In the past year, Internet giants such as Amazon and Google have experienced outages caused by errors and failed upgrades. The occurrence of such outages and their worldwide impact have once again highlighted the importance of having a decentralized Internet.

In addition, just as the Covid-19 pandemic showed the world that blockchain-based digital currencies are the future, power outages suffered by powerful Internet companies may push those companies that support Web3.0.

However, if participants in this ecosystem play their role in building critical infrastructure, this Web 3.0 can really take off. This is what Lucky Uwakwe, the co-founder of Stoor, said, he is trying to use the start-up company’s blockchain-based cloud storage service.

In a Q&A interview with Bitcoin.com News, Nigeria’s Uwakwe explained the concept of decentralized cloud storage and how blockchain makes such storage possible. He also shared his views on the trajectory of Web3.0 and why he believes that the world is now ready for the next phase of the Internet. The following is Uwakwe’s written response to the question sent to him.

Bitcoin.com News: Can you explain the concept of blockchain decentralized cloud storage?

Lucky Uwakwe: The concept of decentralized cloud storage is basically to use the advantages of blockchain decentralized cloud storage. Unlike centralized databases, existing decentralized cloud storage systems aim to utilize blockchain by integrating the following functions, which are improvements over traditional cloud storage providers:

The decentralized system ensures that cloud storage is distributed across multiple computers and multiple locations. Hackers face greater challenges when accessing large amounts of data, so they rarely fail. This also means that no government or agency can intervene in the blockchain, as long as other servers run databases outside of their jurisdiction.

They are designed to operate under the input of every user of the network, that is, peers in the system can share information without the supervision or approval of a central administrator. They motivate users to participate in the network by encouraging users to provide unused storage on their devices and make money from it.

They use unused hard drive space from devices all over the world to build a data storage market that is more reliable and cheaper than traditional cloud storage providers. They encrypt and distribute all files through a decentralized network. This means that each file uploader has its own key and data. No external company or third party can access or control its own files.

BCN: How is this different from centralized storage, and why do you think it is needed now?

LU: A centralized database storage system is usually a system that handles data storage. They physically run on a server and are controlled by designated permissions. But as customer demands continue to grow, it is increasingly difficult for the data center industry to ensure higher uptime while maintaining security and keeping costs to a minimum. They are easy targets for hackers, and they have the potential to access large amounts of data stored in one location.

Speaking of incentives, only shareholders or board members of this centralized cloud company can receive dividends. This is different from decentralized blockchain solutions, where everyone has the opportunity to receive dividends.

BCN: Who should use this type of storage?

LU: Every Internet user or person who uploads or saves any type of file via the Internet or its device (mobile phone, laptop, iPad, tablet, desktop, etc.)

BCN: In your speech, you also introduced the concept of making money in storage. Can you briefly explain what this means and why it is necessary?

LU: Centralized solutions such as Microsoft Azure, Google Cloud, Amazon Web Services, iCloud, Dropbox, etc. will only be powered by storing user data, and the price is considered cheap enough. On the other hand, decentralized services like Sia, Filecoin, and Arweave are motivated by centralized systems and provide additional incentives for storage space providers on their networks.

However, (in our company) Stoor we own all of the above and the incentives for uploading files. We provide incentives for token holders, application developers and platform owners to ensure that all users in the ecosystem are covered. These opportunities and corresponding rewards embody the core spirit of our company: the people who make up the entire ecosystem are important; they must be rewarded.

BCN: What made you decide to get involved in this industry?

LU: The world is clearly ready for web 3.0, we are moving away from the web 2.0 era, and the blockchain has shaped this for all of us. However, when we see that web 3.0, which should be independent and progressive, continues to rely on centralized Amazon and Google Cloud instead of blockchain to store data for web 3.0 solutions, it becomes a problem.

We have received more reports of these cloud providers going offline due to hacking or upgrade errors, and these companies have never updated the integrity of our stored data after every hacking attempt or successful hacking attempt. At Stoor, we believe that the world’s main reliance on these few centralized platforms is too risky.If we really want to enter web 3.0, we need a web 3.0-driven solution

BCN: In your opinion, are Africa and the rest of the world ready for blockchain storage?

LU: The world is ready for blockchain decentralized storage solutions, but we have not yet perfectly integrated to capture all participants in the ecosystem. We know that our solution is a better plan to capture data Storage of all ecosystem participants in the field.

BCN: Twitter founder Jack Dorsey (Jack Dorsey) recently agitation When he talked about the role of venture capital in building Web3.0 on Twitter, it caused controversy. Do you agree or disagree with what Dorsey said?

LU: I respect Jack this man and his bold vision. As the person and co-founder of Stoor, I have embarked on the road of construction and construction, bringing most of the power of web3.0 to people.

What are your thoughts on this interview? Tell us what you think in the comments section below.

Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer from Zimbabwe. He has written a lot of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.