Highlights
• Filecoin to hold a virtual conference for celebrating the first year of a successful launch
• Virtual conference to held from October 18th to 22nd 2021
About Filecoin
Filecoin is a decentralized data storage protocol that allows anyone in the world to rent out hard drive space. This would create a giant worldwide data storage pool, which the Filecoin creators predict will be needed in the following decades as more and more systems get digital and storage requirements grow fast. The data will be not only distributed but also immutable because it will be kept on a blockchain. Filecoin is also known for being one of the most significant initial coin offers (ICOs) in history, which attracted a total of $204 million from investors during its 2017 funding round.
Filecoin, in contrast to centralized storage methods, intends to store data in a decentralized manner that is resistant to centralized storage concerns. Because of Filecoin’s decentralized structure, data integrity is protected, making it easily retrievable and difficult to censor. It also enables members of their network to be the sole guardians of the data they store. Filecoin also compensates network nodes for mining and storing data on their blockchain network.
Filecoin (FIL) is also the decentralized storage network’s currency. Customers who want to use the storage will have to pay in Filecoin. Filecoin will be paid to nodes that give storage to the network in exchange for their services. A data storage network (DSN) is a system of independent storage nodes and customers that manages data storage and retrieval by aggregating storage provided by individual node operators.
Filecoin is a cryptocurrency that works similarly to Dropbox but is based on blockchain technology. According to Filecoin, which means it will be less expensive than centralized data storage services like Amazon Web Services. Filecoin uses Proof-of-Replication and Proof-of-Spacetime to ensure security.
Filecoin Mainnet Launch
Following the highly anticipated Filecoin Mainnet Liftoff on October 15th, 2020, the Filecoin network has been in the space for a year. Since then, significant progress has been made in establishing Filecoin as a key component of the decentralized web3 goal. Filecoin storage providers just exceeded 10 exbibytes (EiB) of worldwide decentralized storage capacity, which is the equivalent of 190 Internet Archives, 45,000 Wikipedias, and 6,850,000 years of video conversations.
Registration is currently going on (https://orbit.filecoin.io/), and schedules of the virtual celebration are available on the website.
The Future Of Filecoin
According to CoinGecko, Filecoin is currently pegged at $67.12 at the Number 27th ranking. With the continuous exposure of the weakness of the centralized systems, there will be a need to adopt decentralized storage systems, and Filecoin is at the forefront of the decentralized storage systems.
Let us look at what happened on Facebook, Whatsapp, and Instagram some days ago when there was an outage from their servers, Look at how the whole world went cold and panicked. Likewise, the popular DropBox hack by scammers in which 68million users were affected has shown the need to adopt decentralized storage systems like Filecoin, which shows Filecoin may have a promising future.
