Filecoin: Understanding the Complex Crypto System Meant to Rival AWS

Filecoin: Understanding the Complex Crypto System Meant to Rival AWS

Filecoin might be the most complex thing the blockchain industry has ever brought to market.

The Web 3.0 data-storage project, funded by a $257 million initial coin offering that closed in September 2017, has been building out its technology ever since. 

While Filecoin has been quieter than most over that time, Filecoin is currently wrapping up a very active incentivized testnet called Space Race. There are 1.5 million FIL tokens allocated to testnet participants, though it’s hard to assess the value of that offer when the company has refused to discuss details that might inform FIL’s underlying price. Nonetheless, this testnet has been quite popular. 

“Miners are learning a ton,” Filecoin’s Ian Darrow told CoinDesk. More than $100 million worth of hardware has come online to serve the testnet, he said. More than 200 pebibytes of data capacity has been proven. “Overall, it’s exceeded expectations,” Darrow said.

There are futures markets for the forthcoming token, too. is currently trading futures at $18.50 in USDT as of this writing. In a recent investor letter, Pantera Capital said that Filecoin futures were “trading well above our cost basis.” 

Filecoin’s creator Juan Benet has a bright vision for the future of the web, and thus the Filecoin network aims to be a next-generation marketplace for data storage and retrieval, potentially competing with the web giants that control the data storage space – Amazon, Microsoft and Google – and content delivery networks like Cloudflare.

Sept. 15, 2020 | 4 p.m. ET

We’re hosting a conversation with Filecoin founder Juan Benet, Filecoin project lead Colin Evran, Ethereum co-founder Joe Lubin and CoinDesk senior reporter Brady Dale.

Watch it live on CoinDesk.comTwitter or YouTube.

While it’s true that the cost of storage has only trended down and selling storage has effectively made it a commodity product,

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