With our Kucoin listing we have received a lot of new interest in Etho Protocol and a new eager audience with a lot of questions. This is a very good reason to layout what Etho Protocol is about and why it is different to 99.9% of the coins and tokens out there.
Etho protocol is enabling an immutable. permanent, decentralized and global cloud storage farm focusing on partnerships. First out is hup.life tapping into our storage solution. More collaborations will come during Q3 and Q4 this year; And as always: this is not an investment advice.
You Bought ETHO On Kucoin? Great Decision
Let’s assume you bought ETHO on Kucoin, or plan to invest into it. What would you actually get into?
With ETHO you are investing actually into a globally distributed blockchain powered cloud storage farm. To be precise, when entering from Kucoin, you are actually investing into a ERC20 token pegging 1:1 to a Etho protocol mainnet asset. The so called wrapped ETHO — the ERC20 token — can be easily exchanged via a bridge to mainnet ETHO (native ETHO). If You want to just trade on Kucoin, keep the asset there and continue trading, if You want to stake ETHO, buy storage space or offer storage space, mainnet is the way to go. We have an article on the wrapping or unwrapping here:
Etho protocol: The Blockchain Powered Cloud Storage Farm
With your ETHO you are now participating in our cloud storage farm ecosystem. Maybe some facts around Etho protocol could come in handy.
The Etho Protocol Network utilizes its own blockchain offering IPFS storage based on the Ethereum (EVM) codebase. What does this mean?
- Data stored on nodes is immutable, distributed and replicated. This means no one knows where the data really is. This makes it also impossible to censor data, as there is not a central point of blocking content. Smart and needed in society today.
- As of writing, the network is distributed over 448 gateway nodes, 122 master and 43 service nodes world wide providing 44 TB of data. As we are in control of our own blockchain, we can easily adapt the blockchain due to growth needs by adjusting the entry criteria for nodes.
- As we use EVM, we can tap into the vast ecosystem of Ethereum spanning from DEFI to NFTs. Any EVM contract will run on Etho protocol. And this is quite useful for a use case like NFTs. NFTs often require storage of data like pictures, videos, documents etc. The storage price for 1MB of data is 1 cent per year to be paid in ETHO.
Staking ETHO — Welcome To The Farm
The way to stake ETHO and then also get return on your investment is by investing into a gateway, master or service node.
Let’s look at an example: you have 30000 ETHO and access to a service fulfilling the deployment requirements for a gateway node, i.e. a Contabo VPS for around $7 USD per month would be perfect. So a back of the envelope calculation would then bring us to this:
- Cost: 7 USD cost per month for VPS
- Income: 9.9346 ETHO per day *30 *0.15 USD = 44.71 USD per month
Subtracting the cost gives a net profit of 37 USD or 251 ETHO. or 0.84% interest on your node per month or 10% per year. Not bad.
If you are interested in this, go to our node deployment dashboard: https://nodes.ethoprotocol.com
Etho Protocol— Growth Is Coming
We are just at the beginning but take a look at recent contract deployments:
With the release of the SDK (https://www.npmjs.com/package/@ethofs/sdk) it is easy to deploy contracts programmatically and build use cases around it: want to store PDFs for a selected amount of time, just throw them on our data storage network and forget about it. They will be there when ever you need them, redundancy included.
Beyond Growth: Excel With An Ecosystem
We talked about NFTs, right? They are typically placed on a blockchain being distributed. Today most of the NFTs rely then on a centralised pinning services. If those having an outage or shut down your NFT is an empty contract shell without content — so basically worthless. We offer such a solution in a decentralised way. Hup.life is the first partner tapping into our storage solution.
Aiming at permanent, decentralised and internationally enforceable NFTs for creators, hup.life is partnering with Etho Protocol to make this vision come true. This will be the first NFT platform to take steps into real decentralised NFT data storage utilising the Etho Protocol Network.