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Nigeria Based Storage Provider Says It’s Too Risky for the World to Rely Centralized Cloud Storage Platforms – Interview Bitcoin News

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In the past year, internet giants like Amazon and Google all experienced outages which were blamed on errors and failed upgrades. The occurrence of such outages and their impact around the world again highlighted the importance of having a decentralized internet.

Also, just like how the Covid-19 pandemic showed the world that blockchain-based digital currencies are the future, the outages suffered by the powerful internet companies may have given an impetus to those that champion the Web3.0.

However, this Web3.0 can really take off if players in this ecosystem play their part in building the critical infrastructure. That is what Lucky Uwakwe, the co-founder of Stoor, says he is attempting through the startup’s blockchain-based cloud storage service.

In a question and answer interview with Bitcoin.com News, Nigeria based Uwakwe explains the concept of decentralized cloud storage and how the blockchain makes this kind of storage possible. He also shares thoughts about the trajectory of Web3.0 and why he thinks the world is now ready for this next stage of the internet. Below are Uwakwe’s written responses to questions sent to him.

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

Lucky Uwakwe: The concept of decentralized cloud storage is basically utilizing the benefit of blockchain decentralized cloud storage. Unlike centralized databases, the existing decentralized cloud storage systems were designed to take advantage of the blockchain by incorporating the following features that are an improvement from the traditional cloud storage providers:

Decentralized systems ensure that the cloud storage is distributed across many computers and in multiple locations. Hackers would have a more challenging time accessing large amounts of data, so they can seldom go down. This also means that no single government or institution can interfere with the blockchain, as long as other servers are running the database outside their jurisdiction.

They are designed to run with the input of every user of the network, which is to say, peers in the system can share information without requiring a central administrator’s supervision or approval. They incentivize users to participate in the network by encouraging them to provide unused storage on their devices and earn money from this.

They take advantage of unused hard drive space from devices all across the world to establish a data storage marketplace that is more dependable and less expensive than traditional cloud storage providers. They encrypt and distribute all files across a decentralized network. This means every uploader of files own their keys and own their data. No outside company or third party can access or control one’s files.

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

LU: Centralized databases storage systems have typically been the ones handling data storage. They are physically run on one server and are controlled by a designated authority. But as customer demands continue to grow, it is getting more difficult for the data center industry to ensure higher uptimes, while maintaining security and keeping costs at a minimum. They are an easy target for hackers who can potentially gain access to a lot of data stored in one location.

Talking about incentives, only shareholders or board members of this centralized cloud company get to earn dividends unlike in decentralized blockchain solution where everyone can be given the opportunity to earn dividend

BCN: Who should use this type of storage?

LU: Every user of the internet or someone that upload or save any type of file via the internet or on their device (phone, laptop, iPad, tablet, desktop etc.)

BCN: In your pitch, you also introduce the concept of earning as you store. Can briefly explain what this entails and why this is necessary?

LU: Centralized solutions like Microsoft Azure, Google Cloud, Amazon Web Service, iCloud, Dropbox etc. only comes with the incentive of storing users’ data and at a price considered to be cheap enough. On the other hand, decentralized services like Sia, Filecoin and Arweave come with an incentive from the centralized system and with additional incentives to storage space providers on their network.

However, (at our company) Stoor we have all the above as well as incentives to those uploading files. There are incentives for holders of our token, app developers and platform owners which ensures all users in the ecosystem are covered. These opportunities and corresponding rewards speak to our company’s core ethos: The people who make up the entire ecosystem matter; they must be rewarded.

BCN: What made you decide to venture into this business?

LU: The world is obviously ready for web 3.0 and we are moving away from the web 2.0 era, blockchain has shaped this for us all. However, it becomes a concern when we see web 3.0, which should be independent and progressive, continue to depend not on the blockchain but on centralized Amazon and Google cloud to store data for web 3.0 solutions.

We have been getting more reports of these cloud providers being taken offline due to hackings or errors in upgrades while the companies never update us about the integrity of our stored data after each attempted hack or successful hack. At Stoor we believe it too risky for the world to depend mainly on these few centralized platforms. If we truly want to get into web 3.0 we need a solution that is web 3.0 driven

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

LU: The world is ready for a blockchain decentralized storage solution, it is just that we have not had a perfect blend that captures all the participants in the ecosystem and we know our solution to be a better plan that captures all ecosystem participants in the area of data storage.

BCN: Jack Dorsey, the founder of Twitter, recently stirred controversy when he tweeted about the VCs’ role in building the Web3.0. Do you agree or disagree with what Dorsey said?

LU: I respect Jack as a person and his bold vision. As a person and co-founder at Stoor, I have taken the path to build and build with the mindset of putting the majority of the power of web3.0 to the people.

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

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Why Gold Is Beating Bitcoin In 2022

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Bitcoin continues to underperform as a general “risk-off” sentiment has investors driving toward gold as a safe haven asset.

Not Risking It

Concerns about the Russo-Ukrainian war continue. The U.S. inflation struggles at a four-decade high and Fed rate hike fears prevail. The uncertainty extends to the world economy as a recession is expected instead of a recovery. The IMF’s managing director Kristalina Georgieva called it “a crisis on top of a crisis.”

“The war is a supply shock that reduces economic output and raises prices. Indeed, we forecast inflation will accelerate to 5.5 percent in advanced economies and to 9.3 percent in emerging European economies excluding Russia, Turkey, and Ukraine. ” The IMF stated last week.

Reuters recently quoted Commerzbank analyst Daniel Briesemann, who talked in a note about the factors that have “lent buoyancy to gold in recent days,” mentioning the “strong buying interest on the part of ETF (Exchange Traded Fund) investors” and news about the Ukraine war.

