Source: filecoin.io
- The Filecoin Web Services entails various components such as computing, storage, and networking resources that can be used by developers to build decentralized applications.
- The FWS was developed with several lineups including Estuary, the Delta Technology Stack, Delta Dataset Manager (Delta DM), Edge-UR, and Ptolemy.
Filecoin (FIL), a decentralized storage network based on the Interplanetary File Storage (IPFS) protocol, continues to fight for its position amid an industry heavily penetrated by centralized cloud storage platforms like Amazon Web Services, Google Cloud, or Dropbox. As a Web3-focused file storage network, Filecoin has significantly grown since its 2017 initial coin offering that raised about $205 million.
Moreover, the FIL coin, used to pay for file storage on the Filecoin network, has a market capitalization of approximately $2.1 billion and a 24-hour trading volume of about $113 million. Notably, the Filecoin network uses the proof-of-replication and proof-of-spacetime consensus mechanism to approve transactions for scalability purposes.
Announcing Filecoin Web Services (FWS) to the World
In a bid to keep developing the network for future growth prospects, Filecoin’s engineering team has announced the launch of Filecoin Web Services (FWS). The FWS is a set of compute and storage technologies built on top of the Filecoin network to scale the adoption of decentralized cloud storage.
“We recognize that the cloud has a great developer experience, therefore it is an ambition of ours to achieve the benefits of cloud-level DX alongside the transparent and open source incentivization layers decentralized networks can provide,” the Filecoin developers noted.
Notably, the Filecoin Web Services entails various components such as computing, storage, and networking resources that can be used by developers to build decentralized applications.
The launch of FWS is expected to stir a new generation of decentralized file storage users, particularly mainstream institutional adoption.
The start of something big: Filecoin Web Services (FWS) https://t.co/N41pMnc6pN
— Filecoin (@Filecoin) April 24, 2023
Moreover, the FWS’s main purpose is to help the Filecoin network seamlessly scale into a flexible yet secure network. The FWS was developed with several lineups including Estuary, the Delta Technology Stack, Delta Dataset Manager (Delta DM), Edge-UR, and Ptolemy. Others include the Filecoin Web Infrastructure, and storage market that serves as an information hub for data storage products.
To onboard data on the Filecoin network, users need to use specific tools and applications to enable seamless interaction with the network. As a result, Filecoin has partnered with several data management projects including Radiant Earth, SUCHO, and Encloud.
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Future growth prospects
The growth of the Filecoin network has been incremental with the adoption of Web3 applications globally. The Filecoin ecosystem is heavily backed by key crypto companies including centralized exchanges that have listed the native coin. Already, FIL coin is accessible for trading via Binance, OKX, Deepcoin, CoinW, and Bitrue.
The Filecoin ecosystem connects decentralized storage providers with global clients thus reducing the dependence on centralized storage companies. With more storage providers joining the network, the Filecoin network ecosystem hopes to connect the entire global community on a decentralized storage system.
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