As a business person, do you find yourself with a lot of data that need to be kept safe but you don’t have enough space to store them? Do you struggle when you must find the information you have kept previously only to find it missing?
I feel you. I have lost a lot of crucial data during storage in my place of work. I have been in bad books with my boss after he trusts me with some data only for it to disappear when it is needed, what worries more is if the information is secure or can be accessed by someone else.
When you are running a business that handles sensitive and huge data files, you need a secure and easy to reach a place where you can store the information whenever you want to access it, it is available. Have you ever thought of looking for one?
Probably you have gone to the Amazon, Dropbox or any other centralized place to keep your data, right? Well, that can be a solution but have you ever thought about how unsafe your information will be in a centralized place? Well, think like this.
In a centralized place, it is run and controlled by individuals. Due to malicious intentions, your information can be leaked out, stolen or misplaced in such a place. That leaves you with no option than to look for a decentralized place, where do you find one?
Do you know about cryptocurrency? If you do, you have an idea of how the knowledge has come to change the way business is done. With digital currency, you can make business without the risk of information being leaked, no border restriction, the transactions are fast and cheap
Thanks to the innovators who have come up with the digital innovations, you can transact your business at ease without the worries of privacy. You don’t have to worry about the cost and the efficiency of the transaction, that is because they are made to make business easier.
When you talk about cryptocurrency, you are not talking about transactions only, innovators have come up with many ways of using the blockchain technology to solve various investors problems and one of them is the storage of data. That is how file coin came about.
What is file coin?
It’s simple, file coin is a decentralized storage solution. It has come to offer what you and I have been looking for, a simple and safe way of storing your data and making it available when you need it. convenient right? If you have been struggling with your data, read along and know more.
The file coin first came to the limelight when it did its ICO sale. It made a whopping $257 million through contributors. Though the coin is still under development and has not released its alpha information, the file coin has the right future thanks to the team behind it.
In its initial stages, the coin is still in the hand of the miners and initial owners in the process of making it better and ready for use in the future. The promising part about the coin is the brilliant mind and company behind the idea.
Origin of file coin
The coin has not been around for a while yet it has made an impact and created its space in the altcoin space. It is a brilliant idea from Juan Benet of protocol labs in the year 2014. From the protocol lab, the guy has the experience that is needed to run and make the coin better.
That is because the protocol team is a research-oriented team. A group of innovators who are trusted worldwide for what they do and what they come up with. That has gone a long way in ensuring that whatever they put their hand on is widely accepted.
They are specialized in space development and peer to peer technology development. Previously, they have been involved in the development of multiformat, IPOL, coin lists, libp2p and much more techniques. That puts them in a better position to be trusted with the coin
The aim of the coin is to capitalize on the increasing demand for storage using the blockchain technology to coordinate peer to peer network of storage.
When you talk of a decentralized storage, file coin fits in the ecosystem of storing your data in a blockchain setting and availing it whenever you need it. is there another altcoin that deals with data storage? Yes, there is the storj and the Sia coin but they are yet to reach the file coin.
While the storj and the Sia coin is based on controlling the pricing for the platform, file coin implements a market space for bidding between the uploader and the host. This is in the aim of giving the user a cheaper platform to store your data. What does it do to the user?
The user doesn’t only get a pocket-friendly space to store data, it also gives you as a user the ability to prioritize speed, redundancy or loss when making the orders. That has shown how dedicated they are to make sure you get the best from their services.
How File Coin Works
Like mentioned earlier, the aim of the file coin is to offer a solution to the storage problem that investors have been experiencing. That involves the use of community od customers with available space to become file coin data storage providers.
When you come to the platform as a file user, you must specify the file you want to be stored by uploading and paying a small fee to have the process started. The process involves listing the upload you requested in the file coin exchange.
