Anchorage & Tokensoft, crypto infrastructure providers, plan to wrap Filecoin native token to enable its use on Ethereum. According to an announcement by the firm, they have launched wFIL and encourage decentralized applications to use it. In fact, some of the dApps are promoting wFIL include Maker, Uniswap, and Compound.
In their statement through Colin Evra, the new launch wrapped Filecoin will facilitate creative Decentralized finance products. Furthermore, the products will provide opportunities for those who mine and store files on Filecoin. Thus, this is a welcome development for Filecoin active users.
The news about wFIL launch followed the announcement which Filecoin made about its mining community exceeding one exbibyte globally. From what the FIL disclosed in the announcements, FIL is now capable of storing 4500 Wikipedias, 19 copies of Internet Archive, 290 million movies at the 1080 HD quality.
A brief on Filecoin
Nonetheless, Filecoin is one of the decentralized networks that gives incentives to miners for providing storage capacity. Their motive is to provide storage or hosted data to websites and developers who’ll, in FIL for the services.
The network has a “Discover” feature that lets miners choose datasets in science, history, art, and literature to mobilize free storage capabilities. Some of the dataset which miners can use include Wikipedia database, “The International Genome Sample Resources 1000 Genomes Project” and Berkeley’s Self-Driving Data.
Moreover, Filecoin challenges other giants in the cloud-storage space such as Google Cloud, Dropbox, and Amazon Web Services (AWS).
Recently, FIL disclosed its partnership with Huobi to open a Huobi-Filecoin Incubation Center. According to the announcement, the center will get $10 million funds as support from the two partners.
Notably, the Incubation center will focus on investment & community development, plus the main aim, which is blockchain incubation. Currently, the FIL network records above 670 miners and also boasts of having above 90 organizations presently building on the network.