1️⃣ Project Description and Benefits
Filecoin is a decentralized data storage network. In other words, it is like Google Drive or iCloud, but in this case, it is a constantly evolving decentralized network with many technologies for protection. For example, four-fold data replication - this means that if you lose your data, you will still have 4 copies saved in the blockchain. Filecoin uses free space on hard drives and distributes data, making it accessible and secure. This solution is especially useful for large amounts of data that require reliable storage and quick access, such as archives, videos, and large databases. Filecoin not only reduces the cost of data storage, but also increases its availability and security.
2️⃣ Partners and Investors
The data storage space is filled with a huge number of competitors, but even here Filecoin has raised a record $260 million from more than 38 investors. Among them are Andreessen Horowitz, Union Square Ventures, Sequoia Capital, and Digital Currency Group. These are the best funds in the world and their results are undeniably noticeable. In such a competitive field, there is a struggle for a balance between data security and storage costs. Some are expensive to store, while others are simply unsafe. But, with such powerful investors, Filecoin has managed to find the perfect balance and outperform almost everyone.
3️⃣ Evaluation and Potential
The project's capitalization is currently around $2.3 billion. This is a lot, but Filecoin is definitely not a "venture". That is, the token will grow smoothly and we are unlikely to see big drops. This is a reliable project and it will not take off like some kind of shtikony, but so you understand, the decentralized storage market is estimated at $190 billion. Right now, there is a serious struggle in this area, which will most likely determine in the next two years who will take the largest share of the market.
4️⃣ Roadmap
Filecoin has ambitious plans for the next few years to develop the network and improve its capabilities. By the end of the year, Filecoin plans to increase the volume of stored data to 10 exabytes, expand integration with various blockchains and applications, and improve the speed and efficiency of the network. Filecoin is also working on the implementation of new technologies and is already installing new patents that help work not only with archives, but also with ordinary people directly - for example, photographers will be able to store materials very cheaply inside Filecoin and all this at maximum speed. For example, Filecoin has already created new technologies for data replication and more efficient methods of data verification, which will make the network even more reliable and fast.
💦 Conclusion
Filecoin performs a critical function in ensuring the security and availability of data, without which many modern applications would not be able to function. In other words, at the moment there are no adequate alternatives to Google and Apple except for a few decentralized projects. Thanks to a project like Filecoin, storage becomes tens of times cheaper, faster and more secure, and you will not worry that all the data is in one centralized company. New technologies, grants, campaigns, cheaper fees - all this introduces people outside of crypto to filecoin, which promotes it further and further.
Get to know the project in detail – Main Site, Investors, Interim Results and Plans
Traded on #Binance, Huobi, OKX, BybIt, Coinbase, Gate, BingX, BitGet, KuCoin.
