Decentralized storage network Filecoin has announced a successful peak in its storage power to 1 EiB or 1024 PiB. The community of miners and developers have been able to achieve this milestone in less than four weeks since its launch. This much storage capacity is enough to store 290 million 1080p movies,4,500 copies of Wikipedia and 685,000 years of continuous video calls, and 19 copies of the entire internet archive. Filecoin went live on October 15 shortly after block 148,888 mined with nearly 850 PiB of effective storage.
The community showed its trust in Filecoin when its mainnet was not even launched. Crypto exchanges Binance, Gemini and Kraken announced plans for adding crypto support for the Filecoin mainnet priorto it making through the market. Not only this, major exchanges such as Coinbase, Huobi Global, and Gate.io also announced their support by providing services of FIL (blockchain’s native cryptocurrency) recharging and trading along with conducting a series of activities to encourage users to trade on Filecoin. As of now, Huobi Global is the current most active market trading FIL followed by Binance and Coinlist.
Key Features of Filecoin
The network was introduced in the year 2014 as a peer-to-peer storage network that aims to “store humanity’s most important information.”Filecoin’s proof-of-work function includes a proof-of-replication component, which requires nodes to prove they store a particular file. Several features like rewarding the miners and spec upgrades played into the advantage of Filecoin. Another key component of Filecoin is that it makes use of the BaseFee concept to adjust the transaction congestion. In case of not enough transactions happening, the adjustment takes place at a 12.5% rate.
Filecoin allows lending or providing extra storage and computing power to those who are seeking data storage in exchange for a fee. Filecoin originally began its Filecoin token sale in 2017 and created a new all-time record in crowdfunding by raising $257 million in ICO even after following SEC’s strict regulations.
Ecosystem lead at Filecoin, Colin Evran once said that he believes in taking easy ways to backup amazingly large data using Filecoin to solve big data transfer problems. One has to ship hardware to let miners backup and replicate internet archive’s data. The internet is already struggling with HTTP which Filecoin can solve by a peer-to-peer network. And today the network has achieved what it promised.
Filecoin wanted to create an alternative to big tech companies like Google and Amazon. Colin Evran’s idea behind launching Filecoin is to create a platform that is officially priced, geographically distributed, and that allows smaller players and businesses to compete and build startups. Placing an alternative to big tech companies in the market is as important as the future of Filecoin.
Photo Credit: Unsplash
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