The crypto world is looking at Filecoin, whose Initial Coin Offering (ICO) raised nearly $ 257 million in one month. The most comprehensive ICO project in crypto history to date starts today on the mainnet.
Filecoin is a decentralized data storage platform. The mission of the ICO project is to create a decentralized, efficient, and robust basis for the exchange of information.
Filecoin is no ordinary ICO blockchain project. The project aims to fundamentally change the core of today’s web infrastructure through a decentralized network called the InterPlanetary File (IPFS).
IPFS are intended to revolutionize the existing HTTP standard and enable the sharing and storage of media in a decentralized network.
Put simply, the main idea is that users store data on the hardware of computers. They then make this data available in the Filecoin network.
As a reward, users receive Filecoin and thus have the opportunity to exchange the network’s native coin for digital or fiat currencies.
In order to participate in this process, users must use the network’s official mining software.
The Filecoin mainnet is supposed to start today at around 4:45 p.m. CEST, so the time coincides with block 148.888 together.
CoinList, which emerged from a collaboration between Protocol Labs and AnglList in 2017 and is considered the mastermind behind the Filecoin ICO, believes to the Filecoin success for the following reasons:
Protocol Labs, the team behind Filecoin, has extensive industry experience and is part of the Washington-based Blockchain Association . They are also experts in decentralized data storage and have already created IPFs that already store billions of files, although until now it has only relied on voluntary storage providers.
The ICO project lowers data storage costs by creating a market that recovers unused storage space in data centers. Ultimately, this could lower the price of storage space while at the same time meeting the increasing demand.
The structure of the network is designed to provide incentives that all participants coordinate with one another. In addition, the network mechanism reacts to disruptive events and restores the equilibrium, whereby the flow of data is not interrupted.
By breaking up the current oligopoly in the field of data storage, the Filecoin network decentralizes storage. Nevertheless, the data remains secure and accessible.
In a blog post CoinList sums it up:
With Filecoin we can reinvent a fundamental piece of the infrastructure of the internet. We believe that is the next evolution in the way we manage our data.
In addition, it should be possible today to trade Filecoin on various crypto exchanges such as CoinList and Kraken.