Thread by @forweb3media

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

https://twitter.com/forweb3media/status/1654133133216735233