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Filecoin reaches 1 exabyte for storage space

This is an absolutely unexpected finding

Filecoin He has reached one exabyte in terms of space intended for data storage. It was to announce it John Benet, founder and CEO of the company, during an interview with decrypt.
To better understand the data, it is necessary at this point to remember that Twitter over a year produces about 4,3 petabytes per year, or 0,0043 exabyte. And that according to data company Zeenea during the month of March 2019 Netflix it had archived 60 petabytes of movies and TV shows, basically the 6% of Filecoin's current capacity.

filecoin - Filecoin reaches 1 exabyte for storage space

For Filecoin a sensational fact

It was Benet himself who recalled that when the Filecoin project was launched in October of this year, many expected a result not even remotely comparable to that obtained so far. Stating that already reaching ten petabytes would have been considered an excellent result.
The exabyte reached, a unit of measurement that is not even imaginable by those who are used to thinking in terms of bytes available on their smartphone, makes us understand how Filecoin already represents a reality, rather than a future project.

What is Filecoin

Filecoin proposes itself as a centralized Dropbox, in which miners are called to earn tokens, FILs, proceeding to rent unused space on their personal computers to store data. Those stored are protected through the use of encryption before being distributed in blocks.
The project immediately attracted considerable interest. Witnessed by over $ 200 million in funding which were collected during the Initial Coin Offering (ICO) which took place in 2017. A trust which, at least according to what is happening, seems to have been well placed.

The controversy of the miners

If what Benet said sounds like an extremely flattering result for the Filecoin project, it should be remembered that a cloud of no small importance remains on the horizon. The one represented by the bad mood of many miners, especially those stationed in China.
Which have expressed all of their own contrary to the reward system that has been proposed by Protocol Labs, the working group responsible for the development of Filecoin. Which provides for the provision of an initial guarantee by the miners.
The problem lies in particular in the dimensions assumed by this guarantee, which would be the corresponding 20-day reward per block. To which it is necessary to add the possibility of collecting just 30% of the tokens due for the space made available. While the remainder would then be distributed during the following semester.
And, again, Filecoin provides a sanctioning mechanism borne by those who make technical errors or should prove unable to certify their archiving commitment.

Protests that seem justified

It is clear how a system of this kind can only be supported by those who have important financial realities behind them, cutting out all the others. That is even 80% of miners, according to a document that was written by Protocol Labs.
It therefore remains to be seen how the situation could evolve. Should the gap created between the parties not be filled, it could lead to a hard fork. To promote it would be Weiping Han, number one of MIX Group, supported by another heavyweight such as Jun From, the co-founder of Huobi and founder of Node Capital.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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