In the era of a decentralized storage network, Filecoin, made by Protocol Labs, is a dynamically distributed cloud storage network designed to store data and information. It is an open-source, public cryptocurrency and digital payment system.
The Filecoin mainnet helps make deals and store data. Interestingly, anyone can easily earn Filecoin (FIL), its native token. It is among the most promising tokens today.
What is Web 3.0?
Web 3.0 refers to the next evolution of the internet, which is expected to be more decentralized, intelligent, and user-focused. It is often thought of as the “semantic web,” where machines and software are able to understand and interpret the meaning of the data on the web, rather than just the raw data itself.
Web 3.0 is expected to be driven by a number of emerging technologies, including artificial intelligence, the Internet of Things (IoT), blockchain, and decentralized networks. These technologies will enable a more intelligent and user-centric web, where users have more control over their data and online experiences.
Decentralized storage networks like Filecoin, which allow users to store and access data without going through a centralized server, could potentially be a part of Web 3.0.
What Makes Filecoin Special?
Filecoin has all the infrastructure that Web3 products and services require. Thanks to the storage network and its power of built-in incentives. Filecoin is completely reliable and verifiable storage for storing large-scale data files, and it resists all kinds of censorship.
The file storage and retrieval deals can be negotiated in the open market with no permission required in accurate competitive pricing. Trade-offs enable the user to decide on cost, redundancy, and speed.
Along with the unique content addressing facility, the content distribution network in Filecoin is robust, where network traffic is smooth and seamless. What makes Filecoin really special is that it also provides storage to other Blockchains as well.
Filecoin & its Role in Web 3.0
In the discussion of Filecoin, inevitably, the reference of Web 3.0 comes in, which is considered to be the third generation of internet services focussing on the machine-based understanding of data.
With a data-driven and semantic web and having Blockchain technology as the main driving force, Web 3.0 is considered a game-changer in the business world. Web 3.0 will effectively diminish the distinction between digital payments and physical objects with a more transparent and user-centric approach.
Web 3.0 is ubiquitous, with features similar to the visibility of a Facebook post made in a public profile. It also means a bigger perspective, making the internet available and accessible to everyone and across all devices.
Applying semantics on the web is also a unique feature that enables machines to decode meanings and interpretations by effortlessly analyzing data. What makes Web 3.0 a very Uber cool one is the integration of artificial intelligence. It allows Web 3.0 to provide filtered and unbiased data.
Let’s not forget the 3D graphics features which have made Web 3.0 a futuristic one with a whole lot of possibilities.
In the segment of global file sharing and storage areas, there is always an urge to find a decentralized storage solution for all, which will benefit all participating devices. That’s where Filecoin comes into the picture.
Filecoin provides a solution where all the data is stored on a peer-to-peer Blockchain. Along with that, the system’s flexibility can make it the fastest and least expensive mode to store data available on the web.
Based on Interplanetary File System (IPFS), whether it is the case of storage miners or retrieval miners, Filecoin runs on paid for use format and generates revenues to a considerable extent. This gives Filecoin an extra edge over other storage platforms like Google Cloud Storage in the hyper-competitive cyber storage space.
Filecoin being a prime example of Web 3.0, it is expected to create a free market, bringing the storage users and other crowdsourced storage providers on the same page.