Filecoin Explained

Currency Name:Filecoin
Image 1:Filecoin.svg
Image Title 1:Prevailing filecoin logo
Alt1:Prevailing filecoin logo
Plural:filecoins
Symbol:⨎
Ticker Symbol:FIL
Implementations:,,
Code Repository:https://github.com/filecoin-project
Author:Protocol Labs, Juan Benet
White Paper:"Filecoin: A Decentralized Storage Network", 2017-07-19
"Filecoin: A Cryptocurrency Operated File Storage Network", 2014-07-15

Filecoin (⨎) is a cryptocurrency intended to be a blockchain-based cooperative digital storage and data retrieval method.[1] [2] [3] [4] It was developed by Protocol Labs and shares some ideas from InterPlanetary File System allowing users to rent unused hard drive space.[5] [6] Filecoin is an open protocol and uses a blockchain to record participation in the network.[7] Transactions are made using the blockchain's currency, FIL. The blockchain is based on both proof of-replication and proof of space-time.[8]

History

The project was launched in August 2017, and raised over $200 million within 30 minutes via an initial coin offering.[9]

In 2020, the project set up the Filecoin Foundation under the leadership of founding officer Megan Klimen to support the development of the protocol, and the Filecoin Foundation for the Decentralized Web to support other projects contributing to the ecosystem of the decentralized web.[10]

Their Board of Directors and advisors include Brewster Kahle (Founder of Internet Archive), Joe Lubin (Founder of Consensys & Cofounder of Ethereum), and Denelle Dixon (CEO of Stellar Development Foundation)[11] .

Philanthropy

In April 2021, the Filecoin Foundation donated 50,000 filecoins worth $10,000,000 to the Internet Archive.[12] In addition, Internet Archive's founder Brewster Kahle and director of partnerships Wendy Hanamura joined the boards of advisors of Filecoin and the Filecoin Foundation for the Decentralized Web.[13]

Network total storage power

As of August 2024, the total storage capacity was 23 EiB, and total data stored was 2.0 EiB.[14]

See also

Notes and References

  1. News: Showdown in the Cloud: Dropbox IPO, Meet the Filecoin ICO. 2017-07-11. Observer. 2017-08-11. en-US.
  2. Web site: Filecoin's ICO opens today for accredited investors after raising $52M from advisers TechCrunch. Tepper. Fitz. 10 August 2017 . 2017-08-11.
  3. News: Latest Hot Digital Coin Offering: $187 Million in One Hour for Filecoin. Vigna. Paul. 2017-08-11. Wall Street Journal. 2017-08-11. en-US. 0099-9660.
  4. News: Investors poured millions into a storage network that doesn't exist yet. Ars Technica. 2017-08-11. en-us.
  5. Web site: IPFS and Filecoin . 2022-09-05 . Filecoin Docs . en-us . 2022-09-05 . https://web.archive.org/web/20220905134701/https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/ . dead .
  6. News: Beyond the Bitcoin Bubble . Johnson . Steven . 2018-01-16 . The New York Times . 2018-09-26 . en.
  7. News: Decentralisation: the next big step for the world wide web. Corbyn. Zoë. 2018-09-08. The Observer. 2019-10-05. en-GB. 0029-7712.
  8. Book: Bravo-Marquez . Felipe . Ugarte . Martin . Reeves . Steve . 2019 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPCON) . Proof-of-Learning: a Blockchain Consensus Mechanism based on Machine Learning Competitions . April 2009 . 2019 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPCON) . 119-124 . 10.1109/DAPPCON.2019.00023 . 10289/12900 . 978-1-7281-1264-0 . 199440961 . https://ieeexplore.ieee.org/document/8783030 . 27 September 2022.
  9. News: 2017-08-21. What are initial coin offerings?. The Economist. 2019-10-05. 0013-0613.
  10. Web site: Protocol Labs Collaborates with Consensys to Bring Filecoin to Ethereum . 2024-04-20 . Consensys . en.
  11. Web site: Filecoin Foundation Announces Board of Directors . 2024-11-26 . fil.org . en.
  12. Web site: Hanamura . Wendy . 2021-04-01 . Filecoin Foundation Grants 50,000 FIL to the Internet Archive . 2022-09-28 . Internet Archive Blogs . en-US.
  13. Web site: Thu. Apr 8th 2021 3:39pm-Mike Masnick. Filecoin Foundation Donates $10 Million Worth Of Filecoin To Internet Archive. 2021-04-15. Techdirt.. 8 April 2021 .
  14. Web site: Filecoin Storage Stats. 2023-05-03. storage.filecoin.io.

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