Bit-Drive online storage combines a P2P cloud network with decentralized blockchain technology to create the world's first truly decentralized storage platform. In this robust global market the price of storage will be driven by supply and demand, not by the corporate pricing departments, and miners will compete on the factors like the reputation for reliability as well as the price.
Familiar cloud storage interface built with blockchain technology keeps you in full control of your files and who can view them. We will never ask for any personal information. No email, no contact, nothing. You control who can view your files. By default, you and only you know these files exist. Using the BTD, you can pay for your storage needs without ever having to use a credit card.
Bit-Drive blockchain allows this marketplace to run without an intermediary. Bit-Drive secures storage transactions with smart contracts, creating a more reliable and affordable offering when compared to traditional cloud providers. No one person or organization can censor or deny access to data—not miners, not developers, nor any government. We believe Bit-Drive’s distributed, decentralized storage technology is stronger, more secure, more efficient, and more equitable for the entire ecosystem. We believe that neither individuals nor institutions should be beholden to large corporations. Bit-Drive was created to promote and safeguard users’ freedoms. It’s our attempt to bring decentralized storage built on blockchain technology to the mainstream without sacrificing price or performance.
Your smart contracts or other decentralized application data on the blockchain can be stored on external storage by utilizing APIs.
Bit-Drive provides ways to match file assets sellers & buyers and can handle transactions safely and reliably without requiring an intermediate party.
Bit-Drive provides cost-effective bandwidth resources that help reduce the costs of content distribution significantly.
Bit-Drive can slash costs for enterprise data storage while providing high performance services.
Bit-Drive significantly cuts the price tag by making use of the vast amount of bandwidth and storage resources sitting idle on the Internet. Bit-Drive’s decentralized storage network uses unique data partition and encryption algorithms, which ensures that user data can only be indexed and retrieved by a unique private key.
Bit-Drive is designed from the ground up to perform efficiently on a global scale by leveraging the founding team’s experience from running decentralized networks with hundreds of millions of users.
Put your unused storage to work by becoming a Bit-Drive miner. Use the Bit-Drive mining software to get paid for fulfilling storage requests and hosting files on the global Bit-Drive market.
Bitcoins will be traded on a number of exchanges and supported by multiple crypto wallets, allowing you to easily exchange BTD for other currencies like US Dollars, Euro, Litecoins and Ether.
Clients can tune their storage strategy to suit their needs in redundancy, speed of retrieval and cost. Bit-Drive storage and retrieval markets make miners compete to give you flexible options at the best prices.
Bit-Drive software divides files into 60 segments before uploading, each targeted for distribution to hosts across the world. This distribution assures that no one host represents a single point of failure and reinforces overall network uptime and redundancy. File segments are created using a technology called Bit-Read erasure coding, commonly used in CDs and DVDs. Erasure coding allows Bit-Drive to divide files in a redundant manner, where any 20 of 60 segments can fully recover a user's files. This means that if 40 out of 60 hosts go offline, a Bit-Drive user is still able to download the files.
Before leaving a renter's computer, each file segment is encrypted. This ensures that hosts only store encrypted segments of user data. This differs from traditional cloud storage providers like Amazon, who do not encrypt user data by default. Bit-Drive is more secure than existing solutions because hosts only store encrypted file segments, rather than whole files. Bit-Drive uses the Threefish algorithm, an open source, secure, high-performance encryption standard.
Using the Bitcoin blockchain, renters form file contracts with hosts. These contracts set pricing, uptime commitments, and other aspects of the relationship between the renters and the hosts. File contracts are a type of smart contract. They allow us to create cryptographic service level agreements (SLAs) that are stored on the Bitcoin blockchain. Since file contracts are automatically enforced by the network, Bit-Drive has no need for intermediaries or trusted third parties.
Both renters and hosts use Bitcoin Dollars, a unique cryptocurrency built on the Bitcoin blockchain. Renters use Bitcoins Dollars to buy storage capacity from hosts, while hosts deposit Bitcoin Dollars into each file contract as collateral. Micropayments flow between renters and hosts using a technology called BTD payments, which is similar to Bitcoin's Lightning Network. Payments between renters and hosts occur off-chain, greatly increasing network efficiency and scalability. Since hosts pay collateral into every storage contract, they have a strong disincentive to go offline.
Renters prepay for storage within file contracts, setting aside a fixed amount of Bitcoin Dollars to be spent on storing and transferring data. File contracts typically last 1 day to 10 years. Bit-Drive automatically renews contracts when they are within a certain window of expiring. If contracts are not renewed, Bit-Drive returns any unused coins to the renter at the end of the contract period. As individual hosts go offline, Bit-Drive automatically moves renter data to new hosts in a process called file repair.
At the end of a file contract, the host must prove that he/she is storing the renter's data. This is called a storage proof. If the storage proof appears on the blockchain within a certain timeframe, the host is paid. If not, the host is penalized. Storage proofs are made possible by a technology called Merkle trees. Merkle trees make it possible to prove that a small segment of data is part of a larger file. The advantage of these proofs is that they are very small, no matter how large the file is. This is important because the proofs are stored permanently on the blockchain.
It also makes storage resemble a commodity or utility by decoupling hard-drive space from additional services. In this robust global market the price of storage will be driven by supply and demand, not by the corporate pricing departments, and miners will compete on factors like the reputation for reliability as well as the price.