In autumn 2017, Filecoin was able to collect 257 million US dollars from an ICO. It was promised to compete with Amazon and Co. with a decentralized cloud storage. Now the project is almost ready for the launch of Mainnet and Filecoin could become an exciting Altcoin.
It has been three years since the Filecoin project attracted a lot of attention: the cloud as a storage location for data was already standard back then and the sector is still dominated by large companies such as Amazon and Microsoft today. Filecoin wanted and still wants to counter these offers with a decentralized system in which everyone can participate. This idea attracted 257 million US dollars at an ICO and the team behind founder Juan Benet got down to work. Now a look at Filecoin’s constantly updated roadmap shows: In a few weeks the Mainnet is to go live and thus turn a promise into reality. Then Filecoin might be noted fast also with the large crypto stock exchanges, Coinbase for instance has the project already since last year on its candidate list.
Background to Filecoin
The idea of Filecoin is basically simple: Network participants from all over the world can contribute free memory on which other users can store and retrieve their data in an encrypted form. The system is controlled decentrally, payment and earnings are managed in Filecoin. As there is plenty of computer capacity connected to Filecoin anyway, the own block chain should not have any problems with performance. The concept has already proven itself in Testnet, writes Filecoin in his blog. The company wants to win universities, NGOs and other crypto projects as customers.
In the test phase, Filecoin was able to gather more capacity than expected. With incentives in Filecoin one wants to reward customer recruitment. Filecoin can imagine becoming not only the cloud alternative to industry solutions, but also for services like Cloudflare.
Currently, Filecoin is only traded as a future, as the coin is not yet freely circulating. The future price for Filecoin is currently quoted at around 18 US dollars, which, according to early investors, more than covers the costs of providing storage. The real value of Filecoin should be determined in the ecosystem by supply and demand for storage.
Conclusion: With Filecoin a promising project is about to start
For you as an investor it becomes exciting, if Filecoin launches its Mainnet and the Altcoin at the large crypto stock exchanges is listed. Polkadot for example straight only showed, how a smart concept mixes up fast the Top Ten of the most important crypto currencies. Filecoin took itself similarly as Polkadot much time, in order to score from the outset with achievement and not be noticeable by problems. If everything goes well, Filecoin could become further proof that even in the middle of the DeFi boom, it pays to look at innovative blockchain solutions in other sectors.