Juan Benet, the CEO of Filecoin, has revealed that the decentralized storage network now has 1 exabyte of file storage capacity. This comes as a major milestone for the company on achieving such large scale storage. Filecoin is now looking towards taking the road to compete with centralized cloud storage.
Filecoin Strikes 1 Exabyte of Storage Capacity
Juan Benet initially revealed the company achieving such a remarkable feat in an interview. Benet said that people were initially skeptical about their network trying to compete with centralized cloud storage networks:
“Being able to reach a scale to compete with and contend with the traditional cloud is something that many people said was impossible. When we first set out to do this, so many people laughed at us and laughed at me directly, saying, ‘You’ll never get a decentralized network to exceed a few petabytes, maybe 10 petabytes.’ And now we’re passing one exabyte.”
He further added that major blockchain networks such as Ethereum and other networks don’t have the capacity to even store an end to end application. Benet, however, believes his network has the capabilities to compete with legacy products.
Filecoin Could Compete With Centralized Networks
Meanwhile, mainstream networks such as Twitter produce about 0.0043 exabytes or 4.3 petabytes of storage capacity. On the other hand, Netflix’s storage library has the capacity of 60 petabytes of file storage, i.e. only 6 percent of Filecoin’s current storage capacity. One can only speculate on how Filecoin has the capabilities to take on a par with mainstream centralized networks.
Launched in October 2020, the decentralized blockchain storage network had raised $200 million in ICO back in 2017. The blockchain storage company then filed for its IPO in 2018 and has since achieved a lot, such as crossing the limitations on cloud storage. The team is now looking towards moving towards the next step i.e. getting apps to join their networks.