The highly anticipated community-driven, decentralized storage network, FileCoin (FIL), went live on mainnet on October 15th at 2:45 pm UTC. The project has been in development since 2017 and could revolutionize how users buy and sell unused storage.
Essentially, Filecoin seeks to bring data closer to the end-user, unlike traditional cloud networks. The project’s decentralized model is seen by many as a breakthrough in the Internet’s evolution and the future of data storage.
Shortly after the mainnet launch, one twitter user and Crypto Youtuber highlighted that FIL, the project’s native token, had hit a fully diluted market cap of $400 Billion. Amazingly, this is double the market cap of BTC or more than the entire crypto market combined.
Just hours before the mainnet launch, Binance revealed that it would list the coin at block 148,888. It also offered investors who deposited FIL into the exchange $100K in BNB prizes to be distributed among eligible users.
FileCoin Sees Unprecedented Support by Exchanges
The Filecoin project has already seen massive support from the crypto community. Even before its mainnet launch, FIL was already listed on two major exchanges — Kraken and Gemini. Other top exchanges such as KuCoin and Huobi had also unveiled plans to list the token when the project mainnet launched.
These early listings are quite remarkable, considering that exchanges typically announce listings after crypto projects go live on their mainnets. Many crypto enthusiasts speculate that the exchanges that listed the coin have a deeper understanding of the project and are thus willing to make an exception.
Indeed, FileCoin will likely make waves in the crypto sector. According to Gemini’s Co-Founder and CEO, Tyler Winklevoss, the decentralized project is the most anticipated crypto event since the launch of Ethereum and Bitcoin.
The decentralized storage network has encountered some delays from its initial launch date in mid-2019. However, it has sustained industry interest with 230 projects and 1,000 developers ready to start work on Filecoin after the mainnet launch.
Furthermore, about 400 miners from around the globe participated in last month’s “Space Race” testnet phase where the Filecoin network data capacity increased drastically.
More on The Filecoin Project
A project by Protocol Labs, Filecoin raised $205M in a 2017 token sale on CoinList, setting a record for the most raised in an ICO at the time.
“In the Filecoin model, data storage becomes a marketplace, where anyone can pay for access for storage or earn revenue by providing access to data storage. Instead of 5 providers owning the entire data storage marketplace, the economic benefits of data storage are dispersed throughout the world,” a CoinList post explained.
The decentralized project now introduces an exciting alternative to existing centralized cloud storage offerings such as Amazon Web Services (AWS) or Azure.