- Juan Benet, CEO and founder of Filecoin, reports that the decentralized storage network has reached 1 exabyte of capacity.
- That’s a lot higher than estimates of the size of the Netflix library.
- The next step is to get applications to join the network.
In a fireplace chat as part of DecryptJuan Benet, CEO and Founder of Protocol Labs, stated that the Filecoin network exceeds expectations for large-scale storage.
Filecoin, which raised $ 200 million from an ICO in 2017, was launched this October. According to Benet, the decentralized blockchain network for renting and lending computer memory has since reached an exabyte of storage capacity – about that size from Dropbox when it went public in 2018.
“It is impossible to reach a scale to compete with and compete with the traditional cloud,” said Benet. “When we got down to it, so many people laughed at each other and laughed at me right outright and said, ‘You’re never going to get a decentralized network that’s over a few petabytes, maybe 10 petabytes.’ And now we’re handing over an exabyte. “
For those who lose track of bytes once they’re higher than what is available on an iPhone, an exabyte is “a hundred times more than what people thought was possible,” noted Benet. “And this is just the beginning of the network.”
In comparison, Twitter produces about 4.3 petabytes a year or 0.0043 exabytes. Data company Zeenea It is estimated that Netflix stored 60 petabytes of movies and TV shows, or six percent of Filecoin’s current capacity, as of March 2019.
So an exabyte is a lot of storage space.
However, there is still a lot of overcapacity on the network that relies on miners for storage. According to Filecoin’s Storage statistics, last checked on November 19th, currently 761 gigabytes of data are stored in the network.
Filling this capacity is the goal of Benet and Protocol Labs. The founder pointed out that Ethereum and other blockchain networks are not intended for end-to-end hosting of applications: “For example, you cannot store an entire chat room on Ethereum.”
Now that the capacity is expanding to compete with older products, the next step is, “Move lots of applications onto this network. Additionally, we’re exploring the boundaries of new and emerging use cases, types of applications that humans haven’t created yet . “
It is a “If you build it they will come” One moment for Benet and the Protocol Labs team. They built the field. Now they are waiting for the players.