Speaker
Description
Blockchain is currently one of the hot topics. Developed as part of the cryptocurrency Bitcoin as a web-based, decentralized, public and most important all secure accounting system, this database principle could not only revolutionize the worldwide financial economy in the future; Blockchain is already an topic in electromobility, health care or supply-chain-management - just to name a few.
Our goal is to create a marketplace for cloud storage using blockchain technology. The project is to be financed via an Initial Coin Offering (ICO). The finished open source product will be named "Space.Cloud.Unit (SCU)".
The concept behind Space.Cloud.Unit is to bring storage providers and storage consumers together in a virtual marketplace. The consumers, in need of storage, can specify and place their inquiries for storage size, number of copies, time frame, and availability. Storage providers, for their part, make corresponding offers; this can be both private individuals and professional storage providers. Inquiries and offers are automatically matched in the marketplace.
Likewise automated, a digital purchase and service contract (a smart contract) is then concluded, in which scope, redundancies and availability are defined and rewarded; the payment is made in SCUs. The provider must provide a technical proof that he has actually saved the data under the agreed conditions. Otherwise, a previously defined contractual penalty also filed on the Blockchain becomes due.
All data gets fully encrypted transmitted and stored to the provider . This happens off-chain, and thus independent of the blockchain and will be integrated into existing software solutions such as PowerFolder, Nextcloud, ownCloud, Seafile, Pydio, and more.
The software package developed for SCU will contain the following components:
- A marketplace that brings together storage providers and consumers
- The blockchain for generating coins and smart contracts
- The apps to integrate the solution into existing cloud storage software
The entire blockchain developed for this will be created as an open source software.
By integrating Space.Cloud.Unit as an app into already existing cloud storage software, the development effort and risk associated with similar projects on the market (such as Filecoin) is significantly reduced. Nevertheless, for the realization of the project additional developers and IT specialists are needed; These should also be financed through the ICO, as well as public relations, marketing and lawyers for the legal advice. As part of this ICO, users purchase Space Cloud Units (SCUs), which they can later use to buy storage on the marketplace.
Summing up the key benefits of Space.Cloud.Unit:
- Higher flexibility than traditional methods
- Precisely tailored conditions instead of rigid packages
- Standardized process and interfaces
- Easier access for providers compared to closed systems such as marketed vendors e.g. Amazon
- An additional way for cloud storage providers to offer their services
- Greater choice for storage consumers
- Financial reimbursement for users in case of non-compliance with agreed conditions (more safety through automated, smart contract based SLAs)
- Security through complete encryption and high decentralization
- Cost savings for the providers
- High transparency
- Automated execution
