Let’s talk about the problems faced by current Hosting(publishing websites) and Domain issuing(renting domains via providers like GoDaddy) industry.
How this System (domain name system) Works Today?
To totally understand the problem, let’s first see how this whole system works. If you are more into videos, then check this out for a brief explanation.
Or you can just read it here:
A domain name registrant(you) is the person or organization who has registered the domain name. In order to do so, the domain name registrant will usually apply online to a domain registrar(like GoDaddy) or one of their re-sellers(someone who buys from GoDaddy and resells it to you; usually bundled with other services).
If you want to go more deep into how this system works, then check this out:
OK. Whatever. But, What’s the problem?
As we saw above that basically registering a domain mainly involves keeping track of who owns what domain.
But once a domain is registered then why should I pay again and again to use it?
Registrars are making a ton of money selling domain names each year(approx. $600mln each quarter).
If I have bought a domain once, then I should own it for lifetime(unless anyone buys it from me) without paying them again and again.
IpfsCloud plans to host it’s own domain extension which will be made available to the users.
Problems with Hosting Platforms and it’s Solution
The main problem here is that this system is hugely centralized. This market is controlled by Giants which have created an Oligopoly(a group controlling a market).
So, they pretty much decide the cost of hosting for the you.
One industry which is majorly untouched(not widely used) today is peer-to-peer lending of digital resources(storage and computation power).
This could bring a major shift in the data economy.
Imagine, you could rent out your unused storage and computation power when you are not using you computer and even your mobile phones.
This will really change how we see our devices.
Our devices can make money for us and eventually can recover their actual cost.
In near future, IpfsCloud aims to build a sustainable peer-to-peer data and computation power economy which can sustain and grow organically.