Analysis & Opinions

CoinMarketCap Report: The Storage Token Ecosystem Before Filecoin

CoinMarketCap recently released a new ranking of storage tokens, right ahead of Filecoin’s long awaited launch.

Filecoin, a decentralized storage project that raised over $200 million in a 2017 ICO, launched on Oct. 15 at block 148,888 — and its price immediately shot up more than 250%. At the time of writing, Filecoin (FIL) is down a little more than 57% on the day, but the project is still being talked about as one with a potentially very real use case.

To accompany CoinMarketCap’s storage token list and provide more information about decentralized storage in general, our data team compiled some insights into the storage sector over the past few quarters, before Filecoin went live.

Storage Project Performance in Q2

Made with CMC data
  • With the bullish market sentiment in Q2-Q3, as well as the mainnet launch of Filecoin, the prices of other storage-related projects have also experienced surges — overall, the equal-weighted index of storage-related projects showed a 201% increase during Q2 and a 218% increase during Q3.
  • The total traffic on these projects increased by 50% in Q3 compared to the traffic in Q2.
  • Before Filecoin launched its mainnet in mid-October, the transaction volume of its IOU is over $10mm+ daily.

The following is a brief list of the key storage projects listed on https://coinmarketcap.com/storage/

Key Storage Projects on CoinMarketCap

Project Ticker Description* Q2 Performance Q3 Performance CMC Traffic chg. Q3 vs. Q2
ScPrime SCP Decentralized cloud storage project focusing on SMB based on the Sia protocol. The SCP model aggregates millions of distributed “nodes” and presents this capacity as ultra-secure cloud storage to business customers. Erasure codes and end-to-end encryption provide extreme durability and ultimate security.  +52.9% +696.7% 323%
Shift SHIFT The foundation of a new token utility which incorporates two software applications that communicate with each other. Phoenix is a stand-alone application facilitating the allocation and conservation through replication of data across a cluster of storage nodes, and the Shift blockchain facilitates a decentralized and immutable means of governance. +62.9% +368.5% 264%
Bluzelle BLZ Decentralized data layer for DApps to manage data in a secure, censorship-resistant and highly scalable manner. Bluzelle is powered by Cosmos and its BFT technology Tendermint, BluzelleNet powers the entire ecosystem as a 10,000 TPS proof-of-stake network.  +96.7% +288.6% 247%
Internxt INXT Launched in 2017, Internxt is working on building a private internet. Its first service, Internxt Drive, is a decentralized cloud storage service available for individuals and businesses. It comes with a mobile, desktop and web app. INXT acts as a payment method for its node operators, which are distributed all over the globe.  +48.8% +230.3% 148%
Storj STORJ The STORJ token enables the coordination between different parties within the network to transfer value at scale. Storj Labs operates Tardigrade, a developer tool that delivers durability, performance and security that it claims to be better or on par with all other major cloud providers. Through the Tardigrade Open Source Partner Program, any open source projects that enable users to store data on Tardigrade via connectors will receive a portion of the revenue generated by those users. +72.4% +207.6% 105%
Arweave AR Backs data with sustainable and perpetual endowments, allowing users and developers to store data forever. As a collectively owned hard drive that never forgets, Arweave aims to allow users to remember and preserve valuable information, apps and history indefinitely. By preserving history, it prevents others from rewriting it. +162.3% +198.1% 147%
Upfiring UFR Founded in early 2017 as an alternative to traditional P2P file-sharing protocols by incentivizing seeders through the use of a tokenized file-sharing economy. By incentivizing seeding, Upfiring aims to create a healthier file-sharing network that allows content creators and seeders to be rewarded directly for sharing content without any third-party intermediaries. -4.9% +150.3% 170%
0Chain ZCN Decentralized storage platform providing data privacy, protection and private sharing. 0Chain aims to help businesses achieve GDPR/CCPA compliance, transparency and near-zero liability. 0Wallet can be used to lock and stake tokens to earn interest and service rewards. ZCN is tied to data and is used for storage. The value of ZCN is based on data stored on the network, initially driven by 0Box, and later by developers and enterprises. +230.2% +114.6% 96%
Ether-1 ETHO A fork of Ethereum implementing a decentralized hosting platform (ethoFS) using a community-owned node network combining blockchain indexing technology and the IPFS protocol to deliver decentralized content on-demand. EthoFS is a decentralized website hosting platform which utilizes the node network for storage and bandwidth, DDoS protection, censorship-resistance and reliability. Community-owned nodes share in data hosting revenue generated by the network. -27.2% +98.3% -4%
