Revolutionizing decentralized storage with high throughput & low fees ⚡️
A threat to the Web2 cloud behemoths ⚔️
Call it the decentralized Dropbox or Airbnb for cloud storage ☁️
Here's an in-depth look at @Filecoin 🧵
🤔 Think of Filecoin as an online marketplace to store data, where you can rent out storage just as you'd rent a room at @Airbnb
The idea behind Filecoin was to provide a decentralized solution to online storage providers & protocols & eliminate the need for central data storage
💡 Why Filecoin?
💾 Dependable data storage on a decentralized P2P network
🔐 Resilience to hacking, censorship, & outages
💰 Incentives for honest actors & participation
🔨 Unique business model for users with bidding on the open market
🌐 Open source code
🤩 Unlike Web2 cloud giants like @awscloud & @googlecloud, Filecoin offers:
- Low barrier to entry for storage providers
- Hypercompetitive prices for users
- Pricing relies on the open market & not corporate pricing
- Easy & low-cost file retrieval
👀 Filecoin was built by @protocollabs & founded by @juanbenet in the year 2014
@protocollabs is the company behind @libp2p, @multiformats, and @run_testground
🕸️ It's built on top of @IPFS, and has its own native cryptocurrency, $FIL, a payment protocol that connects storage buyers and sellers in the IPFS ecosystem.
The network lets users use @_slate or @lotus_web3 to store their files!
🏁 In 2017, Filecoin did one of the largest initial coin offerings (ICO) in history!
Raising over $257 million from high-profile venture capital funds, including @ycombinator, @a16z, & @winklevosscap!
The testnet was launched in 2018, allowing developers to experiment with tech
📈 The mainnet was launched in October 2020
Within a month, Filecoin's total network storage power reached 1.1 million TB or 1 EiB (exbibyte), an equivalent to 19 copies of the digital library @internetarchive!
In 2021, Filecoin launched its NFT storage service.
💸 By February 2021, the Filecoin Frontier Accelerator worked with 11 startups, each receiving $20,000 in startup funding.
FIL has a circulating supply of 327.73M $FIL and a max supply of 1.97B FIL!
🤝 In 2022, the number of projects building on Filecoin, @IPFS, & @protocollabs grew to over 600, including:
- @USCShoahFdn: Stores data of genocide testimonials
- @internetarchive: Archives research documents & websites
- @GainForestNow: Enables analysis of satellite images
🚀 By Dec 2022, Filecoin’s storage capacity reached almost 19 EiB!
In Feb 2023, the @FilFoundation launched its 2022 Annual Report, which included its major milestones, events, projects & future roadmap!
In March 2023, Filecoin launched the Filecoin Virtual Machine (@fvmdev)
🙌 In conclusion, @Filecoin is an exciting project that has the potential to revolutionize the way we store and manage data!
Its decentralized approach offers a more secure & cost-effective alternative to traditional centralized storage solutions, with more room for growth!
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#web3 #crypto #project #forweb3 #blockchain #defi #decentralizedstorage #Filecoin #FIL #FVM #scalability #efficiency #ipfs #storage
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