– Article in partnership with LiteBit . This article is in no way an investment advice, but simply the presentation of a technical project around the blockchain –
This week I am looking at the Filecoin ($FIL) project, a data storage project via blockchain. A niche still different from those I have already presented in recent months. Privacy with Dusk Network, oracles with Chainlink or even gaming/metaverse with Sandbox.
Filecoin defines itself as “an open-source, decentralized storage network designed to store humanity’s most important information.” It is therefore a global network of machines which aims to allow the “ad vitam” conservation of information without going through a third party (based on smart contracts). Finally “ad vitam” as long as you pay the maintenance costs (quite low).
The basic idea has existed since 2013, the whitepaper alpha version since 2014, but we have to wait until 2017 and the launch of the token (via an ICO which has been a hit) for it to gain momentum with the bold objective of competing with boxes like Dropbox, Amazon S3 or Google Drive.
To give an idea, in 2020 (date of the launch of the mainnet) Filecoin was already generating more than 2.5 quintillion bytes of data every day. In February 2022 we are around 16 Eio (16 exbibytes) space available on more than 3500 providers. It’s pretty huge, isn’t it? Including a whole series of open source projects like Wikipedia, OpenStreetMap, Gutenberg and gnomAD projects, OpenAQ & co.
To accelerate development, the project has of a blind on which it is possible to buy directly hard disks already containing various data and quick to set up at home.
Data integrity is validated by cryptographic proofs that analyze that your info remains accessible at all times and is not corrupted over time. In particular via processes they call: Proof-of-Replication, which verifies that there are always X copies of a file (X being a function of the number requested), and Proof-of-Spacetime, which verifies that the set of a file is complete and usable during the desired storage period. Everything is end-to-end encrypted and storage providers do not have access to decryption keys.
At the beginning of March (it’s all hot), they launched the initiative Filecoin Green. This aims to analyze the environmental impacts of the project and to offset them in order to become zero emissions. All transparently via blockchain of course.
The FIL token
Like all existing cryptos you can buy or sell $FIL tokens to try to make a profit. But if you want to go further without becoming a network participant, you can do staking and generate a regular return over the long term (around 10%).
But above all the token is used to pay the various actors of the network. If you decide to take an active part by becoming one of its storage centers, you will then be rewarded in $FIL. For the procedure to follow, it’s this way. Conversely, if you are a user, you will use your $FIL to pay for your storage needs (your personal mix between duration, allocated cost, speed of access and/or redundancy).
To store your $FIL it’s simple: either you leave them on the site or you buy them (exchanges & co), or in a wallet like Metamask or Trust Wallet. And if you believe in the long-term project, I always recommend a cold wallet (like Ledger or Trezor).
Why Filecoin is an interesting project?
You can already store any type of information securely on the decentralized cloud: different media and archives (video, audio, text, applications, etc.), various data sets (such as Chainlink oracle data for example) , personal info, websites and their backups, contracts, NFTs, etc. Perfectly adapted to the future of the web, el famoso Web 3.0 (lol), and to the mass data generated by new everyday technologies (connected watches, mobile apps).
monitoring tracing geoloc/health, etc.).
Filecoin is 100% based on IPFS, the peer-to-peer distributed network protocol I’ve been talking about on my site since 2016 (learn all about IPFS, with tutorial), it’s also the same company behind the 2 initiatives (Protocol Labs). So they know what they are talking about and this could be the perfect combination to create a more efficient and secure web, without control from any external company. Filecoin is also committed to keeping all data that may be critical for future humanity, and this in a transparent and immutable way: this concerns encyclopedias, scientific studies or even historical documents, literature, etc. .
As you have already understood, decentralized storage (and therefore uncensorable, unmodifiable, etc.) represents a fairly colossal market. Filecoin already has some serious competitors (Akash Network, Aerwave, Sia, etc.), but it is THE current reference due to its age, its constant evolution, its mass of stored data and above all its mastery of IPFS. But be careful not to fall asleep on your laurels, crypto is moving fast!
Among the planned future developments: greater integration with different blockchains via decentralized applications (Solana, Hedera, Polygon, Near Protocol, etc.),
What is the price of the FIL?
Where to buy FIL?
Filecoin being an existing project and positioned in the Top 100 of the largest capitalizations of the crypto market for many years (42nd currently), it is present on a large number of platforms. From Coinbase to Binance, via OKX, Kraken or Hotbit. It is of course also part of
70 assets (71 since the addition of Apecoin) that you can buy on LiteBit, one of the most reliable and serious marketplaces in 2022.
See you soon for the presentation of another crypto project!
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Discover the Filecoin ($FIL) blockchain
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