The Cornerstone For The Metaverse and Web 3
Today, data and information are growing “explosively” in every corner of the world. The upgrade from Web 2 to Web 3 has deepened the digitisation and witnessed exponential growth in terms of the volume of global data and information. Therefore, the question of massive data storage comes under the limelight. How to store our information data intactly, permanently and securely is a problem that the whole internet industry is trying to solve.
Data in the Web 2 era was centralised and stored in single server systems. These systems have the data information of the whole network and may pose the risk of personal data information leakage for their disregard of the ownership and privacy of data information. Fortunately, decentralised cloud storage that is based on blockchain technology forcefully shows its potential to solve this challenge and lead the web world into the Web 3 era.
The current state of the storage industry
The rampant COVID-19 has accelerated the blurring of the boundary between the real world and the virtual world. Almost all the people’s activities in the real world such as working, socialising, dining, and shopping can be executed in the Internet world; meanwhile, the evolvement from Web 1 to Web 3 sees the explosive growth of data production from passive data reading to feverish content creation. It can be expected that in the future, the volume of data production will continue to grow exponentially. There are reports predicting that the global digital content creation market is expected to reach a market value of $16.9 billion by 2025.
The business model for storage consists of centralised and decentralised forms, with centralised storage methods storing data intactly on centralised servers and decentralised storage methods using distributed storage technology to store data separately on multiple independent storage providers. Centralised storage solutions meet the needs of enterprise-grade storage with high stability performance and high cost. While for decentralised storage, it provides customised storage plans, economic incentive models and is highly private, all of which make it suitable to fulfil companies’ special needs or be used for special market scenarios.
Centralised storage, that is, all data centrally stored in multiple devices that share the same system, caters to the functions of the mainframe which has become the past. It uses a limited number of fixed nodes, and accessing data requires users to go through only one controller, thus having the advantages of low latency. However, drawbacks such as relatively high cost, data security, and low scalability of service provider’s operation, are rather prominent.
One of the keys to the smooth operation of centralised storage systems is the stable operation of storage servers, which is fundamental for the system reliability as well as the bottleneck for improving system performance. It raises extremely high requirements for storage environment and hardware equipment, etc. Thus, the huge centralised storage market is a cake only shared by giants, such as Amazon, Microsoft, Google and Ali cloud, who collectively account for 67% of the cloud storage market share.
The spread of Twitter, Facebook, and other social media platforms has led us to have entered the era of exponential growth of data. The explosive data growth has put forward higher requirements on storage capacity, expansion speed and data backup; real-time information interaction among users requires faster data reading and writing speed as well as higher security; at the same time, user-generated data is becoming more diverse, complicating the relationship of different datasets. The storage system needs to be expanded from a single file type to various semi-structured and unstructured manners. These needs, coupled with the high construction costs and barriers to entry, give rise to decentralised storage, where the expansion of data storage capacity and data types can keep pace with data production.
The cloud storage protocol built based on blockchain has the characteristics of decentralised and encrypted. By building a reliable and decentralised mechanism, decentralised data storage stores data slices in multiple independent network nodes, and advocates privacy protection, data backup, etc. It operates based on the principle of openness and freedom.
When we talk about cloud storage, we mean that users can store data on a number of different nodes scattered in multiple locations, rather than on a single server or location, which are completely independent of each other.
Decentralised Storage and the Metaverse
In 2021, the listing of Roblox ignited the concept of “Metaverse” which has suddenly swept the Internet, VR/AR and financial investment industries. The existence of high-speed network technology, such as microcomputers, VR devices and 5G, has brought people to the doorstep of the metaverse era.
The arrival of the metaverse will greatly transform our daily life and bring us enormous convenience. For instance, in the metaverse world, users can make real-time, fair, transparent and fast P2P payments with the open payment and clearing system based on blockchain; virtual goods or innovation achievements can be monetized. The metaverse will not only give users rights and interests similar to those enjoyed in the real world but also greatly promote the circulation and transaction of metaverse assets and encourage users to accumulate wealth through continuous innovation.
Introduction to Genaro Network
The Genaro Network is the first smart data ecosystem with a Dual-Strata Architecture, integrating a public blockchain with decentralised storage. Genaro pioneered the combination of SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) to form a new consensus mechanism, ensuring stronger performance, better security and more sustainable blockchain infrastructure. Genaro provides developers with a one-stop platform to deploy smart contracts and store the data needed by DApps simultaneously. Genaro Network’s mission is to ensure the secure migration of the core Internet infrastructure to the blockchain.
After 5 years of painstaking research and development, Genaro has created a strong blockchain 3.0 ecosystem comprising of 2 core elements: Genaro Eden (decentralized storage network) and Genaro Romulus (programmable public chain). These 2 elements can be combined and used together under Genaro’s SPoR and PoS consensus mechanisms.
Genaro Network for HyperVerse
By providing HyperVerse with decentralised cloud storage solutions for its ecosystem, Genaro Network will provide a secure means of data storage for the hundreds of thousands of members within HyperVerse. This means that users will hold full custody over their own private data, without facing any risks of hacks or exploits. Since privacy remains a huge concern when it comes to NFT trading and DeFi services, this partnership will only serve to enhance the user experience.
Instead of being stored in a centralised platform, HyperVerse’s core applications will now be deployed on Genaro Network’s decentralised storage platform. This will ensure that the applications can operate within a trusted environment, making it harder for any malicious activities conducted by third parties.
The combination of Web 3.0 and the metaverse can bring about exciting possibilities — especially in the field of gaming, entertainment, socialisation and more. The decentralised storage network provided by Genaro Network will fulfil the demand for data storage, especially with the high storage requirement of NFT assets, while ensuring the safety and efficiency of crypto assets stored within the HyperVerse metaverse.