Phones are getting bigger – especially when it comes to storage space. The average mobile phone storage size currently is roughly 32GB, and half of that storage is never used. When you consider there will be an estimated 2.53 billion active mobile phones around the world during 2018, that makes for a lot of wasted space. Module is a crypto start-up has devised a use for all of this spare storage – renting it out to people who need it. When you rent out the space on your phone you will get rewarded for it with crypto tokens – how awesome it that? More crypto developers than ever before are turning to the mobile world, just last week Opera launched an Android mobile browser with built-in crypto wallet.
Cloud Storage Taken to the Next Level
Module has proposed to use a Proof of Space, Time and Transaction (PoSTT) algorithm to facilitate this incredible new network of cloud storage. Lending device space would be the equivalent of mining, and users who lease out their mobile phone storage capacity would be rewarded for this – the mining reward. Cloud storage has come under a lot of scrutiny since it was first launched, with a lot of high profile hacks occuring. By implementing blockchain security and client-side encryption, there is very little risk of personal data being stolen from a user’s device.
Creating a Whole New Blockchain Network
This new blockchain cloud storage solution will also allow people to develop and host decentralized applications (DApps), which could see the creation of whole new blockchain network ecosystem. Those wishing to make use of this new system will be provided with a myriad of tools to help get them started.
Competition in the Space Already
There are a few other players in the blockchain storage leasing space already. SIACoin and FileCoin are two of the major players, but they focus on leasing out space on desktop hard drives. While this is fairly different to mobile devices, the principles remain virtually the same, as it would require very little work for any of the companies to adapt and provide the other type of service as well.
Module begins its live journey in 15 days and proposes a vision and plan that has the potential to revolutionize the way people use their mobile devices. If relatively small amounts of memory yield a decent amount of coins, we could see people creating devices that appear like a mobile device – similar concept to an Android box – with large amounts of storage to potentially game the system. How this will sort of potential gaming of the system will be handled and dealt with is yet to be seen. In addition mobile data charges for leasing space when away from WIFI could prevent users from adopting this technology.