Analysis

The Future of the Data Economy is Here: Filecoin is Live

Just today, Filecoin launched its mainnet, according to a press release shared with Crypto News. The company hopes to enable users around the globe to store, request, and transfer data securely.

Filecoin is an open-source, decentralized network, that leverages data marketplaces to provide users with storage services. It hopes to revolutionize the $46 billion cloud storage industry by providing a better service.

So far, during the 2 month-long test phase the Filecoin network managed to secure more than 600 Petabytes of data. According to the company, the collective data volume is expected to grow to 175 zettabytes in the next 5 years, and 93% of the data currently being produced is not stored anywhere.

Filecoin hopes to change the narrative and provide solutions that will enable the decentralized web to grow, prosper, and move beyond the TCP/IP protocols and establish a new pathway for growth.

Regarding the mainnet launch, Juan Benet, CEO, and Founder of Filecoin, said, “It’s been a long road, but paradigm-shifting technology takes time, effort, research, and collaboration. I am extremely proud of the Filecoin community, the many teams of scientists, builders, miners, and users across the globe, persevering in their vision for a better internet. The internet is humanity’s most important technology, it’s our shared nervous system — our shared brain. Most of our lives exist online — it’s where we work, play, and learn together — but the foundations are fragile. Right now the internet is in the middle of a revolution, and, with the launch of Filecoin, it is beginning the transition back to its decentralized roots so we can all work together to safeguard this valuable resource for the world. Here’s to a better web and a brighter future.”

Whether this will become a reality, only time will tell, however, since Filecoin is open-source, their contributions will benefit everybody, especially if they are successful in establishing new standards and protocols.

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