Filecoin

Filecoin is a peer-to-peer decentralized storage network with built-in economic incentives developed by Protocol Labs. It uses the InterPlanetary File System (IPFS) protocol as the building block to store data with verifiable cryptographic proofs to ensure files are secured. Filecoin allows users to store data in a decentralized network and allows individuals with excess storage capacity to participate by employing open marketplaces for file storage and retrievals. This ensures that no single entity controls available storage capacity and pricing for data storage and retrieval. Its native token is FIL.

In addition, the company launched a Filecoin Virtual Machine (FVM) that added smart contracts and user programmability to its network. The FVM will enable developers to write and deploy custom codes to create new applications that use metadata and transactions stored on Filecoin’s storage network. It also launched Filecoin Web Service , a cloud-based decentralized compute and storage alternative to major cloud service providers such as Amazon Web Services (AWS) and Microsoft Azure.

As of August 2022, the network comprised 4,065 storage providers with a total storage capacity of 18 exbibytes (EiB) with more than 425 organizations using its services.

Key customers and partnerships

In September 2021, Filecoin partnered with Truffle Suite to integrate Truffle's blockchain development tools with the Filecoin network, aiming to streamline the development process for decentralized applications using Filecoin's storage capabilities. Additionally, in February 2024, Filecoin partnered with Solana to enhance decentralized storage solutions for Solana-based projects, facilitating seamless data storage and retrieval on the Filecoin network.

In July 2024, the company partnered with Theoriq, Nuklai, and SingularityNET to enhance its decentralized storage network with AI capabilities. Theoriq's smart AI agents will improve user interaction by utilizing Filecoin's data for tasks like answering questions and conducting searches. Nuklai's Lighthouse Storage solution will be integrated to securely store large data sets essential for AI development. Meanwhile, SingularityNET will incorporate Filecoin's storage solutions into its AI marketplace, ensuring secure data provenance and ownership.