With news of data breaches and scandals around the misuse of people’s data becoming a worrying norm, one company is working to put data ownership back in the hands of individuals and organizations.
Akord is a web3 platform offering digital vaults for storage and collaboration. For the first time, both traditional cloud and permanent blockchain storage is combined in one application. This gives users unparalleled control over how to store, manage and share their data.
Introducing Permanent Storage
Akord provides the most user-friendly solution for accessing a new technological offering: permanent storage. This is possible thanks to Arweave, a decentralized blockchain project that stores data forever with a one-time upfront fee.
The blockweave holds all the data stored on the network, using a consensus mechanism called Succinct Random Proofs of Access (SPoRA), to validate whether miners are storing all data correctly.
Permanent storage for 200 years seems like it would be very costly but when considered over this time frame it’s actually quite the opposite. Storing a GB of data for 200 years costs $6.4 at today’s prices. It’s also important to understand how the endowment mechanism functions. It enables users to only pay an upfront fee once when storing their data on the network.
The Arweave protocol charges users to hold a minimum of 15 replicas with extremely pessimistic future assumptions. Over the past 50 years, the cost of storage on average has gone down by 30.5% every year. To be on the very conservative side, the endowment makes an assumption that the decline will be 0.5% each year when calculating the cost of storing data on the network. Therefore, whenever the cost of storage decreases > 0.5% a year, it stretches out the lifetime that the protocol can store data. Since genesis no tokens have been released from the endowment.
On-chain or in the cloud, you decide
Akord’s vaults can either be set to Permanent or Cloud, Public or Private.
Stored in hundreds of nodes spread across the globe, the decentralized nature of this storage protects against ransomware attacks and other single-point-of-failure risks associated with traditional cloud storage providers.
For data that may need to be deleted due to regulatory or other reasons, Akord also offers cloud storage vaults. These cloud vaults can act as a testing environment before sending data on-chain. Or, it can act as a more secure alternative to centralized storage providers like Dropbox and Google Drive.
What makes Akord so secure?
Akord’s private vaults use true end-to-end encryption where the user has complete control over the keys. This means that all data is encrypted on the user’s device before being sent to Akord, adding a robust layer of security.
Furthermore, users hold a recovery phrase which gives them sole control over their account and data. This recovery phrase is the user’s safeguard. It ensures that only they have access to their stored data, akin to holding a private key to a cryptocurrency wallet.
Such a level of security is so secure that not even Akord has the ability to access the user’s data. The encryption keys are solely in the user’s possession, and without the recovery phrase, the data remains inaccessible, even to Akord.
The social vault
When we store data that’s valuable, we often want or need to share it with others, precisely because it’s so valuable. That’s why Akord’s vaults can be social spaces, managed privately through access control or shared with the world.
Akord is not just for dumping files and forgetting about them, unless of course that’s what you want to do. Their vaults are designed to be dynamic, with the ability to invite others and set access controls, offer end-to-end encrypted chat, note creation, media galleries, and an in-app notification feed.
You can also transfer ownership of a vault. You can leave the vault and pass on control of the vault and its contents to someone else.
From ancient Buddhist texts to precious family photos
Since launching in 2021, the platform has seen diverse use cases. Examples include ancient Buddhist teachings and other digital heritage projects, NFT artists, reforestation data, insurance certificates, podcasts, accounting and legal firms, media companies, and many individual users storing their precious family photos and other digital assets.
The common thread between these various organizations, individuals and businesses is a desire to hold greater control over their data.
Whether that’s the ability to ensure data will be preserved for future generations, secured with end-to-end encryption and genuine ownership through keys, or shared and managed within a collaborative space, Akord delivers on all fronts.
For businesses and organizations, the ability to white label the platform is helping them redefine their relationship with customers. This enables them to better protect privacy, build trust and earn loyalty.
If you’re interested in getting a demo of Akord, you can book a demo here.
Sounds great, but what if Akord no longer exists?
Storing data forever and never losing access sounds pretty great. However, companies and products come and go: what if Akord isn’t around in X years from now?
As the Arweave blockchain is a data storage network it’s possible to host applications from Arweave, meaning these “permaweb dApps” live independently, governed purely by their own code.
Akord will soon release their own permaweb dApp, Akord Explorer. Even if the Akord app, company and team cease operations, Explorer will continue running, providing perpetual access to data. Users only need their recovery phrase to connect to Explorer. They will find all their vaults and data inside.
What’s more, Explorer also functions as a portal to discovering and following any public vault deployed on Akord. This permanent discoverability means anyone publishing public data can ensure their data can be discovered for generations to come.
Final Thoughts on Seizing Control of Your Data
Data is often described as the “new oil.” However, with increasing concerns about how this data is being handled, controlled, and potentially misused, there is a growing need for solutions that put data ownership back into the hands of the people who generate it.
Akord is positioning itself at the forefront of this movement. It is leveraging the power of web3 technology to offer digital vaults where data is stored, managed and shared securely.
Akord’s unique offering of both permanent blockchain and cloud storage in a single platform, coupled with end-to-end encryption and collaborative features, sets it apart. Whether it’s the permanence of blockchain storage or the flexibility of cloud vaults, Akord provides a versatile platform for individuals and organizations to take control of their data.
Sign up for free to explore Akord’s digital vaults. If you’d like to subscribe to a plan, use the code AKORD30 to get 30% off your first month.