Decentralized Storage Is Becoming HOT

It all started one day with what is called cloud storage. It was run by large companies as a way to backup data on your phone etc. To be honest this information was already being backed up but they simply give you access to it now. That being said other cloud storage systems soon followed and have now exploded with the lockdowns of 2020. This was because companies and people working remote needed a way to send large files and collaborate with each other online only. It quickly became a hot topic and continues to be and evolves.

What Is Decentralized Storage?

By default it's said that decentralized storage is run by a network of computers across multiple locations. Nodes collectively store and secure data and are responsible for making files available to owners.

Major Players

Right now major players are starting to invest in this and make for very competitive options compared to centralized storage systems. One of these major players is AMD. While AMD is suffering from Ethereum proof of stake and the removal of proof of work they have clearly seen that decentralized storage systems is another very strong possible method to branch into.

Other major players branching into this space are Seagate and EY. It's highly thought that decentralized data storage will become a integral part of web3's adoption.

How Crypto Plays In

There's a number of platforms that have been around for a while. However many of these have very low adoption rates and values. Bittorrent for example comes to mind which runs on tron and the BTT token which let's be honest everything about tron and that community and owner down right sucks. There's also Sia and Tardigade but outside of that everything else is not on the blockchain. That is all but one more I haven't mentioned yet and a focus of todays article.

Filecoin

Filecoin is the single blockchain / crypto token (FIL) that is really giving more centralized businesses a run for their money. FIL currently ranks #37 on CoinGecko in terms of net worth.

It's at it's all time high and it could possibly go even higher. However it's gaining a lot of attention right now which might be causing short term over price value on the token at the moment.

It's also important to know that Filecoin did have a ICO in 2017 which raised 257 million.

Filecoin works by offering a P2P network with blockchain and crypto currency. People wanting to store files pay so via FIL coin and those acting as the "miners" storage providers earn FIL for managing and running the nodes that provide that storage.

Filecoin is a open source project which provides a awesome platform for others to develop on top of currently using Linux and MacOS as Windows is not yet supported.

The major plus here with Filecoin is as of October 31st of 2022 they finalized partnerships with ProtocolLabs, AMD and Seagate which is showing FIL is most likely going to become a central focus of groundwork for all of these major players in the storage industry space.

What are you thoughts on FIL coin and Decentralized Storage?

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