The Airbnb of Cloud storage has amassed one million TB of storage worldwide

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Filecoin, a startup that claims to be the world’s largest decentralized storage network, has revealed that its community has reached one Exabyte (or Exbibyte) of storage capacity as it tries to position itself as an alternative to centralized, established cloud storage (opens in new tab) giants such as AWS (opens in new tab), Google Cloud (opens in new tab), Dropbox (opens in new tab) or Microsoft Azure (opens in new tab).

Filecoin Exabyte of Storage

(Image credit: Filecoin)

One EB is equivalent to 50,000 of the world’s largest hard disk drives, currently 20TB models from WD and Seagate, and this excess capacity comes from hundreds of individuals and organizations that have underutilized storage assets.

Filecoin is not unlike Bittorrent (opens in new tab) or rival Storj in that it is also a peer-to-peer network but its main incentive is to store files reliably over time and it provides an economic incentive for those who provide with the excess capacity. Filecoin’s FAQ explains “Users pay to store their files on storage miners which are computers responsible for storing files and proving they have stored the files correctly over time.”

The long term goal of Filecoin is to provide an alternative to what it calls costly cloud storage, removing the need for traditional data centres and colocation, pushing down prices and making geographically decentralized storage by default. As such it is more of a rival to traditional PAAS rather than the likes of IDrive (opens in new tab) or pCloud (opens in new tab).

Desire Athow
Managing Editor, TechRadar Pro

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website builders and web hosting when DHTML and frames were in vogue and started narrating about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium.