Filecoin is a Decentralized Storage Network that leverages both the IPFS protocol and blockchain technology. The Filecoin blockchain itself acts as an “incentive layer” that works on top of the IPFS. Although several other projects are attempting to use this technology, Filecoin is a project spearheaded by Protocol Labs, the creators of the aforementioned protocol.
Although Filecoin has got the cryptocurrency community abuzz, many were saddened to see that they will not be able to participate in the Initial Coin Offering (ICO) campaign. In order to comply with the recent SEC funding regulations, the Filecoin token sale will be held through the Coin List platform and will only be available for verified investment firms, banks, and individuals with a net worth of $1 million or an annual salary of $200,000.
The ICO will start in two days and the project has already gathered $52M from investors like Sequoia and Union Square Ventures. Just in case you are actually able to join the ICO or if you want to learn more about the ICO and Filecoin itself, then you can do so here.
Most of us don’t have a million dollars laying around but it’s not all bad. The decision by Filecoin also has its advantages as it will ensure that U.S citizens can also participate and that ICOs may start moving towards a more compliant model in which investors are safeguarded. With all this being said, what can you do to ensure your spot on the Filecoin network?
Filecoin runs on a “Proof-of-Storage” system that rewards miners for their idle computer space while recycling their Proof of Work computations towards this goal. This means that if you have some extra HDD space, you can earn Filecoin by providing hosting space. The Filecoin website reads:
“Join the Filecoin Storage Market to rent your hard drives, single disks, racks, whole data centers, every Terabyte you are not using. All you need to do is to connect to the Filecoin network and the protocol will handle the file transfers and transactions for you. The more space you put on the market, the more Filecoin you get.”
So even though you may not be able to join the ICO, not all is lost! Filecoin isn’t out yet, but you can already enlist for the “Early Miner Program” and guarantee your spot in the Filecoin ecosystem. To join the program, fill out this Google Form, which also gives you a chance to be in the beta tester program.
That’s not all! If you don’t really want to wait for Filecoin to be up and running, you can always take your HDD space elsewhere for the time being! Check out Sotrj and SiaCoin, two other blockchain-based storage platforms that are up and running today. You can also mine BurstCoin, a Proof of Capacity (PoC) cryptocurrency that uses HDD space instead of computational power to mine.
If you want to learn more about Filecoin, visit the official website.