1/ Web 3 storage: There are multiple options to store data in web3. Here's 4 reasons I am excited about Filecoin & IPFS....
2 / #1: With thousands of storage providers competing to store data, the prices on the filecoin network will always be hyper-competitive.
3 / Decentralized tech can only compete with centralized incumbents if it is competitive. Low cost is a key driver of competitiveness.
4 / Sadly, the current cost profile of many web3 storage solutions is only viable for high-value use cases stiflling broader adoption.
5 / Prices for storing data on Filecoin, however, are and always will be hyper-competitive vs. other web2 and 3 solutions. Here's why...
6 / Currently, storage supply is outpacing demand. Thus, there are many thousand storage providers competing for the same storage deals.
7 / Secondly, Filecoin's block rewards subsidize those storage providers that store real data disproportionately more than those who don’t.
8 / Supply > Demand + Strong incentives to capture demand = hyper-competitive prices. At times, providers may even pay for storing data.
9 / The competitiveness also creates fertile ground for growth: Low cost attracts builders. Builders fuel demand. Demand attracts providers.
10 / #2: Filecoin's storage network is the only one that scales to metaverse scale.
11 / Storage needs will explode (Metaverse, AR/VR, NFTs etc.) and only storage solutions that can grow with those needs will succeed.
12 / Thus, we need systems like Filecoin that are capable of handling small (e.g., static images) and large (e.g., video, AR/VR) datasets.
13 / Filecoin is the largest decentralized storage network in the world + growing fast. It could store 45k+ copies of Wikipedia.
14 / Many products and services building on or around filecoin are already putting that storage supply to good use with large datasets.
15 / #3: Filecoin is easy to use and the solution that just works.
16 / Open protocols like Filecoin and IPFS are only useful if they are widely adopted (network effects!). Ease of use accelerates adoption.
17 / Tools and services like NFT.Storage and Estuary.tech make it easy for non-expert developers to get data onto Filecoin.
18 / #4: Filecoin has protocol-enforced persistence with optional permanence. This one's my favourite.
19 / Rug pulls are real and existing storage solutions can only provide limited guarantees for persistence beyond 100 years.
20 / Some web3 storage solutions offer permanence (store forever!) but lack strong primitives to reward persistence (and penalize deletion!)
21 / The lack of modularity and agency creates risk for users. IPFS and Filecoin solve this problem elegantly...
22 / Firstly, IPFS is storage solution-agnostic. It empowers user to employ multiple storage strategies in parallel, including Filecoin
23 / Once a storage deal is made, Filecoin offers continuous verifiable storage via proofs (PoST) to ensure that data is still being stored.
24 / Storage providers lose large amount of money if they cannot deliver that proof. That's the stick.
25 / Storage providers increase their chance of winning block rewards for storing real data. That's the carrot!
26 / At all times, users are empowered to ensure persistence (i.e., replicate data in more storage deals, run their own node etc.).
27 / With smart contracts, storage deals can even be perpetually renewed. That's why #filecoin and #ipfs represent a version of user-empowered forever storage that I can get behind! //end
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