IONChain Leads Billions of Storage Market Reformation in Future

How Big is the Storage Market during Data Era?

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Annual Scale of Global Data Industry, source: IDC

In the past 10 years, along with growth of demand in PC, smartphone and other consuming devices which are the main sources of data increase, and also embedded devices such as security camera, smart electric meter, SIM card and vending machine, etc. which will gradually be widely used in future, Big Data is predicted to face burgeoning growth in years to come. Thus, it is necessary to create an enormous space to store this part of Big Data.

Cloud storage becomes an inevitable method of storing data. Currently, cloud storage market has achieved over 25% of compound annual growth rate, and it is estimated that market scale will reach 104 billion in year 2023. The main reason is because more and more SMEs start to use cloud storage as more complete infrastructure has been built and increase of Internet usage. Hence, storage method which focuses on decentralized storage possesses big development opportunities.

Shortcomings of Centralized Storage, Cost Increases Dramatically

  1. Privacy Leakage Affects Security of User Data

As the saying goes, “Opportunity comes along with problem”, currently shortcomings of centralized storage have gradually shown. Centralized storage users can upload audio and video files in device to net disk at all times based on their preferences, because net disk not only saves the storage space of mobile devices, but also can access to the contents rapidly whenever in need. However, actually the admin of net disk can check and delete files uploaded by users directly from server platform. Due to this management mechanism, privacy leakage of users occurs frequently.

Centralized storage server with low security has become the main target of hackers because of its special storage method. Massive storage of user data in server and information hijacking of large user group services turn out to be the important sources of income of hackers. Therefore, this means that the security of server directly affects the security of user data.

2. Cost of Centralized Storage Increases Dramatically

Huge investment in centralized storage but low-cost requirement from users create dilemma to the purpose of company operation which is to make profits. As a result, service providers may choose to end their services due to poor management. As many shortcomings of Internet’s centralized storage have emerged now, increase the reliability of centralized storage becomes a very difficult task since cost will increase dramatically to even ten million dollars.

The best way is to decentralize, which is to change single center to multicenter, or even ten thousand, hundred thousand and ten million of centers (storage nodes) from all over the world.

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Advantages of Decentralized Storage

The concept of decentralized storage has received positive response from industry since introduced. This is because based on the application assumption of decentralized storage technology, decentralized storage which uses blockchain technology ensures sufficient backup of our data using algorithm. Moreover, it can also store data separately in several nodes in the system with encryption. The unique advantages of technology are shown below:

1. Ensure Safety Storage of Data

Using end-to-end encryption and sharding technology, data is stored in distribution under hash algorithm to prevent from stolen and attacked. With stable and noncentralized server, node-to-node communication occurs between nodes, and due to one-way tree structure, single point of failure will not occur. Tracing mechanism helps network to solve redundant issue and reduce resource consumption.

2. Highly Reduce Cost

Compared with traditional cloud storage service such as Amazon, decentralized storage can save 60% of broadband cost, hence high expandability of distributed nodes solves the increasing data storage pressure.

IONChain: Revolutionary Changes of Decentralized Storage

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As the public chain of IoT, IONChain always emphasizes on the security of data on chain and decentralized storage. IONChain uses IPFS and BigChainDB methods for storage, and data in IONChain ecology is stored in decentralized data storage nodes after encrypted. Without user’s private key, garbled characters that cannot be broken will be shown if stolen by anyone, hence security of user information is ensured. Furthermore, you can authorize third party to obtain more remunerations by utilizing your data, because third party can only accept the data itself without knowing the corresponding user information.

IONChain does not intend to defeat traditional centralized IoT ecology, but to coexist with it. Currently, IPFS (decentralized storage) technology has its existence value and we are well-aware of the achievements since the technology has developed for a longer time. IONChain provides users chances to choose between centralized IoT ecology and decentralized IoT ecology, because both ecologies will definitely complement and develop mutually.

IONChain’s Ultimate Vision

IONChain’s decentralized storage method will bring revolutionary changes to security and privacy of IoT data. IONChain aims to protect data security and privacy, and at the same time possesses natural advantages in defending external attacks and catastrophes compared with traditional centralized network.

