Filecoin Reached Global Capacity Of 2.5 Billion Gigabytes: Report

Filecoin reached global capacity of 2.5 billion gigabytes with the network continuously growing and its storage equaling thousands of copies of Wikipedia as well as of the Internet Archive so let’s read more in today’s altcoin news.

Filecoin reached global capacity of $2.5 billion gigabytes according to an announcement today and according to it, the capacity is enough to store 725 million 1080p movies, 47 copies of the internet archive, and 11,250 copies of Wikipedia.  Filecoin is a decentralized storage network that enables thousands of computers across the world to get paid for storing data. Because it is decentralized, it means that the data is not held in one single place which reduces the risk of being lost, as Colin Evran who is the ecosystem lead at the platform noted:

“The importance of an open, decentralized Internet has never been greater. Reaching 2.5 EiB storage capacity is a pivotal moment for Filecoin and the wider Web 3.0 movement. The Web 3.0 pursuit to create a more efficient and secure web,  free from corporate control, is coming into fruition.”

Filecoin provides a way of incentivizing the storage of data on IPFS which is specifically designed for accessing the Internet from across the world. IPFS users can store data from the network itself and it was also natively integrated with the Brave Browser so the users can run their own IPFS nods.

Filecoin adds incentivized, persistent storage to @IPFS. IPFS users are able to reliably store their data on Filecoin right from the IPFS network – opening the network up to a world of applications and use-cases. See IPFS apps: https://t.co/waExsAcwZc

— Filecoin (@Filecoin) February 14, 2021

As reported recently, Filecoin network recovered after the temporary outage as the miners started upgrading to a new client shortly after the four-hour network issue. The decentralized storage protocol Filecoin got to a standstill position as a bug caused inability to the network.  Based on the timeline that the status update was announced, it took about four hours for the Filecoin developers to fix the problem. As a part of the solution, the miners had to upgrade to a new Lotus client as the Filecoin network recovered. The team advised exchanges to disable all deposits and withdrawals until they are comfortable with the status of the chain as FIL was down by more than 7%.

According to the CEO of TokenSoft Mason Borda, the network outage didn’t affect the wrapped Filecoin. Also, Tokensoft and Anchorage launched wFil for use on the ETH network back in November. At that time, Filecoin crossed the 1 exbibyte or EiB which is the storage threshold, equivalent to about 1 billion gigabytes but now the figure reached 1.48 EiB with over 854 active miners according to the Filecoin dashboard info.