A New Era for Decentralized Storage

• Filecoin now stores over 15 EiB, including 500 TB of U.S. government data.
• The Democracy Library uploaded 1PB to Filecoin, showcasing its large-scale data capabilities.

The Filecoin network has recorded a huge milestone, surpassing 15 exbibytes (EiB) of raw storage capacity. This milestone emphasizes the network’s growing importance in the decentralized storage scene, where it is rapidly serving as the backbone for a variety of industries, including NFTs, the metaverse, and decentralized AI.

This development demonstrates Filecoin’s ability to securely and effectively store massive volumes of data, which is critical for new technologies that rely on decentralized infrastructure.

Fun Fact: 🌐 The Filecoin network currently boasts an impressive 5.1 EiB of raw storage capacity! That’s equivalent to storing over 1.3 billion HD movies or approximately 85 million 4K movies. 🚀 pic.twitter.com/hHem67lvbQ

— Filecoin (@Filecoin) August 31, 2024

Filecoin Virtual Machine (FVM) Launch Boosts DeFi, NFTs, and dApps Ecosystem 

Previously, as we previously reported, the Filecoin Virtual Machine (FVM) was launched to improve the network’s ecology by enabling DeFi, NFTs, and dApps. This integration has made Filecoin the preferable storage solution for projects that demand durability and scalability.

Furthermore, the network’s commitment to sustainability through projects such as Filecoin Green reinforces its status as a forward-thinking pioneer in the blockchain sector.

Recent advances show practical applications for Filecoin’s storage capabilities. For example, the Democracy Library has successfully uploaded more than one petabyte of material to the Filecoin network, demonstrating its ability to manage large-scale data storage requirements.

Furthermore, Filecoin now keeps over 500 terabytes of US government data for long-term preservation, demonstrating its dependability and security for sensitive information.

On the other hand, according to CNF, Magna’s integration of token grants and smart contract claims on the Filecoin network demonstrates the platform’s adaptability and increasing popularity.

These integrations demonstrate the network’s potential to serve a diverse spectrum of decentralized applications, positioning it as a key player in the growing digital economy.

Despite these developments, Filecoin’s market performance has been challenging. According to CoinMarketCap, FIL’s price is currently around $3.38, down 4.46% over the last 24 hours. This reduction has also had an influence on its market cap, which is now less than $2 billion.