Unexcavated Project: Filecoin (FIL)
Every serious organization requires a strong, firmly held belief in something that is their purpose for existing. Some call it a vision, a mission, or even a dream. This belief becomes their driving force and guides everything that they do, day in and day out. With the data demands of the Internet growing and a steady shift toward the next generation of the World Wide Web taking place, open-source research and development lab Protocol Labs decided it would be best to create an infrastructure to harness the power of the world’s unused hard drive storage to make an accessible and affordable platform for users to contribute their own storage space, store their files, and retrieve them.
This network as well as the cryptocurrency token that powers it is called Filecoin. By rewarding those who contribute to the network and punishing those who go against its best interests, Filecoin has established itself as a forward-thinking and intuitive project looking to power the next generation of Web3 Internet storage solutions.
There are many benefits to utilizing a decentralized storage network over traditional centralized storage solutions, primarily the decentralization aspect itself. There is no single point of failure, which means files remain accessible and available even if a node were to go down. The goal of the Filecoin network is “to create a decentralized, efficient, and robust foundation for humanityʼs information”.
Is Filecoin an Unexcavated Project?
Filecoin is similar to Dropbox, but it is based on blockchain technology. Users who want to save data on the Filecoin network must pay a miner for the privilege.
The amount they pay is determined by an open market in which miners compete to give the best storage prices. According to Filecoin, this market will be “hypercompetitive,” meaning it will be less expensive than centralized data storage services like Amazon Web Services.
While somewhat of a lofty goal, the team appears more than capable of making their mission a reality.
What’s most enticing about the Filecoin network is that anyone with extra unused hard drive space can become a miner and provide storage to the network, an analogy Filecoin likens to property owners with unused spaces renting them out on Airbnb. These storage space providers are known as storage miners.
Storage miners are able to earn Filecoin tokens (FIL) by storing data for clients and computing cryptographic proofs to verify storage across time. There are also retrieval miners who earn their Filecoin by winning bids and mining fees for a particular file, which are determined by the market value of the file’s size.
Filecoin’s mainnet is relatively young, initially going live in October 2020. Its supply is capped to 2 billion, and it’s estimated that the network should reach half of its supply (1 billion tokens) around its 4th year of existence (2024).
At this time of writing, there are 130,190,000 Filecoin tokens in circulation, an increase of 192% from the year prior. This means there are still plenty of Filecoin tokens out there just waiting to be mined. While mining Bitcoin and Ethereum are highly competitive and require massive amounts of computing power and energy to operate, Filecoin offers a unique opportunity to participate in a mining community that produces a smaller carbon footprint and can provide better opportunities for making a profit.
Not only that, but it’s also helping to revolutionize the cloud storage space by making data storage more secure, accessible, and censorship resistant.
Filecoin Mining Info
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