Filecoin is a decentralized platform for data storage. The Filecoin project was launched by California-based technological company Protocol Labs in 2014. The main purpose of Filecoin is to create an efficient solution for storing data, which is based on protocols of decentralized network IPFS (InterPlanetary File System). IPFS was also developed by Protocol Labs to replace the existing HTTP with a content-addressable, peer-to-peer method of storing and sharing hypermedia in a distributed file system. According to Filecoin’s white paper, the main idea is that their users should install special software that allows them to store data on PC’s hardware. As a reward, users receive Filecoin and exchange them on other digital or fiat currencies. The Filecoin ICO was conducted in 2017. Filecoin mining is able to be done through their official software.
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Although utilization rose, protocol and supply revenue declined, as more providers slashed fees to incentivize adoption.
Filecoin storage utilization surpasses 7% in Q2: Report
SOL, AVAX, FIL and EOS prices are beginning to look attractive, especially if Bitcoin opens the week with a renewed attack on the $31,000 level.
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Decentralized solutions can make academic research more secure and more accessible.
Universities use blockchain-based storage to protect and democratize data
The regulator has asked Grayscale to withdraw its application for a Filecoin Trust product, saying it believes its underlying asset is a security.
SEC warns that Filecoin ‘meets definition of a security’ — Grayscale
Depending on the metrics, the cost of decentralized file storage can be very low or significantly higher than Web2 counterparts.
Decentralized file-storage pricing differentials persist despite market growth: Report
Future growth in blockchain gaming, NFTs and the need for more decentralized storage could eventually benefit FIL and AR price.
NFTs, gaming and storage: The key to Filecoin and Arweave accruing value?