Previously, I was a founding team member of a project that provided SaaS video streaming services and was backed by Sequoia. My role was Alliances, in which I worked with numerous infrastructure vendors such as AWS, Google Cloud, and Aliyun. The technology we built for transcoding and storing videos was similar to Filecoin but without blockchain.
The Filecoin blockchain splits all files into... More
This is just a short review to comment on some stuff I noticed while researching Filecoin for creating a potential infographic. It's not an in depth review and I haven't researched their marketing efforts in detail. But I wanted to report my findings anyways. I think there's value in reporting anything we find and we should let any insights go to waste, even if we're not ready to write a full in... More
Filecoin's token, FIL, is a utility token for payments with the following:
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... More
Decentralized data storage has developed into a major blockchain sub-sector and is forever growing.
Filecoin is doing an excellent job as a leader in this space by utlizing great tech, building a top community and accelerating start-ups to build on and integrate Filecoin and FVM.
They now have over 425 organisations building on the network and over 3,050 project entering the ecosystem.
Even SETI has partnered with them to help safeguard extra-terrestrial data
What's next for Filecoin? The sky is the limit it seems :)
After considering other elements that were reviewed earlier, it is my opinion that investing in this particular venture in May 2023 may not be a wise decision due to several reasons.
Firstly, the team's contribution has been observed to be reducing, and there is no clear long-term roadmap, which raises doubts about the sustainability of the investment.
Additionally, there are many similar... More
The Filecoin virtual machine (FVM) is a runtime environment that enables the execution of smart contracts or actors on the Filecoin network. The FVM provides developers with the ability to write smart contracts in Solidity, a popular programming language. The FVM roadmap is composed of three initiatives, each with a specific goal.
Milestone 1: Initialize the project and allow built-in actors to... More
Taking a look into the developer of Filecoin as well as the developer of the technology they are using (IPFS), Protocol Labs has a large team of 334 employees across the world according to their LinkedIn. Although they recently had a cut of 21% of their staff due to a 'challenging economic downturn', the project team should still be worth looking into.
The first person I managed to find was Juan... More
I get excited about decentralised file storage, not because it's a sexy topic, but because it's a necessary one. If Web3 is going to grow and thrive and be sustainable, it is imperative that we have ample space in which to store data. Want to build a decentralised Netflix, free from corporate control? You'd need a lot of space for that. Want to make sure your private data is secure? Cryptographic... More
File storage is an interesting blockchain use case, even if it is less glamorous than the world of DeFi. However, I believe it has significant potential once mainstream adoption of the technology is achieved.
Filecoin stands out as a leading player in the file storage sector. It conducted a highly successful ICO in 2017 and has diligently worked on protocol development for the last couple of... More
A decentralized peer-to-peer network for data storage, nice! Let's dive in.
The idea behind Filecoin is to take data away from services like Google and Amazon Cloud and regain ownership of this data by providing a peer-to-peer network of storage facilities across the globe. Anyone can participate and start providing this service to others.
Data owners need to pay FIL when they store data. They... More
Filecoin network is powered by $FIL, which serves as the underlying token for all transactions within the network. $FIL is primarily used to pay for data storage, retrieval, and other transactions that may occur on the network. Since the network does not rely on a centralized server, data stored on the blockchain is highly secure and cannot be easily compromised by hackers or other malicious... More
Filecoin was created with the aim to decentralise the Internet and primarily acts as a storage service, providing data retrieval and computation power for users; currently a large bulk being institutions and developers such as OpenSea, Starling Labs and Internet Archive.
The launch of FVM in April allows the network to open up smart contract capabilities, extensively expanding their service... More
Filecoin is built on top of the InterPlanetary File System (IPFS), a peer-to-peer protocol designed for storing and sharing files in a decentralized manner. IPFS utilizes content-addressable storage, where files are identified by their cryptographic hash, ensuring data integrity and enabling efficient content retrieval.
The core technology of Filecoin revolves around three key... More
When it comes to a very good decentralized storage system, there is one platform that comes to my mind which is FILECOIN! Let’s dive into it.
Filecoin is a decentralized storage network that aims to disrupt the traditional centralized storage systems by providing a secure and efficient solution for storing and retrieving data. As a crypto analyst, my opinion on Filecoin is as follows:
Filecoin... More
I will not repeat too much about the community, but I like the hackathons they compete in. It might not speak directly to the investor, but it does show commitment to continuously improve. With price moneys to be won I am sure those hackers are motivated to breach through - yet none did since 2014.
What I find inspiring about the team is that they are constantly pushing the boundaries of distributed systems, cryptography, and blockchain technology. Their dedication and hard work have made Filecoin a leading player in the decentralized storage space. With the recent hackathons, they commit themselves to continuing to providing the most safe storage around.
Led by the visionary founder and... More
Once upon a time, in the world of storage, there was a special project called Filecoin. It had a magical system that helped people store and share their digital treasures, just like a giant treasure chest.
Imagine you have a collection of beautiful unicorn pictures that you want to keep safe. You could put them in a folder on your computer, but what if something happened to your computer? What... More
Storage? Always handy. My old USB hard drive (non-SSD) is not that reliable anymore anyway.
Who are those storage providers? Computers. They're responsible for storing files and proving that they have stored them correctly over time. You can get paid for storing other people's files or pay to store your own.
It's a peer-to-peer storage network that leverages content addressing. To be reliable and easily accessible, Filecoin has put an incentive layer on top of the content.
Their idea brings a cheaper solution for all kinds of storage: Web3 native NFT and metaverse/game asset storage, incentivized permanent storage, to archiving Web2 datasets.
Clever, yet no special idea, yet safe. 4 stars.
At the moment, FIL is on fire despite the massive rewards being released daily (1.8 million daily).
Their minting rewards for storage aren't just a simple exponential decay model. Only 30% of the block reward is released with this model. The remaining 70% is calculated using a baseline of available storage, starting at 1 EiB and growing from there.
Currently, there is 20 EiB of storage... More
Filecoin FILFilecoin (FIL) is a cryptocurrency launched in 2020
