Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which is less than 7% of the current capacity of Filecoin.
A decentralized blockchain network Filecoin has reached a milestone of one exabyte storage capacity according to the latest report. Filecoin has moved so fast with its large-scale storage expectation with the founder and CEO of Protocol Labs Juan Benet stating that it is exceeding expectations.
The network for borrowing and renting out storage capacity has currently exceeded the capacity estimates of Netflix Library. This means the network has come far with many expectations of getting applications to utilize the storage. This is in line with the usual belief that once the network is built, applications will come.
Filecoin is a decentralized protocol that is built to make it possible for people to give out spare storage space on their computers for rent. Also, people can equally purchase storage from there.
Despite this milestone, there is a lot of excess capacity which is expected to be filled up once the applications come on board. According to Benet, there is no way Ethereum and other blockchain-related networks came into the scene to accommodate applications end to end because Ethereum cannot even host an entire chatroom.
As of November 19, 2020, the Filecoin network had around 761 gigabytes of data perfectly stored on its network. The excess capacity has however been said to depend on miners for the said storage. It is expected that this milestone would be built upon to perfectly execute the remaining goal of the network.
Filecoin Decentralized Network Capacity
Filecoin has done incredibly well in the eyes of those who understand bytes. Benet revealed that the challenges of setting out a network that will have such a huge capacity on a decentralized blockchain network were big ones. He revealed that his intention was mocked, and people even laughed at him directly saying it is near impossible to build a decentralized network that would exceed as high as 10 petabytes. However, he proved them wrong as the network is almost exceeding one exabyte. Having achieved the capacity of 100 times more than the limit set by critics and mockers, Benet believes that this is just the beginning of greater things the network is set to achieve.
By comparison, Filecoin has made a huge capacity higher than Twitter and Netflix. In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which Is less than 7% of the current capacity of Filecoin. Also, only an estimate of 0.0043 exabytes equivalent to 4.3 petabytes is generated by Twitter every year. Comparing these to one exabyte by Filecoin depicts the true effort and hard work devoted to the operation of the decentralized blockchain network.
Filecoin was able to raise about $200 million in an Initial Coin Offering (ICO) in 2017 before hitting the ground running. All eyes were set on them as investors had their fingers crossed as they monitor where it would be heading to. From their current milestone, it can be said that Filecoin has started on the right foot in the long journey with many possibilities.