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Survey insights: Key findings from 32 developers and leaders in crypto projects on decentralized data solutions.
Security & compliance: 36% prioritize enhanced security; 27% highlight regulatory compliance as crucial.
Adoption barriers: Transition costs (36%) and tool fragmentation (21%) hinder widespread adoption.
Blockchain data protocols: Opportunities and challenges in AI, cloud infrastructure, and the data economy.
A solution for object storage: Introducing Basin, a decentralized data storage solution on Filecoin, addressing high throughput, security, and cost efficiency.
There’s a powerful shift underway in the web3 space, one that's long overdue. Projects are now actively seeking decentralized solutions for data storage, processing, and delivery in ways we only dreamed of two years ago. With the rapid advancement of scalable blockchain protocols and the growth of sectors like compute, crypto-AI, and DePIN, understanding the decentralized data landscape has become crucial for developers and businesses alike.
To get a better handle on this shift—why it's happening and what could accelerate it—we conducted a comprehensive survey of 32 developers and leaders from crypto-based projects.
80% of respondents were company leaders.
Half of the projects we surveyed raised over $1,000,000 in funding.
Most companies estimated the value of their data to be in the tens of thousands of dollars or more.
We asked our research group questions about a wide range of topics related to their infrastructure decisions, technology aspirations, and the trade-offs they weigh when executing their own visions. Our findings revealed a clear inclination towards decentralized data architectures with lagging adoption. Here’s what we found:
Security and Compliance: 36% of respondents highlighted enhanced security as a primary driver for decentralized infrastructure. This move promises enhanced resilience and tamper-proof systems, which are critical in a landscape fraught with cybersecurity threats. Additionally, 27% cited regulatory compliance as a crucial factor, reflecting a growing emphasis on data sovereignty and user privacy.
Barriers to Adoption: Despite the apparent benefits, two major barriers hinder widespread adoption:
Cost Concerns: Transition costs, from initial technology investments to ongoing development efforts, were cited by 36% of the projects as a deterrent. Practically speaking, it’s not simple to leave the centralized cloud and adopt a decentralized infrastructure.
Tool Fragmentation: 21% of respondents pointed to the fragmentation of available tools, complicating decentralized solutions integration and operational efficiency.
These insights suggest a critical need for more integrated and cost-effective solutions to facilitate the transition from traditional cloud-based models to decentralized data architectures.
Blockchain data protocols are at a pivotal juncture, with the potential to fundamentally reshape AI, cloud infrastructure, and the data economy. The growth of data availability networks and the development of decentralized physical infrastructure networks (DePINs) drive optimism about a more decentralized future. However, the transition is not without its challenges. The fragmented landscape of existing tools and the high costs associated with adopting the latest technologies are significant hurdles that need addressing.
Once a project has one foot in AWS, it's hard to justify not using the cloud for everything. The biggest competition for web3 data protocols are centralized cloud providers. And to beat the cloud, we still need to simplify the path to adoption. We also need to provide more comprehensive solutions to complex problems in systems that require data services.
In response to our survey, participants pinpointed the components of their data architecture they hope to transition to web3 alternatives:
55% - Caching and retrieval (e.g., CDN)
52% - High throughput data storage (e.g., S3)
30% - Streaming (e.g., Kafka)
In response to these needs, we’re building Basin, a decentralized data store designed to meet modern data systems' high-throughput and security demands. Built on the robust Filecoin network, Basin offers a scalable solution for developers needing reliable and accessible data storage options. Key features include:
Verifiable Data for Trust: Ensure data integrity with cryptographic security, making data tamper-proof and trustworthy.
High Throughput and Availability: Basin's architecture is designed for high performance, ensuring data is accessible whenever needed, supported by cryptographic proofs.
Cost Efficiency: With a competitive pricing model, Basin allows projects to scale their storage needs without incurring prohibitive costs.
The future of data in the web3 space is poised for transformative growth, driven by innovations like Basin. As we continue to tackle tool fragmentation and high adoption costs, your involvement and feedback are invaluable. Together, we can build a robust data infrastructure that meets today's needs but also anticipates tomorrow's challenges.
