1 Level
14 Review
5 Karma
Review on Filecoin [Futures] by Sharron Robertson
Filecoin Review
Filecoin wants to use the power of the blockchain to build a decentralized file storage service using free space on computer hard drives around the world.
The idea is backed by prominent venture capitalists and run by a team at the forefront of blockchain technology who have a stellar track record.
However, competitive and technical hurdles to Filecoin challenging the established cloud storage industry are sky high and will require perfect execution and rapid user adoption to have any chance of success.
The excessive size of Filecoin’s ICO and lopsided token ownership structure reflect poorly on the management team.
Filecoin has captured the imagination of cryptocurrency and traditional VC investors with Winklevoss Capital, Sequoia Capital, Andreessen Horowitz and Y Combinator all investing in previous seed rounds of financing.
Pros
- The team behind Filecoin is at the cutting edge of blockchain technology.
- Filecoin is backed by a very strong roster of venture capitalists.
Cons
- Filecoin will have to compete with current cloud storage providers and that may be a tall order.
- They will have to meet or exceed competitors on speed, security and reliability.
- Finding novel solutions to the latency problems that plague any peer-to-peer system will be critical to user adoption.
