Decentralized storage is one of the fastest-growing industries in the blockchain sector. It is an industry that helps people and developers store files and documents in a decentralized manner. While centralized platforms like Google Drive and OneDrive work well, many people are more inclined towards storing their files in a decentralized manner. So, let us look at the top storage cryptocurrencies to invest in.
Filecoin | FIL
Filecoin is the biggest decentralized storage platform in the world. The network was started in 2017 after the developers raised about $250 million in a highly-subscribed Initial Coin Offering (ICO). Some of its earlier investors included the likes of Andreessen Horowitz and Winklevoss Capital.
Filecoin has experienced mixed performance in the past few months. The Filecoin price jumped to an all-time high of $235 in May this year. Since then, it has crashed by more than 85% and it is currently trading at the lowest level since March this year.
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Still, the FIL token has a market capitalization of more than $4 billion and is the 36th biggest coin in the world. At its peak, it was among the top 20 of the biggest cryptocurrency in the world. The developers have also inked partnerships with the likes of Flow, Estuary, and Dapper Labs. It has also become a preferred storage platform for several NFT projects.
Arweave | AR
Arweave is a decentralized storage platform that has become relatively popular in the past few months. It uses a technology known as Permaweb to help people store files in a decentralized manner.
A good way to describe Arweave is that it is similar to Uber and Lyft. It uses a two-way ecosystem that creates a win-win situation. It allows people with extra storage space to make money in the form of the AR token. They make money by simply allowing other people to store their documents in this space.
At the same time, people with storage needs can use the platform to store their files. In the past few months, the Arweave price has jumped by more than 600%, bringing its total market capitalization to more than $2.7 billion. It is the 57th biggest cryptocurrency in the world.
Siacoin | SC
Siacoin is one of the oldest decentralized storage blockchain projects. The network was launched in 2017. Shortly afterwards, the SC token price jumped to an all-time high of $0.1093. It then crashed to a low of $0.00073 in March 2020. Since then, the Siacoin price has jumped by more than 1,910%, bringing its total market capitalization to more than $747 million.
Siacoin is relatively different from Arweave and Filecoin. Siacoin offers a simple way for people to store files in a decentralized way. The technology first subdivides files into 30 segments before they are uploaded. Each of these segments is then encrypted and then sent to file hosts using smart contracts. Renters and hosts then use Siacoin to pay for the network.