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Huobi Likens Decentralized Storage Revolution to DeFi’s as Filecoin Hits 1 Bln GiB Capacity

The Huobi Group has likened the Filecoin ecosystem’s potential to the decentralized finance DeFi) revolution – which has seen a surge in 2020 – saying decentralized storage solutions, such as Filecoin, will lead a new wave of blockchain revolution and bring more innovation opportunities to developers.

Huobi’s Chief Investment Officer, Sharlyn Wu, made the point as the digital asset services provider enters a collaboration with Filecoin to promote academic research and technical development of the decentralized storage network just announced that its capacity has surpassed one exbibyte (EiB) – or over one billion gigabytes.

The open-source protocol, whose majority of its over 670 active miners are reportedly in China, dubbed its global community of miners’ dedication of 1 EiB of storage capacity (or 1024 Pebibytes) to the network less than four weeks since its launch a major milestone even as it partners the Huobi Group to grow its ecosystem.

With more than 90 organizations building on the network, 200+ new projects entering the ecosystem through dedicated accelerators and hackathons, and over 5,500 contributors on GitHub, the achievement speaks volume of the limitless opportunities for the network to grow and surpass many EiBs of storage capacity, Filecoin states, highlighting that 1 EiB can store 290 million 1080p movies, 4,500 copies of Wikipedias and 19 copies of the entire Internet Archive.

Colin Evran, Ecosystem Lead at Filecoin, said, “Our aim was to build a Library of Alexandria for humanity’s most precious knowledge — one that could never be burned. Thanks to our global community of storage miners, passionate storage clients, and accessible network tooling, we’re so much closer to achieving that vision, and bringing into existence a myriad of new use cases as well.”

The Filecoin-DeFi link is evolving even as the storage platform seeks to create a decentralized and robust foundation for humanity’s information by acting as a cornerstone for critically important public data, such as open access scientific data, creative commons media, and valuable historical archives.

It runs on a combination of Proof of Spacetime (PoSt) and Proof of Replication (PoRep), to harness the world’s underutilized storage assets and create a marketplace for a unique sharing economy, aligning incentives and rewarding useful and reliable storage to drive an unprecedented economy of scale for pricing storage solutions.

However, in its pursuit of establishing a new frontier for distributed data storage and solidifying itself as a legitimate challenger to cloud-storage giants such as AWS, Google Cloud, and Dropbox, there “are still many gaps to be filled in the Filecoin ecosystem” hence its need for more resources and support, according to Wu.

“Decentralized storage is a great experiment that combines cloud storage with the decentralized mechanism of blockchain. We believe that Filecoin would be the infrastructure for the next generation of internet,” says Huobi’s Wu, who will be supervising the incubation center. “In this new age of information, we need to develop new ways to protect, store, and exchange our data, which could be crucial for how society and the world could be defined and developed. In the past, the world had no mature system to handle data at scale in a decentralized way. Decentralized storage in the blockchain world is also still in the 0 to 1 stage. Viable use cases, incentive mechanism designs, and the system’s robustness and effectiveness are yet to be tested.”

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