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Storage will be a narrative driven by very few, but one expected to decentralize and lead this multi-billion dollar industry is none other than Filecoin.
Join us as we delve into the future home of digital data.
What is Filecoin?
Filecoin is a decentralized storage network operating since 2014 and has followed the same mission since the beginning, “secure humanity’s most important information.” To achieve mass decentralization, first, we need to decentralize the data and storage.
How Does Filecoin Work?
Very simply, the Filecoin network enables anyone to rent out their unused storage or purchase storage from those providing it, all in a peer-to-peer manner. Filecoin allows anyone and everyone to have the power to store, retrieve and assess online data.
Supposedly, the founders claim that if enough people use and adopt Filecoin, then it could become the fastest, cheapest and most efficient way to store data on the internet. At the moment, the storage industry is controlled by industry leaders such as Google Cloud, AWS Cloud, AliBaba Cloud and so on, but Filecoin is on a mission to change this and place the power into the hands of the people.
Filecoin Ecosystem
Filecoin is the largest decentralized data storage network and marketplace that many have chosen to build with or utilise. They have established one of the most extensive ecosystems of dApps and blockchains including Solana, IoTeX, Opensea and many more powerhouses in Web3.
Filecoin F3
Fulfilling the storage needs of internet consumers worldwide, Filecoin is consistently developing its network and has recently introduced the latest update known as Filecoin (F3) which will see the network achieve finality 450x faster! Soon, the ruling centralized internet storage companies will have serious competition to deal with…
Filecoin Token ($FIL)
The native token to the Filecoin network is $FIL and it is primarily used to pay for transactions on the blockchain. Nonetheless, $FIL is used as the reward token for providing storage and the Filecoin token is also used to participate in the governance of the network.
Conclusion
According to CoinMarketCap, at the time of writing, $FIL is currently trading at $3.68 with a market cap of $2.18B, ranking it the 39th largest cryptocurrency. In the previous bull run of 2021, $FIL achieved an estimated ATH of $237 and although that may be a very difficult price to claim once again, $FIL could still surge drastically in the coming bull market.
According to online sources, the digital storage industry was valued at over $247B in 2023, and as the demand for digital storage grows, the need for it to become decentralized grows even stronger. Filecoin is competing against large centralized entities that control data and, it’s down to you to change that.
Official Filecoin Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
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