Filecoin (FIL): A Greater Crypto Innovation Than Google Drive, DropBox! - Kakiforex | Forex markets for the smart money. Filecoin (FIL): A Greater Crypto Innovation Than Google Drive, DropBox! Filecoin (FIL): A Greater Crypto Innovation Than Google Drive, DropBox!

June 11, 2021

Filecoin (FIL): A Greater Crypto Innovation Than Google Drive, DropBox!

 Imagine being able to store all your important data or documents without supervision from a third party.

Yes, that's what Filecoin (FIL) has to offer. Unlike DropBox or Google Drive, Filecoin offers storage space for data or any information using blockchain technology and most importantly decentralized concept.

Filecoin Background (FIL)

Filecoin was introduced in 2014 by Juan Benet and developed by Protocol Labs.

Based on its whitepaper, it can be said that the blockchain network used is the same as Bitcoin but the nodes available in the Filecoin network can store data and are secured with a proof-of-retrievability (PoR) component.

PoR means proof by the file system (prover) to the client (verifier) ​​that the target file is still complete. In other words, the client can recover the file completely.

The Filecoin network is developed on top of the Interplanetary File System (IPFS), a peer-to-peer (P2P) data storage and recovery protocol with a more decentralized approach.

How it works?

Dropbox and Google Drive each offer storage space in sizes of 2GB and 5GB, perfect for storing documents or images online.

Then the file will be sent to a data storage center in the United States (US) and if you want to retrieve the document, you will need to download it again. Right?

But Filecoin is not so. By disabling the centralized data storage feature as mentioned earlier, users access to cloud storage (cloud storage) using applications such as Slate.

From there users will be offered with several storage space size options by some miners. After making a selection, users can submit the data they want to save.

On the part of the miners, they need to provide evidence of the data storage security assurance offered. This will be confirmed on the network and any incorrect data blocks will be rejected.

Filecoin has partnered with Truffle Suite, ConsenSys, and integrated with Chainlink and CrossFi. Meanwhile, a total of 70 organizations have collaborated with Filecoin. As of November 2020, its storage capacity has reached over 1 exabyte (EB).

Looking at the Filecoin (FIL) roadmap, there is no denying this network has great potential for a long time to come.

If you are interested in getting a FIL token, you can get it on several platforms such as Binance, Huobi Global, Coinbase, and