What is FIL (Filecoin)? History, Advantages & Disadvantages

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Knowing that web3 has a lot to offer is amazing. Today’s topic is Filecoin, a network that is involved in the storage of data using blockchain technology.

What is Filecoin?

Filecoin is a decentralized storage network that is designed to store any data.

Instead of trusting one company with your documents, which can lead to various things like hacking etc they can be split up and saved around the world on different computers.

Think of Filecoin as your decentralized hard drive or iCloud storage that allows users to rent out spare storage space on their computers for others or that allows users to store information.

Saving your documents on someone else’s computer is risky and this is where Filecoin comes in as a hero in a mask because they split up data, a bit like shredding it, so nobody can piece it together and steal this information.

However, it knows how the data fits together and rearranges it when it’s requested.

This makes hacking hard and if hacking is tried, they’ll find a piece of meaningless data.

The native cryptocurrency of Filecoin is FIL. Users need to hold FIL to make use of the service the network offers while miners earn FIL tokens.

 

WHO FOUNDED FILECOIN?

Juan Benet is an American computer scientist who founded things like Protocol Labs, InterPlanetary File System, a protocol and peer-to-peer network for storing and sharing data in a distributed file system that is free to use.

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In August 2017, Juan Benet launched the Filecoin project, raising over $200 million in just 30 minutes during an initial coin offering.

Filecoin mainnet launched in October 2020. Filecoin builds on IFPS and allows users to rent out their unused hard-drive space, logging all transactions on a blockchain.

 

ADVANTAGES OF FILECOIN

  1. Filecoin makes use of existing resources and this makes it efficient.
  2. It is robust and has a secure network preventing losing files.
  3. Filecoin is a decentralized network meaning it is harder to compromise.

 

DISADVANTAGES OF FILECOIN

  1. Filecoin makes use of different servers that need to be online at all times.
  2. Filecoin lacks the interest of large investors in a project
  3. For a user to make use of the services Filecoin offer, you need to hold their tokens

Conclusion

Filecoin offers an amazing service! It is our very own decentralized storage box.

Could it be the future of storage?

 

Thank you for reading ❤️

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