Filecoin (FIL) Launches Free Decentralized Storage Solution for NFT Markets

The solution leverages IPFS and Filecoin blockchain for long-term security of the NFTs.

Released Tuesday, NFT.Storage, a decentralized file storing system, will allow developers and collectors to ‘protect their non-fungible token (NFT) assets.’ According to the statement, the platform lets developers and NFT holders store their assets on the Inter-Planetary File System (IPFS) via Filecoin to ensure NFTs last for the long term.

The solution is a service created by Filecoin and backed by Protocol Labs and Pinata to provide unique solutions to the NFT marketplace. Additionally, users can also store metadata associated with the NFTs individually in an effort to keep NFTs ‘accessible in the long-term’, the report further states.

Mikeal Rodgers, Engineering Manager at Protocol Labs, believes NFTs – digital art pieces, music, trading cards, photos, tweets, etc. – are “part of humanity’s cultural legacy.” These assets require to be stored safely in the long term to allow the future generations accessibility of the assets, he added.

“Content addressing and distributed storage networks ensure that digital artwork, basketball cards, and virtual real estate are guaranteed to stay secure and available long-term.”

“NFT.storage makes it completely frictionless to mint NFTs following best practices through resilient persistence on IPFS and Filecoin.”

The core of NFT.Storage service to NFT holders is content addressing, which is simply marking content with hashes. Once you place an asset on NFT.Storage, a hash is assigned to the content – giving it a unique “fingerprint” that can be used to search, find and reference it anywhere on the platform. This produces a secure, unique, and verifiable content and files for NFT users.

Although Filecoin (FIL) is planning to make the storage solution free, there has been no communication on how long the “free storage” will last. The Terms of Service states NFT.Storage will be free for all participants on IFPS “for as long as Protocol Labs, Inc. continues to offer free storage for NFT’s.” All rights to terminate the free storage also reserves with NFT.Storage project.

Finally, NFT.Storage will offer data storage on the NFT solution “ad infinitum or until Protocol Labs decides to conclude the NFT.Storage project.”

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Author: Lujan Odera

Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support

Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support

Decentralized cloud storage solution, Filecoin, is integrating with Chainlink, a decentralized oracle network to enable dual-way smart contract functionalities between Filecoin and Ethereum or other smart contract-enabled blockchains.

The partnership with Chainlink aims to introduce “bidirectional smart contract capabilities” on Filecoin, allowing users to interact with any smart contract-enabled platform. By leveraging Chainlink’s widely-used decentralized oracles, users on other blockchains will be able to tap into Filecoin’s storage capabilities while bridging Filecoin data to external platforms to trigger their on-chain applications.

Chainlink’s oracles allow blockchains to extract external data into blockchain dApps, enhancing the DeFi ecosystem, decentralized markets, and triggers settlements in DeFi dApps. Filecoin will integrate the Chainlink External Adapters to connect data on Filecoin with external blockchains. The statement reads,

“Chainlink opens up bi-directional communication capabilities for Filecoin, meaning it can receive external inputs that trigger Filecoin’s on-chain storage functions or fetch Filecoin’s storage state data to determine actions on other networks.”

The development team is currently testing multiple use cases using Chainlink, including Filecoin miner insurance, DataDAO, a DAO holding extensive data, automated file storage, and cheaper data storage on Filecoin.

Earlier in the month, Filecoin was part of five cryptos added to Grayscale’s investment trust.

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Author: Lujan Odera

Binance Halts Filecoin (FIL) Withdrawals Over the Weekend

Over the weekend, leading spot crypto exchange Binance stopped the withdrawal of the Filecoin (FIL) without any announcement.

Even after 24 hours, it continued to show, “The current currency is not open for withdrawal.”

The exchange finally told its customers that it was due to the sudden failure of the wallet. The weekend was to blame, and Binance has to do internal technical repairs to restore the FIL network mainnet.

“The industry suspects that a large amount of FIL has been lent from Binance before,” tweeted Colin Wu of Chinese publication Wu Blockchain

“Binance Filecoin inventory has been drained it seems like, withdrawal of FIL has been paused for over 24hr now Lots Chinese FIL miners rekt badly and the rough total investment into FIL mining is way over its circulating market cap,” also noted Dovey Wan, the founding partner of Primitive Crypto.

“As total Filecoin investments number floating is over 10b RMB (adding up sales number from all rigs manufactures and sales channel) ~1.5B in USD,” she added.

FIL is the 21st largest cryptocurrency with a $1.34 billion market cap while trading around $30.

