NFT Filecoin Storage Platform (FIL) Launched






Anyone who has invested in Coin (FIL) yesterday one could expect a decent price jump today. Cryptocurrency prices soared more than 25% overnight. Many are now wondering what is behind the sudden spike in prices.

Filecoin wants to create a decentralized, censorship-resistant storage network that will last forever. The idea behind the idea comes from Protocol Labs founder Juan Benet, who pioneered the development of the Interplanetary File System (IPFS) in the crypto space. IPFS is an open source protocol for building peer-to-peer storage networks. Filecoin uses this technology and is one of the largest Initial Coin Offerings (ICOs) in cryptocurrency history. In 2017, the Protocol Labs project raised over $ 200 million from investors.

Filecoin currently offers a cloud storage service similar to Dropbox and Co., however there is a significant difference. On Filecoin, users can also donate storage space and receive a reward from FIL.

Despite the initial difficulties, today FIL has grown into a giant network. According to Forbes, the Filecoin network currently has a storage capacity of over 2.5 billion gigabytes, which is enough to store 725 million high-definition 1080P video files.

With NFTs based on a decentralized network like Ethereum, the NFTs themselves are stored on the decentralized network. But the underlying NFT data is often located on central servers.

With NFT Storage, this issue should be resolved. NFT metadata can be stored securely and decentralized on the Filecoin network using NFT.Storage. This is intended to make the data related to individual NFTs as transferable as the NFT itself. This could play an important role in the future, especially with the licensing rights of NFT or other companies.

Thus, NFT.Storage fills the gap for NFT developers looking for a “best practice” method to securely store their NFT data. Filecoin’s NFT storage solution is pioneering the crypto space. Some projects such as Palm, VideoCoin and various NFT marketplaces already rely on the Filecoin network to store sensitive data.

The Filecoin overhaul seems to be getting a lot of attention right now, as well as being in favor of investors. In the last 24 hours alone, Filecoin is up more than 25%. FIL was priced at just under $ 90 at time of printing.

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