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Future of Web 3 Will Be Based on Decentralized Data Storage

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zaara hary

The future of crypto and Web3 will hinge on storing data in a more secure and private way, according to Slava Rubin, chief business officer at crypto startup Nillion.

 

Rubin, who pioneered online crowdfunding when he co-founded Indiegogo in 2008, told CoinDesk TV’s “First Mover” he felt compelled to join the Switzerland-based startup because of the “generational leaps” the company is making in terms of the technology it is using to securely store and process data “in an absolute private way.”

“It’s on the cutting edge of where things are headed,” Rubin said.

 

The decentralized public network operates on a cryptographic primitive model known as Nil Message Compute (NMC). Its nodes have the ability to work together using non-blockchain technology, which is known as Secure Multi-Party Computation (SMPC).

“Instead of having the bogged-down abilities of secure multiparty computation where all the nodes need to speak to each other, [our] mathematicians … and our technologists have figured out an elegant way to use two algorithms to be able to speak to each other that much faster,” Rubin said.

 

At the moment, Nillion’s main use is the advancement of medical research, according to Rubin, who adds that it is about “being able to then impact the real world with those findings.”

 

In addition, Nillion’s use cases would look to reduce the need to keep information all in one place.

It’s a “balancing act,” for users and developers, Rubin said, but having the “computation where neither party actually knows what’s happening is really valuable.”

 

“The narrative is about being able to have more secure and private data,” Rubin said.

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Source : Coindesk

 

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