Juan: What makes Filecoin special?

Juan: What makes Filecoin special?
“What makes Filecoin special?”
Juan spoke at the Storage Market Summit (SMS) hosted by ETH Global and Filecon.
When we talk about Filecoin, we need to think very deeply about the energy we consume. With Filecoin, we see one of the most energy-efficient networks that also provides real-world use cases that matter to people. Filecoin is the first decentralized network that offers the same services as centralized storage at a much lower price from an objective point of view. Using Filecoin to store files on IPFS is cheaper than storing them on Dropbox or AWS.
As we look at the cost-effectiveness of Filecoin and its implications for the underlying technical architecture, I feel confident in predicting that over the next decade, Protocol Labs will become a larger and more important company than Google on a global scale.
When we talk about ecosystem growth, we should realize that it took several years for Ethereum and Bitcoin to grow from their birth to real relevant applications; the development of an ecosystem is never achieved overnight, and Filecoin may need several years to build the required applications, tools, wallet layers, connective tissue and other related applications to make Filecoin work better.
In fact, the development speed of Filecoin is generally acceptable. I encourage the community to be patient, but not too patient. Try hard to go out and build those important infrastructure components. You will release huge value in the process.
Juan hopes that companies can help and solve the practical problems currently encountered by the Filecoin ecosystem:

  • Supply and demand are out of balance. On the one hand, storage supply has grown tremendously, with over 1EiB of storage now available; on the other hand, we are only using about 1PB of effective storage on the network. Perhaps we should pay people to store files to bootstrap the network and drive up demand levels.

  • Fixed services. We should build white glove services that provide retrieval really quickly and ensure a level of redundancy, and these services need to be similar to Google Drive or Dropbox in terms of ease of use to make them suitable for the masses.

  • Browser plugin. Allows users to quickly click and save content to a specific content hash or a specific set of hashes based on topic interests, allowing users to accept and use Filecoin faster.

  • DeFi applications. Filecoin and DeFi are a great pair, and I believe we will soon see them become more widespread and use the Filecoin network.

So, what makes Filecoin special? In essence, it is the nature of the Filecoin network as a “distributed storage, IPFS network incentive layer”. Of course, the joint efforts of developers, miners, storage clients, and everyone else are the driving force behind the development and growth of Filecoin.


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