For instance, invasion of privacy in smart devices has been widely reported recently. From bracelet to smart home devices, user’s activities and daily actions have been uploaded secretly in back end system and formed a clear user portrait after going through Big Data comparative analysis.

These resources may transform into targeted advertisement and articles, or copied and sold in bulk, or even stolen and exploited by lawbreakers. Hence, we can see that a person will get everything once he or she obtains the authorization of central node. IONChain aims to change the current situation as IoT data can be stored in local or distributed nodes actively and security of data is ensured through encryption, thus user gets full control of data in which private data can be used by itself or exchange values with other nodes. Even if certain node has been attacked or encountered catastrophes, user will not suffer from any losses.

Underlayer of IONChain provides two storage methods, which are IPFS and BigChainDB. IPFS is a new standard of storing content-addressable file. Content-addressable storage is an information storage mechanism that can be searched based on its content instead of location. In other words, all file names stored using IPFS are generated from hash of related file contents. This means that the same file carries the same name in every computer, and changing of file content will change the file name. When downloading a folder from server, you can calculate the file name again based on the content provided by server to verify whether this is the correct file that you request.

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Furthermore, the ultimate vision of IONChain is to provide legal identity for all IoT devices and have strict requirements on data storage, hence IPFS File System has been selected. IPFS stores core data such as agreement data, transaction record and etc. However, when facing the future IoT structure, IONChain needs to store business data of IoT and inquiry of data is needed, therefore IONChain introduces BigChainDB to become the storage engine of business data.

Any entity that holds the asset creation rights can create one asset, and new owner can only receive one asset after he or she fulfils the encryption requirement. This means that hacker or infected admin cannot tamper the data according to his or her will, and there is no risk of single point of failure. Expandability means that agreement and certificates which possess legal effect can directly store in blockchain database.

One Device, One Coin, One Code

IONChain provides highly customizable smart contract engine in which all operations can be completed through smart contract. Contract is managed by IPOS consensus algorithm which controls the whole system via robot instead of human. System will build-in system contract based on IPOS algorithm, and the authority of system contract is higher than normal user contract, hence system contract requires multi-party authorization to pass successfully.

Moreover, IONChain promotes concept of “One Device, One Coin, One Code”, which is to combine IoT and blockchain in depth and achieve “every device is a mining machine” in IoT by relying on features of edge computing. Once access to the IoT device of IONChain, user can obtain mining rewards using “ionization algorithm”. In IONChain, all sources of data are true and credible, data value quantization is shown and data transmission is fast and safe. Thus, this facilitates formation of IoT application standard, promotes growth of new IoT application scenarios and helps IoT industry to step into fast development period.

Countless of IoT devices are like ions that can combine freely to form different application scenarios, bring happier living experience for human and build a community with a shared future of mankind.

“New Infrastructure” Facilitates Development of Digital Gold

Under the facilitation of concept “new infrastructure”, data also becomes an important factor of production. New technologies such as AI, cloud computing, IoT, Big Data, etc. have boosted industries which include manufacturing, agriculture, service and so on to carry out digital reformation in large scale and gradually form new type of business based on data and intelligence. For data processing, the era requires massive, multiple and moving of data to cloud infrastructure. Hence, relying on availability, sustainability and performance guaranteed, IPFS distributed storage can gradually prove its depth and breadth of value when putting into practice by utilizing the advantages of blockchain, AI, cloud computing, Big Data and etc.

The advent of 5G era causes the data storage requirement index of human to double up, because everyone who joins the IPFS network will obtain rewards. According to the current progress, IPFS protocol which has launched for several years is widely used in various types of blockchain DAPP. Hence, we believe that as IPFS network becomes more stable, stronger and safer, more users from the traditional storage market will choose decentralized storage services with lower cost, higher security and efficiency. This storage system is able to achieve decentralized distributed storage gradually, and surpass or even replace the old centralized network storage method! At that time, IONChain will definitely lead the storage market in future, and IONCHAIN will also become a popular digital gold in years to come.

About IONChain

IONChain aims to build a platform to design and automate transactions between smart devices and facilitate an Internet of Things Economy.

IONChain Official Website:
https://www.ionchain.org/

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