According to a Statista Research Department report, the number of internet users worldwide reached an all-time high of 5 billion in April 2022. To put this figure into context, 5 billion represents 63 percent of the world’s population. All of these users must store thousands of personal or legal documents. Is it a good time to buy FIL now?

Storing them as tangible documents are frowned upon in today’s modern age because the risk of losing them is too great. As a result, most businesses and individuals have turned to the internet for storage. Web2 behemoths like Amazon’s AWS and Microsoft Azure, which account for 33% and 22% of the cloud, respectively, have long dominated the market. But there’s a new guy in town, and he’s here to change people’s perceptions of storage.

Decentralized Storage Revolution is on the Horizon!

Filecoin, with a capital of $205 million, was officially launched on the Ethereum mainnet in October 2020. Most of this money was raised in a 2017 initial coin offering (ICO). According to Sami Kassab, a Messari analyst, Filecoin’s storage increased 128% last quarter to 16.87 EiB.

They aim to “democratize open knowledge to preserve humanity’s most vital information.” Files stored online using this decentralized storage method will be split into encrypted fragments and distributed to multiple nodes across a vast network.

Anyone with extra hard drive space can sign up to become a storage provider and earn a significant amount of money in Filecoin’s native token, the FIL cryptocurrency.

Filecoin – What is the Future of Decentralized Storage?

Filecoin uses a distributed, blockchain-based system created using the InterPlanetary File System (IFPS). This has enabled users to regain control over their personal information and, more importantly, eradicate complications rooted in the centralized structure of traditional storage providers.

You Enjoy Greater Rights Over Your Information

All information is stored on internal servers controlled by a single entity in a centralized approach. This raises the possibility of a central failure due to technical issues. Furthermore, if you violate the hosting company’s terms of service or fail to pay on time, you may be unable to access your data.

Decentralized storage providers, such as Filecoin, use a distributed network of millions of nodes spread across the globe, motivated by incentives such as rewards. This disincentivizes provider malpractice.

Filecoin – Cheaper Alternative

AWS can charge up to $75 per year to store 1 GB of data. However, Filecoin allows you to store much more than the aforementioned amount for nearly free. According to Hunter Lampson, a crypto analyst, the Filecoin network can offer such low rates because Filecoin frequently subsidizes the block reward, making storage costs nearly free for large partners.

Filecoin has a market cap of more than $2 billion and more than 250 million FIL coins in circulation, so it may not be long before it becomes the preferred storage hub.


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