Filecoin caught my attention the other day because Gemini sent an announcement about how its users can convert Filecoin to Wrapped Filecoin on its platform. A crypto currency that becomes prominent enough such that it warrants its own Wrapped version should be deserving of my attention.

To seal the deal, I came across a sponsored ad about Filecoin from Cloud Rush, a storage and computing power platform. Not sure what exactly a storage and computing power platform is, but when the Universe draws my attention to this asset on two different occasions, I thought I would spend some time finding out more about Filecoin.

1) Have you heard of Dropbox or Box? Filecoin acts on similar principles, except that it is a decentralized cloud-based storage system that is maintained by its users instead of being managed by a central owner.

2) Filecoin is the brainchild of Protocol Labs, which aims to improve the quality of life through open-source research and development projects linked to the Internet. Protocol Labs came up with the revolutionary InterPlanetary File System (IPFS), which is the protocol that Filecoin is based on; it must be doing impactful work on a grand scale since its founder, Juan Benet, was recognized as one of CoinDesk’s Most Influential in 2020.

3) If you possess high-performance computer hardware, you can sign up to be a miner with the Filecoin network. Subsequently, you can access apps like Slate and get in touch with clients who wish to store their precious data somewhere. You will "flaunt" your storage options that come with rapid download speeds and competitive rates and work your hardest to strike a deal with these clients. When you succeed in storing your clients' data securely, the Filecoin blockchain will verify and reward your efforts. Thus, being a miner for Filecoin can be a lucrative side hustle for some of you!

4) Filecoin employs a unique Proof of Replication (PoRep) and Proof of Spacetime (PoST) consensus protocol to ensure the accurate verification of the miners' data storage.

5) There are a total of 2 billion Filecoin tokens. The value of a Filecoin token is expected to surge as demand for decentralized data storage increases. 

6) Filecoin has scored some collaborations with several important stakeholders in the crypto space. For instance, it is joining forces with Polygon so that Web3 interoperability can be facilitated between these two networks. Also, it is working together with Dapper Labs - most famous for launching the CryptoKitties blockchain video game - so that its Filecoin solutions can be integrated into the best practices for storing NFT data. 

7) If you are reading this article right now, you are in luck, for the Filecoin Launchpad Accelerator II Demo Day that will reveal how 20 companies from around the world aim to transform the world with their projects that incorporate the use of Filecoin. It is organized on September 21st, 2021 by Tachyon Accelerator and you can sign up for it here: https://mesh.xyz/tachyon/

8) On Gemini Exchange, I can convert Filecoin to Wrapped Filecoin so that I can use the latter across various Ethereum-based protocols, including DeFi platforms. It seems that I can convert Filecoin to Wrapped Filecoin in a 1:1 ratio on its platform. 

Do you have Filecoin in your portfolio? I'm tempted to get my hands on it, I must say.

Photo by Manuel Geissinger from Pexels