Off-chain Storage For Web3
The Power of Off-Chain Storage: Why IPFS Reigns Supreme
Data is paramount and finding efficient ways to store and access it can be an arduous task. There are two commons routes developers take - storing data off-chain or on-chain. On-chain refers to storage happening on the blockchain, whereas off-chain refers to storage happening outside of the blockchain. Off-chain storage has increasingly become the preferred solution. Why? Because storing data on chain is extremely expensive and storing off-chain is not only the cheaper option but also provides more data scalability for your needs.
Why Off-Chain Storage?
As the landscape of data-driven applications continues to advance, off-chain storage addresses two crucial needs:
- Cost-Efficiency: Storing vast amounts of data on the blockchain can be costly due to transaction fees, varying in amount depending on the transaction size and the volume of the network traffic at the time of transaction. Off-chain storage offers a more economical alternative. For example, storing a 1 GB file on a blockchain-based storage platform utilizing on-chain storage will result in large gas fees, plus future fees incurred should you make changes to the file. If you opt for off-chain storage on a decentralized storage network, you’d pay for 1 GB of storage space, but no transaction fees and no fees to remove the stored content.
- Scalability: The speed of on-chain storage can become increasingly slow as the amount of data grows. Off-chain storage solutions alleviate these challenges by avoiding congestion and any slowdowns in transaction processing.
To put it simply, storing data on-chain can be very expensive and limited in speed and functionality as more data is stored.
Storage Options
When it comes to deciding where to store your data, there are several off-chain storage options that exist, each with its own advantages and drawbacks. The most prominent ones include the Interplanetary File System (IPFS), Amazon S3, and Dropbox.
- IPFS is a distributed file system that uses content-addressing to store and retrieve data. Known for its decentralized nature and robust content addressing.
- Amazon S3 is a popular cloud storage service offering high availability and durability. It's centralized and widely used in traditional web applications.
- Dropbox is a user-friendly cloud storage platform with sync and sharing features. Like S3, it's centralized and controlled by a single entity.
While all these options have their merits, IPFS is the clear winner for off-chain storage.
IPFS
IPFS provides the best solution for off-chain storage for a number of reasons.
- Decentralization: IPFS is a distributed network, meaning there's no central point of failure, making it highly resilient.
- Content Addressing: IPFS uses cryptographic hashes to address content. This ensures data integrity and eliminates duplicates.
- Interoperability: IPFS seamlessly integrates with other technologies, making it a versatile choice for developers.
- Community Support: It boasts a robust and active community that continually improves the protocol and builds applications on top of it.
IPFS in the Wild
There are a wide range of use cases that showcase the practical applications of IPFS. Decentralized Finance (DeFi) Projects utilize IPFS for storing historical data, documents, and transaction records in a tamper-proof manner. NFT Marketplaces use IPFS to store product listings, images, and descriptions. Similarly, NFT’s store metadata, such as images, videos, and descriptions, off-chain using IPFS. This ensures that the metadata remains immutable and can be accessed even if the hosting platform goes offline.
Other web3 use cases include blockchain data indexing, DAOs, blockchain games, and more. Content creators are using IPFS to distribute and store media files while ensuring data authenticity and availability.
Off-chain storage is the clear winner when deciding where to store data, more specifically, IPFS. As industries continue to adopt blockchain technology, IPFS will play a crucial role in ensuring data integrity and accessibility across a wide range of applications including those listed above and more. Pinata makes getting started with IPFS easy for developers and scale IPFS. If you’re interested is testing IPFS for your next application, sign up here.
Happy pinning!
H1 - THE RICH TEXT
EXAMPLE STARTS HERE
H2 - Enabling Widespread Adoption for Music NFTs
paragraph — The first thing the music industry needs is more exposure. For artists, listeners and yeah, the labels. Even with the use cases mentioned above, the majority of the music industry still sees NFTs as a novelty rather than a legitimate way to run a business. We see a future where the experience is built and monetized on the blockchain, with labels taking part of the experience, as well.
Second, there needs to be a big jump in user experience. Listeners know what to expect with Spotify and Apple Music: a smooth, intuitive experience that lets them listen to Lil Nas X with just a few clicks. Web3 platforms aren’t quite there. Music NFTs and related premium content require extra steps that most people don’t yet have an appetite for.
H3 - How Could Music NFTs Save Artists?
paragraph — Musician Daniel Allan spent months building a relationship with the NFT community and raised 50 ETH to fund his new album, Overstimulated. Companies like Audius and artists like Vérité's, who raised $90,000 in an NFT launch, are at the forefront of exploring new ways to get paid. Avenged Sevenfold launched an NFT collection called "Deathbats Club" with 10,000 items that grants holders access to benefits such as meet and greets at shows, lifetime free tickets, limited edition merchandise, and more.
H4 - Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
H5 — How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
LINK — This is how a link looks like. Please provide normal & hover state (if different than this)
- This will be bullet points
- Numbered list is the same but with numbers
- It has a margin-left applied
- Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
- Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
- Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
QUOTE — Everyone is obsessed with making money and seeking alpha, which does a disservice to what [NFTs] can actually do. We have been instructing many bands that NFTs are a ticket for access to an exclusive club.” - M. Shadows, Avenged Sevenfold’s lead singer.
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