Filecoin, the decentralized storage protocol has released a new whitepaper and video in advance of their initial coin offering scheduled for this Thursday. Watch the video below:
Filecoin is a network and cryptocurrency which will allow anyone to monetize idle storage capacity by renting it out through Filecoin’s decentralized network. Filecoin is built on top of IPFS, a protocol built by the makers of Filecoin, Protocol Labs.
“The way the internet has evolved, there are single points of failure everywhere. We saw this play out in Egypt when suddenly one morning people work up to the internet being shut down. We believe it is incredibly important to improve the properties of the internet with the ideas of decentralization and peer to peer networks”. – Juan Benet, Founder, Protocol Labs
The ICO, which will take place on CoinList, is limited to accredited investors but the company has said that there will be other significant incentives for participants of the network.
The new whitepaper is available for download here:
San Francisco-based Protocol Labs, the parent company of Filecoin has raised $720,000 in fiat money from the likes of Naval Ravikant, Vinny Lingham, Semil Shah, Digital Currency Group, Union Square Ventures, Winklevoss Capital and other well-regarded investors. Protocol Labs was part of Y Combinator’s startup accelerator program in 2014.