The price of the token started uptrending in June this year, when it was trading under $7 only to climb above $56, on the anticipation of its mainnet going live in mid-October.

It was during this time, Coinbase Custody announced support for the cryptocurrency. Last week, Filecoin was also tradeable at Coinbase.com and on the San Francisco-based cryptocurrency exchange’s Android and iOS apps.

Last week, Coinbase also allowed people to earn up to $6 in FIL tokens through its Earn program.

Filecoin is a decentralized peer-to-peer file storage network that was initially released more than six years back. The project aims to let anyone store, retrieve, and host information, and for this service, FIL tokens are used as payment.

In other news, YUANLIQU, one of China’s largest Filecoin companies, has been reportedly frequently attacked by investors to defend its rights in its Shanghai office because “too many Filecoin mining machines are sold, but the profit design is confusing. The police have stepped in.”

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Author: AnTy

Gemini Exchange Is Developing A Wrapped Filecoin Token (wFIL) for Ethereum; Backed 1:1

  • Winklevoss-backed exchange is building a wrapped Filecoin (wFIL) on the Ethereum network.
  • Users can withdraw and convert Filecoin (FIL) to wFIL on a 1:1 ratio.

Gemini cryptocurrency exchange is working on the launch of an Ethereum-based Filecoin (FIL) token – wrapped Filecoin (wFIL). The exchange is currently looking for developers interested in adding wFIL to their platform to enhance the decentralized file storage token usage on Ethereum.

On launch, users will be able to convert their FIL tokens stored on the Gemini exchange to wFIL in a 1:1 ratio and vice versa. Once converted, users can send and withdraw the wrapped tokens to any ERC 20 compatible address.

For transparency, all FIL tokens held in the Gemini exchange will be transferred to safe institutional-grade storage. This allows users to directly match the amount of wFIL in circulation to FIL backing the wrapped tokens.

FIL is the native token of Filecoin network, a decentralized file storage system that raised over $200 million in its public offering in 2017. The network launched its mainnet in mid-October, listing on three major exchanges before the event.

However, issues among Filecoin miners – who earn rewards for adding files to the network – on mainnet launch caused a slow hitch on the network taking off. 100% of miners’ rewards were held on the protocol for a vested period at launch, which saw miners operate at a loss.

FIL storage power surges over 40%

Chinese miners held a strike protesting the vesting period, which saw the overall network effective mining power decline. However, the miners seem to be back on their saddles, with the overall FIL storage power surging over 40% since the “strike days.”

Protocol Labs, the lead development team of Filecoin, activated a proposal to release 25% of miners’ rewards immediately without the vesting period on October 22 to increase the supply of FIL. The token is needed by miners as collateral to store the files.

As miners return to work, data shows the FIL storage power has grown over 40% in the past three weeks to 862.17 PiB, as of writing from 660 PiB on October 19.

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Author: Lujan Odera

Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade

Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given that Filecoin miners are working 24 hours to verify transactions on the network, over 40,000 FIL tokens will be released to miners daily without the vesting period.

According to a message posted on Filecoin’s Slack channel by lead developer Molly, Lotus 1.1.0 upgrade has been released for download. The upgrade is mandatory for all Filecoin users who want to continue participating in the decentralized file storage system.

The new upgrade brings in a slew of changes, including activation of FIP-004 at block 170,000 on Thursday. The upgrade feature will “improve miner’s ability to reinvest FIL by making 25% of storage-mining rewards immediately available with no vesting,” the statement from Molly reads.

According to previous proposals, the FIL miners had to wait for 180 days vesting their tokens but can now immediately withdraw and reinvest 25% of the rewards. The rest of the rewards will still be vested for 180 days before being released to the miners.

Following the launch of its mainnet last week, Filecoin became a quick sensation in the crypto market, with three large exchanges listing its FIL token way before the mainnet release. However, a fear of a “miner strike” due to the rising prices of FIL token and lack of profits before the 180-day vesting period elapsed led to the Filecoin community deciding to release 25% of the miner reward immediately.

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Author: Lujan Odera

The Most Anticipated Token is Gearing Up for its Launch This Week

In anticipation of the mainnet launch, Filecoin, which aims to be a decentralized storage network, has entered its lift-off week.

First released in mid-2014, the community is eagerly awaiting the Filecoin launch. In August 2017, the project had raised over $200 million within 30 minutes during the last bull run. And now, as the crypto market gears up for yet another one, Filecoin is ready for yet another big step.

Barry Silbert, the founder and CEO of Digital Currency Group, the parent company of Grayscale, Genesis, and others, is already excited as he wrote, “Who else is excited about the launch of Filecoin next week?”

