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 with access to this data from the blockchain.
- Existing decentralized storage solutions do not allow smart contracts to read data from them due to the lack of blockchain interoperability.
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Author: Igor Igamberdiev