Simple Software Solutions SSS A cryptocurrency based on the proof-of-stake algorithm along with technical features such as masternodes and governance. It uses blockchain technology to leverage the SSS Masternode to act as a private storage cloud. The primary objective is to build a decentralized cloud storage solution to the real world. +72.5% +84.3% -40%
Crust CRU Developing decentralized cloud blockchain technology on Polkadot. CRUST implements the incentive layer protocol for decentralized storage. It is adaptable to multiple storage layer protocols such as IPFS, and provides support for the application layer. Crust’s architecture also has the capability of supporting a decentralized computing layer and building a decentralized cloud ecosystem. The project is targeted to launch in Q4 2020. +66.5%
SONM SNM Cloud services based on distributed customer level hardware including PCs, mining equipment and servers. Users can either rent out their hardware or use someone’s computing power for their needs. The SNM token is an internal currency on the computing power marketplace. With SNM, users can get access to the resources provided by Sonm. +36.1% +38.9% +31%
Lambda LAMB Provides a secure, reliable and infinitely scalable decentralized storage network through P2P network and innovative PoST (proof-of-space-time). The project aims to realize the safe, high-speed and reliable operation of decentralized storage of data, achieve data confirmation right on-chain, data storage transactions, as well as data security verification on the Lambda Chain consensus network. +46.1% +23.1% +31%
Sharder SS Multi-chain storage and validation network. Sharder’s validation and authentication service aims to protect all types of digital files from fraud and manipulation. Utilizing blockchain technology, Sharder saves the files hash or digital fingerprint, ensuring it is securely stored, immutable, and verifiable. SS is required to pay for storage services and nodes are rewarded with SS for providing storage space and validating transactions on the network.  +1,132.8% +23.1% +82%
Edge DADI Distributed computing that aims to bring data storage and computation as close to the point of need as possible. It was designed to reduce the volumes of data that must be moved, the consequent traffic and the distance the data must travel, providing lower latency and reduced transmission costs. The $EDGE token enables the transfer of value from the consumers of network services to contributors to the network on a proof of work basis.  +36.8% +22.0% -20%
BitTorrent BTT The BitTorrent Protocol is the largest decentralized protocol in the world with over 1 billion users. BitTorrent (BTT) tokens can be bid in exchange for faster downloads or stored in a wallet built into the BitTorrent client. +46.7% +3.2% +64%
MaidSafeCoin MAID MaidSafeCoin (MAID) is the decentralized currency for the SAFE Network, an autonomous and decentralized data network that boasts extra hard disk space, processing power, and data connectivity for its users. The network is comprised of two main users: “clients” who access the various features of the network, such as browsing, storing data or transferring money, and “farmers” who look after the clients’ data until it’s needed, at which point they might receive a reward for their efforts. +83.2% +0.6% -50%
Siacoin SC Open-source low-cost solution for cloud storage, offering encryption and distribution of files chosen for storage by users across a decentralized network of peers. The cloud storage marketplace made available to users of the Sia blockchain is meant to be highly redundant, completely private and more affordable than many alternatives. +138.7% -6.2% -8%
Holo HOT Decentralized application platform that uses peer-to-peer networking for processing agent-centric agreement and consensus mechanisms between users. The Holo ecosystem relies on hosts that provide processing and storage for distributed applications while earning redeemable credits.  +65.3% -12.9% 1%
Zel ZEL A decentralized open ecological system that can connect the crypto economy with the physical space. Zel, with private and transparent addresses using the Equihash(125,4) proof-of-work algorithm, is the basic currency in the ecosystem. It connects the crypto economy and the real world on such as finance, business, industry, health, medical, education or other public services. +63.2% -38.8% -17%
ILCOIN ILC An on-chain data storage system; ILCoin’s blockchain network is a decentralized cloud blockchain system where on-chain data storage is secured and managed by a quantum-resistant SHA-256 Command Chain Protocol (C2P).  -12.3% -58.1% -15%
* According to information provided by the project or from public information

For more information about decentralized storage, check out of list of resources below:

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