Given that it has already been more than six years for this project to be in the market, it is past time that it leaves its testnet phase, and its mainnet is launched.

Filecoin Network Overview
Source: Network Overview

“The hottest upcoming token is Filecoin–joining Polkadot, @avalancheavax, etc. as one of the most anticipated of the year,” as noted FTX CEO Sam Bankman-Fried.

While it is clear that FIL is “very hot right now,” he did clear it up that one shouldn’t necessarily buy it as there is no knowing if it will go up or down in the future.

Cryptocurrency exchange OKEx has already announced that it will open deposit and withdrawal services right after the project’s launch on Oct. 15, 2020. The exchange will also rebalance its FILUSD index and make changes to its perpetual swap contract’s trading rules.

According to Colin Wu of Chinese crypto media publication, another Asian exchange, Huobi’s Pool Mining Machine Mall, will be launching a Filecoin mining machine.

Amidst this anticipation launch, Wu also shared that while supported by Chinese investors and miners, “its main distributed content storage will be greatly restricted by the Chinese government’s content supervision, and may even be stopped by the Chinese government.”

Moreover, if any politically related information is discovered to be stored on it, Filecoin will also be “severely punished.” Because miners derive the income from it, the risk of the content violations will also fall on them.

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Author: AnTy

Decentralized Storage Network Filecoin to Launch Mainnet on Oct 15th; Raised $200M In 2017

Three years following its successful initial coin offering (ICO) approximated at $205M, Filecoin has finally confirmed that its long awaited mainnet launch is set for mid next month.

In a blog post from the team, the decentralized storage platform stated that the mainnet will be rolled out on Oct.15. The firm also revealed that the network will go live at block 148,888.

The platform is designed as a blockchain rival to Amazon Web Service as well as Cloudflare. The platform conducted one of the most successful ICO’s in history raising $205 million.

Dubbed decentralized dropbox, Filecoin is seeking to end the overreliance on the third-party hosting services used by companies such as Microsoft or Amazon. This will be advantageous to users as their content will not be monitored, like is the case with Dropbox, all information within the Filecoin platform will be encrypted making monitoring impossible.

The upcoming launch will end speculation in regards to years of delay. The firm had forecasted that its testnet would be launched by the end of 2018 while the mainnet was set to go live by 2019. The team then revised its estimation saying that the testnet was to be launched in the spring of last year while the mainnet would be launched by end of last year.

Filecoin was finally able to release its testnet in December last year. At that moment, the firm explained that the mainnet was set to be launched in March this year. Now, almost an year after the launching of the testnet, the firm has announced the mainnet will be launched mid next month.

All signs show that Filecoin is set to meet the expectations. On Aug. 24, the team released an incentivized testnet which is a sign that the platform is at the final stages of its design and development.

However, the team is facing challenges as an infuriated group of miners as well as venture capitalists in China are threatening to fork the platform before it can be officially launched. The group are of the view that they might be underpaid if the mainnet goes live. Protocol Labs, the firm behind Filecoin, had earlier released a paper stating that about 80% of miners could be rendered unprofitable.

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Author: Joseph Kibe

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to earn Filecoin by testing the scalability and robustness of the network.

The project is also expected to go live next month, Colin Evran, Filecoin’s ecosystem lead told Bloomberg.

Lately, it has been gaining a lot of interest from Chinese speculators, with the majority of its miners on the testnet also being Chinese miners.

The idea here is to build a decentralized version of the internet where no single authority, like the tech giants, Google and Amazon, have full control.

Created by Protocol Labs and raising $200 million in 2017, Filecoin is aiming to solve this issue through its distributed storage system, making it impervious to attacks on the internet. The added advantage of a P2P storage system is the lack of a central point of failure.

“It’s one of the missing pieces of the Web 3 ecosystem,” said Evran. “Anyone can become a data-storage provider, not just the big companies that do that now.”

The company has partnered with ConsenSys Labs to encourage the development of Filecoin and its Interplanetary File System, or IPFS, protocol. With this partnership, the firm will be distributing $1.6 million in grants to developer teams.

Just last week, ConsenSys introduced the Filecoin launchpad accelerator, which is powered by Tachyon. This cohort will focus on “startups building more open, interoperable, and programmable tools, infrastructure, and applications for the distributed web through IPFS and Filecoin.”

Once the project is released publicly in September, users who want to store their data on the decentralized system will have to buy that capacity using its cryptocurrency. The users who will provide the data storage will earn the cryptocurrency for their contribution as well.

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Author: AnTy