Review on Filecoin [Futures] by gregori cordova
Filecoin, is making data storage more democratic, decentralized and profitable
Data management and storage It has become in recent years a multi-million dollar and expanding industry, because data is a valuable resource for many companies. But it represents a challenge, keeping that data safe and unalterable, since nowadays the companies in charge of offering data storage services can access them at any time and because they are stored in large storage devices in private conglomerations. , are subject to any type of incident. Filecoin has created a very efficient, decentralized and simple alternative, compared to those private storage companies, since by using the benefits of the blockchain, any user with extra storage on their devices can participate and serve as a storage source, obtaining rewards for their collaboration with the network. The project, in addition to being a blockchain, has its own token (FIL), and works under a new consensus system called space-time proof (POST) using complementary data storage mechanisms such as the IPFS interplanetary file system. , which allows the network to make use of available space on all computers connected to the filecoin network. Basically Filecoin works as an absolutely democratic network, in which there is an incentive system for miners who contribute storage space to the network, and through its consensus algorithm, the more storage space they contribute to the network, the more rewards they can obtain. and greater voting power in decisions about the project.
This project is very valuable, because it contributes to a total decentralization of data storage on the network, and at the same time each person can participate by allowing space on their hard drive that they are not using and taking advantage of the potential of the blockchain, they are kept low. maximum security because they are stored under encryption.
Pros
- It was the product of one of the most successful ICOs in the market, managing to raise more than 257 million dollars in just hours
- The Fil token is traded today in the most famous exchanges in the market and can be stored in many wallets.
- In addition to the data storage offered by filecoin, there is also a section available for data recovery, which is usually a bit more expensive and offers better rewards to the nodes in charge of doing it.
- FIL cryptocurrency is in the top 40 coins with the highest market capitalization according to data from coinmarketcap
- Filecoin represents a very profitable alternative to hegemonic conglomerates that store data on a large scale
- Any user with free storage space on their PCs and a good internet connection can join the network and receive rewards
Cons
- For the data recovery process, the requirements are computationally very expensive