What happens in the system? When it comes to the matter of the system, the nodes work here. They will bid for the lowest price as possible and for a right to store your file. In the file coin, there are two main nodes used;
- Storage node
They work like that of the storj or Sia coin. They are meant to allow one to rent out extra space that you don’t use on your computer to make money. When it comes to file coin, it uses the extra available space to store other people’s files and data.
- Retrieval node
It is a unique code to the file coin system. The thing about the code is that it needs to be located close to the storage code for easy access to the data. For you to find the node, you require high bandwidth and low latency because this is like mining and you are paid to retrieve it.
The whole process is decentralized. That means after you set the order, in the system, file coin encrypt your file and divide it into segments. The segments are then sent into a various point on the network that bid to host your file. How do you know the exact location of your file?
You get to know your file segment by a record that is recorded on the file blockchain in a place called the allocation table. For you to allocate your file, you need to have the private key. Only you as a file owner has access to the file private key.
The good thing about the file coin is that they have made sure that the information that you present for keep is secure, free from any theft and only you can access the information that you prevented for keep. That makes investors trust them and want to keep data with them.
How to buy the file coin
If you see anyone offering to sell you the file coin, he is conning you. That is because currently, there is no coin for sale. The currency is under management and development and the only sale that has ever happened id that of the ICO according to the USA law.
The sale happened in the year 2014 and it quickly sold within hours. The aim of the sale was to raise a fund with an agreement of future token allocation when the coin will be ready for sale. The token allocation was as to a certain percentage of the total token.
In the agreement of the allocation of the token, 70% was to be given as a reward to miners, 10% for investors, 15 % for the protocol team and 5% for the file foundation. Each organization and individual who took part in the ICO sale agreed to the allocation of the future token.
Where to keep your file coin
Since it is not possible to buy or sell any file coin right now, there is no available storage for the file coin. There is hope that in the future when the coin will be available for sale, storage wallet will be created to safely keep the coin.
Advantages of file coin
- Provides a solution
That is the aim of every altcoin, to provide a solution that bitcoin is not able to. With the file coin, you have a platform where your data can be stored or you can earn more by providing space for renting. That is something that bitcoin is not providing.
Unlike the Siacoin and the storj, the file coin is still being developed and with the team behind it, there is hope that the coin will be more reliable, fast and safe for use in the future. That will go a big deal in providing a decentralized way of storing data. What every investor has always wanted, right?
- Lower prices
The system is meant to give the user a cheaper way of keeping data. With the bidding process involved in the system, the user is assured that he or she will get the right price for storing his or her data at the platform. That attracts more and more users into the platform.
- Secure way of storing data
It is any business person aim for his or her information to be sure and available whenever needed. Using the system ensures that your data is safe and free from any hacks. That is because the system is decentralized so no manipulation from anyone.
When it comes to making the information safe, the data is segmented into different sections and stored in various locations. You are given a file private key as the data owner and only you can access the file. That makes your data secure with file coin system.
- Team behind it
There is a good track record when it comes to the team behind the coin. The founder, Juan Benet is also a co-founder in protocol lab. It is a reputable company known to be behind many successful projects related to the security of other cryptocurrencies. The project is in safe hands.
Disadvantages of the file coin
- Still under development
When any project is under development, a lot can happen. There is no exception in this one. Though the project has a promising team behind it, one can never predict what may happen in the future. Being underdevelopment means that it is susceptible to manipulation.
- Low liquidity
Owning the coin right now will do you no good. That is because the coin is not in the market for now. That means if you put your money into the coin right now, there is no severity on when you will get your money back. There is no exchange market trading the coin for now.
- Big competitors
Just like I mentioned earlier, there are big competitors in the data storage industry. That includes both the centralized and the decentralized. They are more stable and in operation. It can pose a major challenge, especially to a developing coin. That is a major disadvantage for them.
If you struggle with large data as I do at work, you need to look for a solution that will handle your information with absolute secrecy and safety. File coin system is developed and is still being developed to make it better for you to store your data and access it whenever you need it.