Tokenized FIL Tokens Launch For DeFi Use While Filecoin Tops 1B GB Storage

filecoin

Tokensoft and Anchorage, two crypto infrastructure providers, have teamed up in order to wrap Filecoin’s native FIL token. Through doing so, the decentralized file storage network’s token can be used on the Ethereum network, opening up a lot of doors for the protocol.

New Array Of Use Cases For wFIL

These two firms announced the wrapped FIL, dubbed wFIL, on the 23rd of November, 2020. Through this, the coins can be used in various decentralized finance (DeFi) applications, such as Maker, Compound, as well as Uniswap.

Colin Evra stands as the Ecosystem Lead for Filecoin, and gave a statement about the matter at large. Evra explained that these new wFIL tokens will allow for an array of opportunities for both storage users and miners of Filecoin, allowing for very innovative DeFi products.

Filecoin Boasting 1 Exbibyte In Data Storage

This news happened the very same day of Filecoin itself announcing that its global mining community has dedicated an excess of one exbibyte in storage capacity. Crunching the numbers, this stands equal to over one billion in gigabytes of storage space available to the network.

The announcement crunched some numbers, showing that this amount of data could store 290 million 1080p quality movies, 4,500 Wikipedias, and 19 full copies of the Internet Archive.

Filecoin itself stands as a trustless, decentralized storage network, offering incentives to miners that provide storage capacity to the network at large. It’s expected that the network will eventually attract websites and developers, paying in FIL in exchange for accessing the storage or hosted data Filecoin can provide.

Starting To Compete With Centralized Cloud Services

The Discover feature of Filecoin allows miners to select various datasets. These sets span everything from science, literature, history, and art.

Unused storage capabilities can then be used by the miners to host these datasets, making it publicly accessible. Of these datasets, they host a copy of Wikipedia’s entire database, Berkeley’s Self-Driving Data, as well as 1000 Genomes Project, a resource from International Genome Sample.

With this milestone, the Filecoin team states that the network’s position as a proper competitor against cloud-storage giants has been solidified. Now, Filecoin stands as a genuine contender against things like Google Cloud, Amazon Web Service (AWS), as well as Dropbox.

Evra went further, describing Filecoin’s goal of building the modern-day Library of Alexandria, protecting the most precious pieces of knowledge of humanity. This knowledge would never be able to be burned, much like the original Library’s fate.

Remember, all trading carries risk. Past performance is no guarantee of future results.
Avatar

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.