Filecoin supports storing file in a decentralized way. Unlike centralized solution like Amazon S3, anyone can run nodes that supports (and earn rewards) for supporting the storage network.

The underlying technology is IPFS, which is a network protocol. Filecoin builds on top of IPFS, and provide an important feature – a built-in mechanism to incentivize the storage of data for other people.

Provide Storage

Install lotus (supports Linux and Mac).

Storage providers are like miners, and you get rewards in FIL.

Where to stake

Gemini provide staking at 7.25% APY (as of Feb 2022).

You can run the nodes and mine, but the requirements are high.

Filecoin vs Arweave

A strong competitor is Arweave. The biggest difference is Arweave is incentived to store data forever (more than 200 years).

Filecoin on the other hand is a “pay-as-you-go” service, and with a shorter duration. But Filecoin fees are much cheaper. However their pricing is not clear.

Resources

• Economy
• Web3.Storage free to store 1TB
• NFT.Storage

Current Price