- Filecoin has carved out a huge market in blockchain-based cloud storage, making it one of the most promising projects in the market.
- Filecoin partners with venture capital firm a16z with over $35 billion in assets under management.
Filecoin is revolutionizing data storage through its blockchain-based cloud storage platform. in the new digital age, Filecoin is helping businesses and hundreds of projects in data storage, unlocking the open data economy. Through its native token FIL, the project incentivizes a global network of computer operators to provide a file-sharing and storage service.
Filecoin has managed to attract major partners such as Lockheed Martin which is worth more than $100 billion. The two have collaborated to develop a program for deploying the Interplanetary File System (IPFS) in space.
More recently, Protocol Labs which founded and funds the development of Filecoin, has entered into a partnership with venture capital firm a16z which has over $35 billion in assets under management. Under this collaboration, the two will provide targeted support to some of web3’s most visionary founders participating in the 2023 Crypto Startup School (CSS) accelerator program. Participants will benefit from Privileged Engineering Support, Decentralized Storage Credits, Talent support, and PL Founders Community.
Launch of FVM Cohort
Mid-last month, the platform underwent an upgrade with the launch of Filecoin Virtual Machine (FVM) Builder Cohort on the Mainnet. As the team confirmed, over 60 project teams were building with FVM on its Hyperspace testnet and were part of the mainnet pioneers.
The FVM Mainnet Pioneers cohort aimed to support the creation of impactful and sustainable solutions, on FVM, as part of the growing Protocol Labs network and saw strong interest from the Filecoin community and beyond. Teams with impactful ideas and skilled, credible teams were accepted.
An earlier post noted that the launch “will unleash a wave of new possibilities including programmable storage primitives such as storage bounties and auctions, cross-chain interoperability bridges, data-centric DAOs, Layer 2 solutions (reputation systems, computation fabrics, etc.), and more.”
SEC goes after Filecoin
Although there is much to be optimistic about for Filecoin, investors are concerned about the United States Securities and Exchange Commission’s recent actions against Binance and Coinbase. In its lawsuit accusing the crypto exchanges of listing securities, the regulatory agency named Filecoin’s FIL as one of those tokens that are securities in its view.
Since the revelation, this has dampened its optimistic outlook with investors concerned that the SEC might come after the team and foundation behind the platform. As witnessed with Ripple and its token XRP, the SEC’s case led to its token being delisted from multiple exchanges, and its price was dragged down.
Market leaders have come together to unite against the SEC whose recent actions have shown that it is looking to regulate the market by enforcement. When Ripple, Binance, and Coinbase win, this will be a landmark ruling that potentially defines the future of crypto.
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