Market Space is an upcoming blockchain based decentralized system that will address data storage, as well as the transmission and direct distribution of digital content. It strives to be an affordable and safe platform where professional hosting providers and customers can interact.
Market Space is based in the Eastern European country of Estonia and will be holding a token sale from March 26 to May 6, 2018, in hopes of raising funds with an eye toward a launch during the third quarter of 2019.
About Market Space
Market Space was founded by Alexander Rakhmanov, a native of Estonia, in October 2017. He previously spent more than five years as the CEO of RapidGator.net, a site that helps users share files safely and securely. Eugene Parafiynyk is serving as Market Space’s Senior Blockchain Developer. He has worked previously as an iOS developer, Ethereum Blockchain developer, and a web designer.
How This Works
Market Space has cited several issues with the data storage systems currently in use. For instance, centralized storage services like the cloud are vulnerable to hacks and theft. There are also inconsistencies when it comes to the cost of certain services.
Meanwhile, decentralized storage systems may help limit security issues, but the data isn’t always easily accessible upon request. Also, consumer devices can be susceptible to corruption.
Market Space believes it has the potential to address these issues by combining blockchain technology with professional hosting providers. Essentially, Market Space serves as a host aggregator so that only the owner and recipient can access files in a way that’s secure, affordable, and reliable.
The Market Space website has outlined the following 8-step process:
- The contractors make an insurance deposit.
- The customer sends a storage request with details such as the file size and storage period.
- Several hosts respond with offers.
- A list of the best offers is created.
- The customer can choose one or more hosts and makes payment.
- The host accepts the payment and sends the customer a URL to upload the file.
- The customer uploads the file, which is encrypted with the private key and sent to the server of the host chosen by the customer.
- Either the customer or a third party the customer grants access to the file can download the file using the key.
Market Space Materials
The Market Space token sale will start on March 26 and run through May 6. One MASP token is being valued at $0.35 with a minimum contribution of $35. There is no limit on how much an individual can invest during the ICO. Market Space has set a soft cap of $15 million for the token sale and a hard cap of $50 million. Tokens will be allocated roughly two weeks after the ICO ends on May 6.
Is Market Space Right for You?
Market Space can potentially be used to confirm certain transactions or proof of ownership. It will also be useful when it comes to speeding up the defense of patents, intellectual property rights, and trademarks.
Perhaps more universally, it can aid in the distribution of audio and video files and similar types of content. If you send or receive such files on a regular basis, Market Space could be a good fit for you.
Market Space Benefits & Side Effects
Market Space appears to have devised a system that is beneficial for all parties involved. Customers can store and transmit data in a way that’s both safe and affordable. Hosting providers, on the other hand, can utilize open space while charging a fair rate.
The people behind Market Space also appear to have the experience and expertise needed to turn their vision into a reality. That being said, investment is about to take place yet the expected launch date is still a year and a half on the horizon. That leaves plenty of time for something to go wrong.