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FileCoin reports a storage capacity of 2.5 billion gigabytes

FileCoinThe available storage is now over 2.5 billion gigabytes (2.5 exbibytes (EiB)), according to a token issuer who closed one of the most successful deals at a record $ 205 million. In November, Filecoin was reported to have 1 billion gigabytes of storage.

Filecoin is a project that aims to challenge established crowd providers like AWS. By using a decentralized approach, Filecoin seeks to provide the same or better at a lower cost.

Colin Evran, Ecosystem Lead at Filecoin, said that only 7% of the data generated worldwide is actually stored and that this ratio will decrease over time – storage capacity will drop to 5% over the next 5 years.

“Current cloud storage infrastructure cannot keep up at this speed, a worrying omen for our upcoming splinternet battles. In a two-sided market, supply and demand have to grow at the same rate, and Filecoin doesn’t have that reluctance, ”said Evran. “Phase 1 focuses on capacity building and product optimization. The remarkable growth of the network has exceeded all expectations. If you compare it to the Internet – first of all, it is important that there is room to build – this is the linchpin that will ultimately drive the shift of users to Web 3.0. “

Evran said reaching 2.5 EiB was a defining moment for the company.

Filecoin commented on a “Photographic Archive of Trust” held by the USC Shoah Foundation and Stanford University’s Electrical Engineering Department, Project Starling. The project combined technology from IPFS and Filecoin in collaboration with the Adobe-led Content Authenticity Initiative to create a Photo Archive of Trust that archived photos by Reuters photojournalists covering the 78 days of the U.S. president’s transition between elections and 250 photos documented on the day of inauguration were cryptographically sealed and verified, including photos from the day of the uprising on Capitol Hill.

By using underutilized storage, Filecoin aims to lower the market entry barriers for storage providers and make cloud storage a commodity.

The Filecoin community is said to include over 1,390 active miners, more than 90 organizations building on the network, more than 200 new projects entering the ecosystem via dedicated accelerators and hackathons, and more than 5,497 contributors on GitHub.

Filecoin has not been without its critics and has experienced several delays. Filecoin Creator Juan Benet, CEO of Protocol laboratoriessaid in late 2020 that “paradigm shift technology takes time”.

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