Storage coins are cryptocurrencies that allow data and files to be stored in a decentralized manner using blockchain technology. Data is then stored on a network of computers and servers scattered around the world. Thanks to these coins, there would be lower costs and more control and privacy, unlike with centralized cloud storage services. Because storage coins are decentralized, users can store and retrieve data without depending on a single company or server. This allows anyone to join the network and enjoy the benefits of storage coins. There are, of course, several types of coins in this regard. We highlight ten of them for you in this article.
1. Arweave (AR)
is one of the innovative blockchains that can store user data in a decentralized way. Founded in 2018 in Scotland, the creators of Arweave have developed a unique technology to store the data. This is called "block weave". Whereas normally nodes must validate all previous blocks in the chain to approve transactions, with block weaving it is done on a block-by-block basis. Any block can be checked to determine if a user can perform a transaction. This allows transactions to be completed faster. Users store their data on what is known as the permaweb. This layer runs on Arweave's blockchain and serves as an application for storing data. Users have the ability to store all kinds of data, like videos, music, movies, documents, NFTs, Web pages and dApps. It uses the AR token to reward miners for their work.
2. Filecoin (FIL)
is an open-source, decentralized storage platform built on blockchain. It was developed by Protocol Labs and launched in September 2020. Filecoin uses a peer-to-peer network. In this, there are three types of users: clients, storage miners and retrieval miners. These three groups communicate a lot with each other. Customers can request to store or retrieve certain data. The storage miners can then store or retrieve this data. This is all on a fee basis. The retrieval miners can also retrieve data on request and on the Retrieval Market. The Filecoin blockchain uses the FIL cryptocurrency, with which you pay when you want your files stored, and in which you are paid when you offer your storage to do so. As a customer, you can choose who you want to have your files stored with, after which all data will be encrypted. You will still need a private key to access your files again.
3. Storj (STORJ)
(pronounced storage) is an open-source storage platform that uses nodes that provide additional space on their hard drives for users to store data. Founded back in 2014, Storj is one of the first decentralized storage systems. When a user uploads files to the network, they are divided into small pieces and encrypted before being stored on the various nodes. Users pay in STORJ to access this stored data and for the storage space they use. One of the main advantages of Storj is the security of the system. Not only because it is a decentralized network, but also because it uses a special software called Tardigrade. As a node, you need to install this software to provide secure storage. The STORJ token is used by users to store their files and to reward nodes for their storage space.
4. Siacoin (SC)
, named after the Egyptian goddess of perception, is the cryptocurrency used on Sia's decentralized network. Sia acts as a secure, trustless cloud storage marketplace where users can lease access to their unused storage space. Appointments and transactions are secured with smart contracts. The main goal of the project is to become the "backbone storage layer of the Internet." Files stored on the network will be divided into 30 encrypted segments, with each segment stored with a unique host. Siacoin (SC) acts as a means of payment on the network, with users paying hosts with SC, and hosts locking SC into smart contracts as collateral.
5. SONM (SNM)
is a decentralized platform that allows you to make your unused computing power available on the blockchain. Supercomputer Organized by Network Mining aims to create a kind of "supercomputer" through blockchain technology. Unlike all cloud solutions, SONM constitutes a fog computing platform. The "fog" here refers to the so-called fog between the data source and the cloud. This allows data to be processed faster than when stored on a central cloud. Through fog computing, resources are shared globally, making it possible to buy a piece of computing power. So as a user, you can rent out your computing power and get paid in SNM tokens, or you pay to use these services. The uniqueness of SONM is that you can offer not only the computing power of your laptop and PC, but also that of your smartphone, PlayStation or other smart devices. That way you can donate even more computing power.
6. Holo (HOT)
is a platform on which decentralized applications can be built, also powered by the specially built Holochain platform. This does not require blockchain technology. The difference between blockchain and Holochain is that each node stores a different piece of information, unlike with blockchain, where each node has the same information. Therefore, the Holo network uses Holochain to provide storage. As a host, you can offer your computer power or storage space on the Holo network in exchange for HOT tokens, also known as Holofuel. This token can be used to perform microtransactions. Holochain was developed primarily because of its scalability.
7. Ankr (ANKR)
is a platform of decentralized blockchain infrastructure that utilizes nodes, which are unused computing resources, distributed across more than 50 Proof-of-Stake networks worldwide. This infrastructure helps drive the growth of the crypto-economy. Ankr is unique in that, through an infrastructure to nodes, this project enables decentralized Web services such as DApps and blockchains to seamlessly run and communicate with each other, while allowing users to earn more from their assets by easily delegating them to validator nodes. This uses the Proof-of-Useful-Work (PoUW) consensus mechanism. ANKR is the native utility token to make transactions and payments with.
8. MaidSafeCoin (MAID)
MaidSafeCoin is a proxy token for the SAFE Network, a decentralized and distributed platform for storage, data exchange and communication. The SAFE Network uses blockchain technology and advanced cryptography. In the SAFE Network, users' computers act as nodes in a large peer-to-peer network. The data stored on the network is encrypted and distributed among multiple nodes, eliminating a central point and making the data more protected from attacks and failures. The SAFE Network uses computing power to form an autonomous data network layer that enables decentralized, secure, privacy-protected communication and storage. It also puts people in control of their personal data. Users pay with MAID to access various services and rent storage space on the network. By making storage space available, users can earn MAID.
9. Crust Network
Crust Network is a decentralized storage protocol built on the Polkadot blockchain. Launched in 2021, it is one of the younger protocols in the field. Crust has storage solutions for both Web 3.0 and Web 2.0 systems. The Crust Network uses a Proof of Capacity (PoC) consensus mechanism, where miners offer storage space instead of computing power to validate transactions and add new blocks to the blockchain. By using storage instead of energy-intensive computation, the network can process more transactions per second without using more energy. Crust Network supports multiple storage layers, including file storage, database storage and object storage, and uses data encryption and fragmentation to ensure the privacy and security of stored data. The Crust Network uses its proprietary token CRU as a utility token for nodes and miners in the network. Users can also use CRU to rent storage and pay for other services within the network.
10. Flux (FLUX)
is the native cryptocurrency of the Flux ecosystem. Flux can be used for Web 3 applications. This means that developers can build their own application on Flux's blockchain, which in turn can be used by others. It is also possible to contribute to the blockchain network. In fact, anyone can set up a node in the network because Flux's network is permissionless. Flux is the first fully decentralized Web 3 infrastructure, working with the Proof of Useful Work mechanism. Flux aims to harness the enormous amount of computing power used by GPU miners to secure the blockchain to solve real problems instead of the random problems used in traditional PoW chains. Here you can think of problems from encoding videos to predicting the weather to helping research teams with their machine learning models. The token used in the Flux blockchain is FLUX and performs a number of important tasks within the network. The token is used to perform transactions, utilize a dApp and to reimburse master nodes that validate transactions and create new blocks, among other things.