|Key People||Juan Benet, CEO at Protocol Labs|
|Products||Cloud storage network|
Filecoin (FIL) has created a marketplace for storing data on a distributed basis in the cloud. One can earn filecoins by providing online hard drive storage space which customers purchase on the filecoin site with filecoins.
Filecoin is a project of Protocol Labs, an internet-focused software research and development institution headquartered in San Francisco, California.
Protocol Labs says it raised $205.8 in a combination of venture funding and one of the largest initial coin offerings conducted up to that point of time. The figure includes $52 million from the venture investments and the remainder, if in cryptocurrency, valued by Filecoin at the time it was received. Due to fluctuations in cryptocurrency prices, numbers up to 25% higher were published in the press at the time. The ICO was conducted on Coinlist, an ICO platform that is a joint venture between AngelList, a website for information about working for and investing in start-ups, and Protocol Labs. The ICO attracted so much attention that the Coinlist site crashed after an hour, with the Filecoin site confirming that it had raised $186 million in sales to accredited investors.
Testing and launch
Filecoin said that it had successfully completed development in the testnet environment and planned to launch mainnet testing on October 15, 2020, more than three years after completing its ICO. The company's 400 miners in more than 30 countries onboarded enough digital storage for downloading seven times "the entire written works of mankind (in all languages) from the beginning of recorded history to the present day."
In March 2021, Filecoin announced that it had integrated with Chainlink, allowing it to connect with other blockchain protocols like Ethereum. The integration will automate data transfers between Filecoin's storage features, and allow developers to potentially create functions that enable smart contracts to operate between blockchains like Ethereum and Filecoin. For example, because of the integration, a smart contract developer could potentially create a smart contract that accesses Filecoin's decentralized data storage.
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- $257 Million: Filecoin Breaks All-Time Record for ICO Funding. Coindesk.
- $200 Million In 60 Minutes: Filecoin ICO Rockets to Record Amid Tech Issues. Coindesk.
- Blockchain-based storage network Filecoin to launch mainnet in October. The Block Crypto.
- Filecoin and Chainlink Integration to Bring Advanced Decentralized Storage Solutions to Web 3.0 Developers. Filecoin.io.
- Decentralized storage network @Filecoin will integrate #Chainlink oracles to create an end-to-end Web 3.0 development stack, enabling bidirectional communication between Filecoin and smart contracts for novel use cases like #NFT insurance and DataDAOs.. Twitter.
- Chainlink Integration Connects Filecoin to Smart Contract-Enabled Blockchains. Coindesk.