“Russia appears to be preparing to launch a major offensive in the east of the country – that is generating considerable demand for gold as a safe haven,” the analyst said.

This summarizes the “risk-off” sentiment at the moment. As expected, equities suffer as investors are selling risky assets and purchasing the ones negatively correlated to the traditional market. Thus, the crypto space is struggling alongside de stocks market and gold is rising.

Bitcoin Outperformed By Gold

Data from Arcane Research’s latest weekly report notes that it has been a gloomy year for the “digital gold.” In the first three weeks of 2022, Bitcoin sank 25% and it is still down by 18% in the year despite its slight recovery.

Similarly, Nasdaq records a 19% decline in the year, having underperformed against bitcoin “by a small margin,” notes the report, adding that “This is surprising given that bitcoin has tended to follow Nasdaq, albeit with higher volatility.”

The general fear over geopolitical and macroeconomic uncertainty has given gold the safe-haven asset spotlight once more. The asset outperformed all the other indexes seen below with a 4% gain.

Physical gold outperforming “digital gold” in 2022 | Source: Arcane Research

Meanwhile, the currency market is performing with “the same risk-off patterns.” The Dollar has been proving its “risk-off” dominance as the US Dollar Index (DXY) is up 7%. The Chinese yuan has taken a hit over concerns about the country’s “zero-covid” policy –which creates issues for the global supply chain– and the slowing down Chinese economy. In contrast, investors have been running to the US Dollar for safety.

Bitcoin supporters usually refer to the coin as “digital gold” alleging it is a safe haven asset, and this narrative had held well while BTC had been “uncorrelated with most other major asset classes,” but the tide is shifting with the 2022 scenario as investors are rather placing the coin “into the risk-on basket”.

A previous Arcane Research report indicated that bitcoin’s 30 -day correlation with the Nasdaq is revisiting July 2020 highs while its correlation with gold has reached all-time lows.

A pseudonym traded noted that “As Bitcoin adoption goes on and more institutional investors enter the market, the correlation of BTC and stocks becomes more and more tight. That is a paradigm that the crypto world struggled to come to terms with in the past but is now more real than ever. A healthy stock market is good for Bitcoin.”

Meanwhile, the general sentiment of traders seems to be bearish, with many saying that the coin could visit the $30k level soon.

Bitcoin
Bitcoin trading at $39k in the daily chart | BTCUSD on TradingView.com

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Attendees talk the future of NFTs

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The crypto community headed to Nassau in the Bahamas this week for the inaugural Crypto Bahamas conference.

Like most conferences, panels fill up the agenda and on Wednesday the topics at Crypto Bahamas ranged from NFTs to crypto in sports and to asset allocation in Web3. During one particular conversation, titled Evolution of NFTs: Culture, Utility and Regulation, panelists had some insightful musings on the NFT market.

To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment firm SkyBridge Capital, and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conference.

That’s why the NFT panel consisted of multiple perspectives from Tristan Yver, head of strategy at FTX U.S., Joseph Doll, attorney at Fenwick law firm, Roham Gharegozlou, the chief executive officer at Dapper Labs, and Sarah Hammer, the managing director of The Stevens Center for Innovation in Finance at The Wharton School. Zack Guzman, writer for the Meta-owned newsletter platform Bulletin, moderated.

Gharegozlou pointed out how new the NFT market truly is when “most people have only been thinking about it for a year and a half,” making valuations “very immature.” As the CEO of Dapper Labs, the company behind NBA Top Shot,  Gharegozlou recognized that “utility, rewards and the how you value and NFT is primarily based on the strength of that of the community.”

He added that a good way for an NFT collection to build a strong community is to have multiple tiers of scarcity. In the case of NBA Top Shot, at the higher price end there is extreme scarcity, but there are also millions of “common” moments so that people can “get their first NFT and see how it feels without breaking the bank.” 

Tristan Yver echoed that the current valuation and pricing model for NFTs is based on a collective perception on value based on the amount of people willing to buy an asset for a certain amount. He anticipated a “movement away from this consensus view to a more unique singular view where people buy things that resonate with them rather than what resonates with a larger community.”

Joseph Doll chimed in to say that “communities need to be thoughtful about democratizing access.” There are some “massive” barriers to entry to certain projects, he said, including not being early enough or not having enough capital at the time. He questioned, “That’s not what crypto is about, right? It’s kind of about the exact opposite of that.” Democratization, he suggested, can come in the form of derivative projects at better price points.

Another important point brought up by Yver was the reality of scams, especially on Discord and Twitter. He said that “we need to move past security aspects to be able to really bring in the next large mass of users.” He recommended talking among family and friends or asking a Discord moderator to make sure “you click the right link when minting that NFT” because “wallet security sucks right now.”

Gharegozlou even said that Elon Musk, the new owner of Twitter, should use Web3 to fix Twitter’s fraud problem, just as Discord should use Web3 authentication and verification as well. “Once NFT’s are the sort of identity bridge across all these different social networks, identity and assets, authenticity, provenance,” then the system can be more resilient he added.

When asked what “main alpha” the audience should bear in mind, Doll said to engage with and be part of these NFT communities even if it’s “scary,” because getting scammed is a “part of the journey.”

Sarah Hammer, who leads the Cypher Accelerator at Wharton business school, said that the school is launching an incubator specifically for NFT projects in partnership with Dapper Labs because the “NFT model is a business model for the future.” She emphasized that the greatest way to grow and innovate in the space is to increase education efforts in order to get more people learning and working together.

Related: Goldman Sachs reportedly eyes FTX alliance with regulatory and public listing assistance

Recently the Bahamian government allowed residents to use digital assets, including the world’s first central bank digital currency, or CBDC, to pay for taxes in 2022.