Web3's need for decentralized storage

Quick Take

  • Blockchain size growth reduces the potential number of nodes and increases the cost of data storage.
  • 8% of Bitcoin transactions have OP_RETURN with data as one of the outputs. 90% of them are from Veriblock and Omni.
  • It costs roughly $20.2M to write 1GB of data to a smart contract on Ethereum.
  • Existing decentralized storage solutions do not allow smart contracts to read data from them due to the lack of blockchain interoperability.
With the launch of Ethereum, the world received a decentralized computer that can solve any computational problem if there is enough gas in the block. However, to solve any problem, data storage is also needed. Without data storage, for example, blockchains will be unable to fully support and host social networking apps and other data-heavy […]

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