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Amid much fanfare and anticipation CloudTech Group has finally come out with a release date for their highly touted CloudTechX Wallet.It is set to officially launch sometime in mid-September; the date will be confirmed as soon as all final tests are successfully run.

This entity was brought to life due to a lack of a real solution in the present Australian market for a secure storage of cryptocurrency funds which also enables swift withdrawals of holdings into AUD. At launch, CloudTechX wallet will offer multi-asset support for funds in the form of Bitcoin, Ethereum, Tether and Australian dollars- with more crypto currencies being onboarded later on.

Setting up a wallet is as streamlined as its user interface; download the app from the operating system of choice; available on both theApple App store and Google play store, create an account on it and add a government issued ID for KYC (know your customer) verification. Once verified, transfer over any crypto holdings, link a bank account and withdraw any of the holdings into AUD. Users engaging in the withdrawal service will receive realtime exchange rates of the specific crypto along with a flat 0.1% transaction fee. Another security feature is the enabling of a third-party coin tracking service which traces the transfer of funds from one account to the other and helps reduce the prevalence of illicit sources of funds.

CloudTechX wallet are officially licensed custodians of funds and the fact that the wallet exists off-chain ensures complete security for user data and especially user funds. Additionally,CloudTechX is a registered Digital Currency Exchange (DCE) with AUSTRAC which allows for the primary function of exchanging crypto to fiat and fiat to crypto.

A preview of the interface and supported cryptocurrencies.

Decentralised Data Storage 

The impending rise of the internet and the population means users on it are generating more data and greater storage solutions for said data need to be explored. Blockchain storage has quickly emerged as an alternative to cloud storage with its primary feature being storage of data on a decentralised network. 

So how does it work, and how is it any different to centralised cloud storage? 

Data in the blockchain is stored in protected decentralised databases where an encryption key and cryptographic hash are required to access the item, making it a secure option. Hashes cannot be reverse engineered, so data is safe from hackers as they cannot get the hash through fraudulent means. On the other hand, cloud storage is centralised, so all data will be stored in a company’s centralised set of data centres which a business has complete control over.

Data on the blockchain is immutable (permanent and unalterable) and doesn't give away any information about the owner of the data. On the other hand, for pay-as-you-go cloud storage, data stored in the cloud is subject to change, and may be deleted at the end of your subscription depending on the provider. 

Being a decentralised system, data is not stored in one single location in the blockchain, but rather split up into multiple chunks and spread out to multiple locations which is advantageous as an additional security layer. Data stored in the cloud, however, is stored at a single location of cloud infrastructure. This means someone else such as an employee or contractor of the cloud provider could be able to see and access it. Since the data is stored in its entirety in the one location, this is a major security issue.  

A drawback of blockchain storage is it may potentially be slow when widely implemented, compared to cloud storage. “A distributed ledger requires that hundreds, if not thousands, of nodes store a copy themselves. It needs to be slow to allow nodes to download data, and can’t store large amounts of this without requiring nodes to pay significant storage costs (which would have a knock-on effect of hurting decentralisation, as less will participate).”

However, other sources claim the opposite. “Unlike a centralised storage system, decentralised storage systems use peer-to-peer technology. Data transmissions do not happen through the central server, which becomes slow at peak traffic times. Several copies of data get stored at multiple locations, resulting in quicker downloads.” 

The exact speed and cost statistics perhaps remains to be seen and would need to be determined through further studies, or in practice through more widespread implementation of this technology. 

People still haven’t fully come onboard with decentralised data storage

There also lies the issue of trust in any technology set to revolutionise traditional methods. The decentralised data storage system uses peer-to-peer technology, circumventing any centralised regulatory authority. Yet businesses and customers may find it difficult to trust the decentralised network as it lacks accountability for lost data or misplaced transactions. To sway away from this fear of adoption, developers are working towards designing the highest level of security within the decentralised network, which will take its fair share of time. 

Decentralised storage offers improvements on cloud storage options that may appeal and suit some users, however the biggest barrier to blockchain storage going mainstream is time. 

All transactions and trading that take place on a cryptocurrency exchange are also forms of decentralised storage of transaction data. CobWeb Pay is like the rest- our point of difference being our Aussie first approach with a seamless on/off for all AUD transactions. We offer the cheapest rates for USDT, Tether- download today to find out for yourself. 

Disclaimer: Approach cryptocurrency investments with prudence, recognising their speculative nature and inherent risks. Exercise caution during the initial stages of investment and take time to familiarise yourself with the market dynamics. Seek guidance from financial experts and employ a diversified investment strategy to mitigate potential losses.