Filecoin (FIL) - Self Custody Over Your Data
Own your memories. Own your photos and videos. Take data ownership and privacy seriously. Stop giving away your private photos, family memories and personal data to big tech companies. One mistake on their part and your life of memories could be wiped. A project like Filcoin allows you to take control of that data and own it.
The reason I am keen to track and understand Filecoin is mainly due to the fact that the world has an ever increasing need for storage. The latest AI/Si boom has driven the price of sollid state memory and storage through the roof - the demand and price for storage is increasing.
IPFS is a new storage method, comparible to NTFS, which you may already know. IPFS sets a new standard for allowing decentralised allocation across a global network.
If IPFS, Filcoin, could reach adoption globally for Decentralised Distribution Networks (DDN) vs Central Distribution Networks (such as CloudFlare), we could see CloudFlare's domination and the industry as a whole become disrupted.
Whilst I am actively watching large institutions adopt Filcoin for storage, I am not seeing any consumer adoption. Dispute various Filcoin providers offering 1TB for $5 a month, which seems very reasonable. Offering similiar accessibility and user experience to a Dropbox or Google Drive, often using NextCloud as their entry point.
One concern I need to understand and research further is the high barrier of entry to become a storage provider on the network. I was hoping for a distributed storage network that everyone could contribute to. We all have free storage, why not earn rewards for sharing it. Instead we see an enterprise grade entry barrier to become a provider on Filcoin, which has both pros and cons.
Back above the $1 mark I will start to see a positive outlook for the asset, based on basic technical prices.
I can see a world where Starlink adopts this or a similiar technology in the comings months and years, which I think, could be one of the biggest boosts of Filcoin. Institutions adopting for large projects is great, but mass consumer adoption is the goal. I want to see everybody take self custody & sovereignty over their own data.
With everyone starting to build and own their digital creations now, people are building their own stacks. I think we will see a project like Filcoin become adopted for those storage needs.
