fielcoin

Why I'm betting on blockchain for decentralised storage

By jonathan a. | Blockchain Adoption | 16 Jun 2021


I would bet on Blockchain Decentralized Storage, not bitcoin. Why? it offers the potential for cheaper and more secure storage.

IPFS is key to this, developed to replace the existing HTTP with a content-addressable, peer-to-peer method of storing and sharing media in a distributed file system. Filecoin is intended to incentivize people to store IPFS content by:
· Disincentivised by penalties if they don’t provide the storage service.
· Incentivised to do the proof of time-space consensus protocol where they win rewards proportional to the storage space offered. Combining the 2 services of storing and mining, the consensus-based provides rewards from providing storage resources rather than just providing computation.

The incentive is to bring storers/miners online with huge amounts of storage in fact x10 capital raised and x300 storage compared to competitors like SIA or STORJ. This is ambitious ultimately file coin wants to store all web3 data with Exabytes of storage.

FIL is evolving to match the cost, speed, scalability, interoperability with the and ambition to be the core storage for Web3. Its core proof algorithm will likely add great competition and solve a whole load of real-life problems from energy consumption to providing storage to DApps.

Beyond FIL is now a new source of UBER for the cloud storage user. Much like how Uber supplies its clients with convenient and cost-effective rides and deliveries from a huge pool of drivers, or how 1inch sources liquidity from a number of different exchange pools. Companies like ColdStack offers a single-entry point to any Decentralised Storage Network, DSN, optimizing the final costs for consumers. So working alongside and integrating Filecoin, Sia, and Storj the promise is of more intelligent cost-effective customized storage.

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jonathan a.
jonathan a.

Hi, I'm Jonathan, interested here in DAO, Agile, Blockchain, Defi. Building capabilities from 2020 onwards in this field. I have been in the software tech sector for 20 years.


Blockchain Adoption
Blockchain Adoption

I look at different blockchain projects and try and explain them simply to level 1 and level 2 detail. It is also a discovery process myself.

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