Filecoin storage tops 1 billion GB as tokenized FIL launches for use in DeFi

Published at: Nov. 25, 2020

Cryptocurrency infrastructure providers Anchorage and Tokensoft are teaming up to wrap FIL, the native token of decentralized file storage network FIlecoin, for use on Ethereum.

The firms announced wFIL on Monday, promoting its use in decentralized finance applications including Compound, Maker and Uniswap. Filecoin ecosystem lead Colin Evra stated:

“Wrapped Filecoin will enable some really creative DeFi products that create huge opportunities for Filecoin miners and storage users.”

The news came the same day that Filecoin announced the storage capacity dedicated by its global mining community has exceeded one exbibyte — equal to more than one billion gigabytes.

According to an announcement, Filecoin’s capacity could store 4,500 Wikipedias, 290 million movies at 1080p quality, and 19 copies of the entire Internet Archive.

Filecoin is a trustless decentralized storage network that offers incentives to miners who provide storage capacity in the network. The network expects to attract developers and websites who will pay FIL in exchange for accessing Filecoin’s storage or for hosted data.

Filecoin’s Discover feature allows its miners to select datasets spanning literature, science, art and history to mobilize unused storage capabilities to host and make accessible to the public. The datasets include Berkeley’s Self-Driving Data, a copy of Wikipedia’s database, and The International Genome Sample Resource’s 1000 Genomes Project.

The team describes the milestone as “solidifying FIlecoin’s position as a legitimate challenger to cloud-storage giants such as AWS [Amazon Web Services], Google Cloud, and Dropbox.” Colin Evra stated:

“Our aim was to build a Library of Alexandria for humanity’s most precious knowledge — one that could never be burned. [...] Filecoin’s mission to create a decentralized, efficient, and robust foundation for humanity’s information is now a reality.“

On Tuesday, Filecoin also announced it had partnered with top crypto exchange Huobi to launch the Huobi-Filecoin Incubation Center. The center, which will be supported by a $10 million fund, will focus on blockchain incubation, investment and community development.

Filecoin currently comprises more than 670 active miners and boasts more than 90 organizations building on its network.

Tags
Technology
Ethereum
Altcoin
Defi
Cloud Storage
Filecoin
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