| Title | Investors Poured Millions Into a Storage Network that Doesn't Exist Yet | |
| Date | Saturday August 12 2017, @06:47AM | |
| Author | martyb | |
| Topic | ||
| from the 'flip'-a-coin? dept. | ||
A blockchain-based cloud storage technology called Filecoin has already raised $52 million from investors. The company is poised to raise millions more on Thursday when it begins selling units of its bitcoin-like cryptocurrency to a larger set of wealthy investors.
Filecoin aims to disrupt conventional cloud-based storage platforms from Amazon and others. If it succeeds, the technology could be worth billions of dollars. But the company will need to overcome some significant hurdles first.
First and foremost, Filecoin's technology doesn't actually exist yet. The Filecoin team has done extensive research and planning, producing a series of white papers describing the technology it's building. But an actual, working Filecoin network is still months away. When it launches, Filecoin will compete with rival blockchain storage networks, including Sia, which has been available to the public for two years.
"Filecoin currently is just a white paper," Sia co-founder David Vorick told us earlier this week.
Have any Soylentils encountered or used blockchain storage, and if so what did you think of it?
Source: Ars Technica
Also at Medium, TechCrunch, and CoinDesk.
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printed from SoylentNews, Investors Poured Millions Into a Storage Network that Doesn't Exist Yet on 2024-04-20 00:38:24