- Filecoin is a decentralised storage platform that provides security.
- The amount of data stored on the Filecoin ecosystem is fully secured and encrypted.
The official blog post of Filecoin notes that the platform has collaborated with Seagate, EY, AMD and Protocol Labs to develop and launch a decentralised storage alliance.
The blog highlights that the main aim of this recent alliance of Filecoin is to help Web2 enterprises transition through education, advocacy, and best practices.
Filecoin and its other associate members highlight that it seeks to achieve this by bringing together the diverse perspectives of leading Web2 and Web3 industry players such as Advanced Micro Devices, Ernst & Young, and Seagate Data Storage Solutions.
The company aims to become a trusted protocol where multiple companies can come together with technologies such as Web3 decentralized storage to boost its adoption.
The protocol aims to provide accessibility to educational material and technical sources that will enhance the transfer of upcoming data to decentralised storage networks and make it unchallenging for new data centres to onboard the network.
Stephen Vervet, managing authority for the Development Management of Protocol Laboratories, quoted that , “With top-tier leaders across Web2 and Web3 coming together to explore the unrealized potential of decentralized technology, this alliance has the power to transform the foundation of the internet.”
What is Filecoin?
Filecoin is a decentralised storage platform that provides security for personal information stored on the platform. Interplanetary File System (IPFS), which helps Filecoin attract new concepts to the platform.
IPFS is a platform that supports a peer-to-peer transaction storage system that helps users maintain their nodes and files on the platform.
The ecosystem has a massive amount of storage capacity, which can benefit millions of users by allowing them to store their personal information on digital storage platforms.
The amount of data stored on the Filecoin ecosystem is fully secured and encrypted. Due to scarcity of individual notes, there is no certain type mechanism to connect buyers with sellers on the IPFS platform.
Although Filecoin allows the users to monetize their storage capacity by renting it out.
How is specific information stored in Filecoin?
Filecoin does not store data in file format; instead, it uses ledger to connect the transactions that occurred through the native token of Filecoin (FIL, the Filecoin token).
Filecoin is two different methods to store user data securely in every context,these two types are as follows: proof of replication and proof of space and time.
According to data from CoinMarketCap while framing this article, the native token of Filecoin (FIL) is trading at $6.20 with a 24-hour trading volume of $371,479,292.
The price of FIL is improving, and in the last seven days it has traded at its highest level of $5.87.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/03/protocol-labs-collaborates-with-amd-seagate-for-betterment-of-decentralized-storage/