Decentralized storage network
Filecoin focuses on tackling the issues with today's centralized cloud storage service. With steep prices and limited options, only the big companies control cloud storage options for end users. Filecoin creates an open market for storage providers across the world to provide storage options for end users. Data providers are incentivised for providing their service, while users have more options to choose from. After users send their file to the storage providers, the providers need to show that they stored the data properly. Once the network verifies the security, the providers then submit the storage proof into the network, and validate new blocks from the network. The providers are periodically awarded FIL coin for providing the storage.
Lombardstreet Ventures, Simulation Ventures, Alumni Ventures Group, Placeholder, The Ark Fund, Henok Tekle, Jason Fang, Winklevoss Capital, Visary Capital, IOSG Ventures.