SpaceMonkey Is DropBox Competitor With 1Tb Local & Cloud Storage

SpaceMonkey is taking Dropbox head on with 1Tb of local and cloud storage. The founders argue that the 'cloud only' approach has its own flaws. They say that with the consumers using the services to store media and files it's become 'too expensive' to store the data in someone else's cloud. One point is right: it's really hard to push larger files to the cloud through slower Internet connection. SpaceMonkey has come up with an innovative solution. They offer the consumers with a device with 2Tb storage. This drive will store most of your data and will also be connected (p2p) with other devices. That means out of 2TB, you can use 1TB for your own use while another 1TB will have to be shared with other people. The device will distribute chunks of data to other devices and also encrypt them for security purpose.

The company will charge less than $20 per month for their service. Do you think the idea is innovative?