Decentralized Storage Network Launches Mainnet After Years Of Delay

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After years of delay, decentralized storage network Filecoin has launched its mainnet at block 148,888. Several setbacks, including a recent “investor revolt” caused the mainnet launch delay.

A by Axios sheds more light on the dispute between investors and Filecoin’s parent company, Protocol Labs. According to the report, CEO Juan Batiz-Benet unilaterally distributed a large amount of tokens to himself and some early employees. The CEO distributed each token for less than a penny.

Finally, the Protocol Labs-developed platform has launched three years after its initial public offering (ICO). The ICO was one of the largest token sales in the year, raising more than $205 million.  

The platform will now allow users to buy and sell unused storage. TheBlockCrypto that users would perform these transactions using the platform cryptocurrency filecoin (FIL). Also, users can employ miners to store and distribute data while miners earn rewards upon completion of users’ requests.  

In addition, TheBlockCrypto said that more than 500 miners in about 34 countries have onboarded over 325 pebibytes (PiB) of storage capacity on the platform. According to the Filecoin developers, this is sufficient space for 90 million 1080p movies.

Apart from movies and copies of Wikipedia, the report specifically said the space is enough for 1,400 full copies of Wikipedia or seven times the entire written works of humankind from the beginning of recorded history to date. 

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