include Bitcoin. With energy-saving, more decentralized and fairer mining as their core competitiveness, these projects aim to become a better cryptocurrency. The decentralized cloud storage project we are talking about in this article refers to the second type of storage application project, and 2022 is also a key year for growth in this field.
Why focus on the decentralized storage space?
Storj, a decentralized storage network based on Ethereum, announced that it will release an official version in the first quarter of this year, followed by a series of new features that users can look forward to. The high-profile mega project Filecoin, which has been postponed several times before, has completed the first phase of the testnet, and they are about to start the second phase of the testnet, and plans to launch the mainnet between March 23 and April 24.
First of all, 2020 is a critical year for the decentralized storage field. There has been a strong foundation of technology development in this field for many years. Although there have been many instances of bounced checks, but the current technology has become mature. In the first quarter of 2020, Filecoin, Storj and other heavyweight decentralized storage projects have provided the progress on their products. The competition of these accumulated projects is expected to drive more growth in this field, and the combination of these projects with other blockchain applications will create more new use cases.
Secondly, the decentralized storage business model is clear and focused and the market size is growing. Hence, the entire market is profitable for miners. If we start to achieve large-scale commercialization in 2020 and emphasise more on privacy and user data ownership as the Web 3.0 ecosystem develops, we will see technical breakthroughs and product launches in the decentralized storage field this year. We will select projects worth paying attention to and analyse their advantages and disadvantages respectively.
What makes Deer Network stand out?
Since Deer Network is based on the Substrate framework and PoW+NpoS consensus mechanism of the Polkadot ecosystem, it achieves an efficient, decentralized, cross-chain, and credible metaverse infrastructure public chain.
Deer Network creates a globally shared metaverse infrastructure public chain with self-repair capabilities by connecting scattered storage and computing resources. This will ensure everyone’s data sovereignty that is in terms of storage efficiency, data reliability, data security and reduced storage costs.
As a decentralized infrastructure network, it transforms cloud storage and computing into an algorithmic marketplace. This market operates based on a local protocol token, the DEER token, where miners can earn DEER by providing storage and computing resources to customers.
Compared with the disadvantages of Filecoin, Crust, Arweave and other decentralized storage projects, which includes not user-friendly real storage, poor scalability, and excessive data in the later stages of the chain, Deer Network uses unique core technologies to redefine the blockchain storage industry. Through NPoS, Deer Network can support the decentralization of decentralized storage and computing, allowing anyone to participate in the construction of a decentralized file system simply and fairly with idle storage devices.
Enable efficient, secure, and cost-effective access and processing of meaningful data. The consensus mechanism used is based on PoW and NPoS, which can achieve flexible storage and strong scalability, allowing blockchain storage to break through the limitations and achieve breakthroughs.
At the same time, Deer Network overcomes the shortcomings of Ethereum. By setting a series of trusted data sources, smart contracts and smart applications on the chain can be activated after the start of specific real-life events. By setting a benchmark, one can specify that smart contracts are to be executed only on a small number of nodes. This greatly saves the computing power of the entire network. One can also designate a small number of nodes for the transmission and storage of main data, which makes big data analysis and artificial intelligence operations possible in blockchain applications.
How does Deer Network keep personal privacy secure?
Deer Network is based on the PoW mechanism proposed in the scenario of decentralized cloud computing and verification. By combining the Trusted Execution Environment (TEE) technology, it provides a safe, reliable and infinitely scalable decentralized storage network, which achieves decentralized storage of data. The high-speed and reliable operation of data storage transactions and data security verification provides unlimitedly expandable data storage capabilities for the Internet of Value.
Deer Network storage has many advantages as it has strong technical support. For example, the space can be expanded indefinitely and can be increased freely according to needs; the corresponding block information and hash value can be permanently stored and never lost; storage is convenient, no other hardware equipment is required, and can be accessed anywhere. Deer Network completely solves some pain points that traditional storage faces such as limited storage space, easy damage and loss, inconvenient use, and large security risks.
How is the Deer Network ecosystem?
The most practical use for an ecosystem is commercialization. On the basis of docking storage and computing power requirements and creating the core functions of decentralized storage, Deer Network continues to expand its ecosystem in the fields of NFT trading, decentralized exchanges, device sharing, digital entertainment, Internet of Things, traceability, distributed CDN, etc., From technology to model, then to a comprehensive transcendence in the ecosystem, a strong ecological map will be built.
As an underlying public chain, Deer Network achieves the connection of the entire network value through the native token DEER and it will be based on the expanding needs of its ecological territory. Through the natural core model of scenario+ deflation principle + diversified ecosystem, it has attracted countless interested parties to use blockchain technology, including entities, technology developers and decentralization supporters. They support massive blockchain business application scenarios in all walks of life, thus creating a positive interaction for the token ecosystem.
According to the release plan of The Deer Network token DEER, there are two ways to generate deer tokens: one is 210 million generated when the mainnet is launched; the other is generated with the generation of blocks. With the continuous expansion of the Deer Network ecosystem and the increase of use by a large number of users, a platform-based public chain is about to emerge. A complete ecological closed loop will be formed, and thus growth will continue to be observed in the preservation and appreciation of the DEER token.
At present, although public chains such as EOS and TRON enjoy higher efficiency and lower costs, the centralization factor made it difficult to convince developers and users to leverage their chains. In the decentralized blockchain world, Deer Network, as a metaverse infrastructure public chain that ventured into the decentralized storage scenario, launched a complete public chain system at the beginning of its launch. And its ecological governance token DEER maintains the public chain consensus through block reward output.
In addition, Deer Network is committed to solving the limitations in performance faced by existing blockchains. Using a new blockchain architecture, it uses low-latency, high-concurrent hardware acceleration technology that enables 10,000 transactions per second and confirms transactions within seconds.
The blockchain industry should focus more on the underlying infrastructure and seriously think about how to empower blockchain and bring real value to users. Only those blockchains that rely on the stable foundation of technology, mechanics, gameplay and ecosystem, as well as the diversified layouts of the public chain, can gain a strong standing in the crypto space.
Deer Network is committed to creating a credible, reliable, efficient and ubiquitous decentralized cloud through continuous development in technology, ecosystem and services. In the era of data explosion, it will lead the decentralized storage technology revolution and solve many pain points. As such, a closed and repeated value cycle will be formed, truly achieving transformation from the Internet of Information to the Internet of value.
In the future, with the continuous advancement of technologies such as the Internet, VR, and artificial intelligence, blockchain technology will be adopted on a large scale, and decentralized storage applications will be constantly implemented. Deer Network will bear the brunt and become the most determined disruptor in the blockchain space. In the future, Deer Network will create a public chain ecosystem that belongs to everyone.
From：www.deernetwork.org
Telegram: https://t.me/DeerNetworkCommunity
Author: Reggie
Original Article: Filecoin又一强竞争者出现，Deer Network成为去中心化存储赛道新黑马 (qq.com)
