Key Points:
On June 9, Protocol Labs, the Filecoin development company, issued a statement on Twitter:
“Filecoin is a cryptocurrency-powered global storage network preserving humanity’s most important information, not a security.”
The Filecoin network contains over 3,500 storage provider systems in 40+ countries, resulting in over 33 million storage agreements, thousands of GitHub contributors, and 300+ organizations developing tools and apps on the Filecoin network. The FIL utility token is fundamental to the network’s functionality. FIL is used as transaction gas, as compensation for storage providers, and as a technique to assure data storage reliability. According to Protocol Labs, this has enabled the network to manage over 1 billion transactions.
Protocol Labs continues to provide reasons to support its perspective, such as the fact that hundreds of separate storage providers contribute over 12 EiB of storage capacity worldwide and that more than 1.0 EiB of data is stored. Every day, around 4.5 PiB of data is contributed to the Filecoin network. Filecoin storage providers (SPs) determine their own rates, providing data owners with a cost-effective and fully customizable storage solution. The cost of storing data on the Filecoin Network is much lower than the cost of storing an identical quantity of data on AWS or Google Cloud.
Protocol Labs cited the importance of multiple Filecoins in response to the SEC definition of FIL in its enforcement actions against exchanges and emphasized that many policymakers, including members of the US Congress, have publicly stated that Filecoin is not a security. In addition, the company behind Filecoin alss asserted that it is purely a technology:
“We are glad many policymakers, including members of U.S. Congress, have publicly stated Filecoin is not a security. Filecoin is not an investment contract; it is a foundational technology for the future of the Web.”
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
The exact timeline for MetaMask Bitcoin support remains unclear, but insiders suggest it could happen…
President Biden won't veto the FIT 21 crypto bill if passed, despite concerns about consumer…
Victoria, Seychelles, 22nd May 2024, Chainwire
Donald Trump's 2024 re-election campaign plans to accept cryptocurrency donations and create a "Trump Bitcoin…
While the spot Ethereum ETF approval is not guaranteed, there are indications that the SEC…
The UK’s FCA approved WisdomTree Inc. to list crypto exchange-traded products on the London Stock…
This website uses cookies.