FIL has two main competitors: Storj and SiaCoin. I give Filecoin a 5-star rating because while Storj may offer competitive pricing and Sia has a pay-as-you-go model, Filecoin surpasses its competitors in terms of available storage, security, and scalability. You can also earn FIL by hosting files (image 1). These factors contribute to its popularity, allowing Filecoin to set slightly higher storage prices.
Anyone worldwide can purchase the storage they require from the network, creating an extensive global data storage pool. Since Filecoin is decentralized, unlike Google Drive or Dropbox, it is less vulnerable to cyber attacks (image 2).
Data is stored on the blockchain, ensuring its integrity, and the Proof-of-Storage is immediately verifiable on the transparent ledger for everyone to see.
The demand for Filecoin was a tremendous success in 2017, making it one of the largest Initial Coin Offerings (ICOs) ever. The project managed to raise a total of $257 million from the ICO sale. Show Less
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