With the surge in cryptocurrency prices, how big is the chance for Filecoin?

From the evening of July 26th to now, the price of Bitcoin has experienced a rapid rise in the short term, soaring directly to US$10,961.12. Ethereum has risen by more than 30% in a week. Most cryptocurrencies have risen in a week. One can't help but wonder, what is the future prospect of Filecoin, which has not yet been launched on the mainnet?

As the world's most well-known blockchain storage project, Filecoin has been honored since its birth! After three years of hard work, this king of distributed storage finally has the qualifications to take the throne and expand globally.

When the Filecoin mainnet is launched, it will be an attempt to connect the crypto world with the real world. However, even such a historical project has received polarized reviews!

Although Filecoin futures have been hyped up, as long as the project has not been implemented, there are too many uncertainties and risks, which inevitably makes people question whether Filecoin is worthy of its name.

But taking all factors into consideration, can Filecoin fulfill its vision and gain a foothold in the cloud storage market, which is about to reach $100 billion?

1) Storage is a rigid demand in the Internet world, and the $75 billion market is not a bubble, but a need that is concentrated on each of us. Nowadays, platforms such as Chrome and Netfilx already support IPFS. IPFS has been in operation for 5 years, and a large number of ecological applications are gradually developing.

2) When the Filecoin project was first established, it was an incentive for IPFS to get more people involved in storage. Therefore, every official action is to accelerate the actual implementation of the entire network, whether it is effective storage weight, stable operation links, or bonus incentive mechanisms for development.

3) In addition to the inherent financial attributes of cryptocurrency, Filecoin has huge underlying assets. Under the strong industrial attributes, whether it is the demand side, the official or the node participants, they will look for each other and actively cooperate.

For many years, we have been uploading and downloading data under the HTTP protocol. This centralized protocol has caused a series of problems such as data leakage and slow download speeds. In this dilemma, we have moved from traditional direct storage to centralized storage, and then to distributed storage.

In the storage market, public and private clouds emerge in an endless stream, with high barriers to entry and high prices, but huge market potential. According to the "Data Age" report released by IDC, the amount of data generated every day in the world will reach 491EB in 2025, the total data size will reach 175ZB, and the cloud storage market will reach US$75 billion in 2021. In such a huge market, Filecoin must be the most dazzling star.

Today, a revolution is taking place on the Internet! From Web2.0 to 3.0 is an inevitable choice for the development of technology. And this choice is bound to be subversive and tortuous for the Internet.

IPFS/Filecoin saves network space consumption and operation and maintenance costs based on the uniqueness of the hash value of data content. IPFS stores files in fragments in the storage of miners. The advantage of this is that it solves data explosion, data security, and data transmission. In the process of free flow of data, data verification and traceability are realized, which theoretically protects permanent access to data.

For the Internet, such a demand is too important. But for Filecoin, if it wants to meet the needs of the Internet, it must have a means of continuous incentive.

Although Filecoin is very popular at this stage, with search volume reaching 600,000 in the past month, in the short term, the Filecoin market is still a stock ecosystem, and 2 billion FIL is the bonus that everyone wants to get.

But in the long run, with the implementation of high-tech technologies such as AI, big data, and 5G, the data generated is growing exponentially. Excluding the growth of new technologies, the average usage time of mobile users has increased by 12.9% in the past year. The proportion of time we spend working and entertaining on the Internet is increasing, and the data generated by this is equally huge.

From a value perspective, Filecoin's price will rise as the application of the IPFS protocol becomes more popular, but achieving such a grand goal may require years of planning and operation.

Now the development of Filecoin project is nearing completion. The Github-Filecoin project library shows that 87% of the mainnet is waiting to be optimized, mainly for repairs and finishing work.

Currently, the number of active miners in the test network has reached 107,729 nodes, from Asia, North America, and Europe. The total network computing power has reached 27PB. At the same time, more and more people from other tracks and outsiders have joined in, and based on consensus, they all want to seize the dividends of Filecoin.

Just yesterday, the Filecoin calibration network was launched. As a simulation test before the big miners are tested, it is of extraordinary significance.

On July 22, Filecoin officially held the third online miners' meeting. The focus of this meeting was on the testing time of Filecoin's 4.1 million reward , the mainnet launch time, Filecoin's future plans, and answering miners' related questions.

Now that Filecoin’s 4.1 million reward test is approaching, as the last big test before the mainnet launch, this is also the best time to participate in Filecoin mining. After all, when the bonus comes, the first participants always make a lot of money.