I’ve been researching cryptocurrency projects that are not wholly based on finance and could lead to some interesting innovations in the future.
Blockchain projects on sharing resources such as storage / processing power have massively piqued my interest recently due to the lack of quality projects in this sector and its potentially stratospheric level of growth. We are all slowly moving towards a data driven world. I work as a data analyst and so im naturally inclined to this sort of stuff.
Storage is currently very cheap. Thats a Fact. But when you start having Exabytes of the stuff its not! We are seeing this with Google and their new data policies limiting the amount you can store free on their g-drive/photos but also on youtube.
Of course they have mainly been culling inactive or low view count videos but who knows how far they will go if they need to squeeze higher profit margins, as we have also seen with an increased volume of youtube advertisements. To me it looks like decentralisation could have a veritable impact on a industry with such monopolies.
As with the financial crypto projects its actually countries which lack the stable inflation/currency rates that benefit most from it. For this case its almost exclusively american companies which have the largest data/computing ecosystems & so control who can use them. If we had a country on the sanction list of the U.S. it could see these storage blockchains viable alternatives. This is also why China is pushing this technology so hard.
The two main players in decentralised storage are Siacoin & Filecoin. While Siacoin is certainly still worth a look I think its $FIL that takes the cake.
It was also only last month that a chinese tech consortium spent $1.3 Billion on a datacenter to mine filecoin and its capacity exceeds 800 Petabytes which is 2500% higher then Siacoin.
The data deals on $FIL also have the capacity to be significatly cheaper then cloud operators such as AWS (Sometimes only 3% of the cost – https://www.investorschronicle.co.uk/news/2021/05/06/filecoin-the-crypto-threat-to-big-tech-s-cash-cloud/)
I just wanted to highlight this project to you fellow apes as I believe it has a high chancee to explode in the near future.
$FIL and $SIA are also currently very cheap. $FIl has only increased by 830% in 20 months so still has a good chance to push a lot higher in a bull run and is currently 47% of the ATH.
Massive bull run incoming!
I do own a fair amount of this coin & i’m planning on hodling for at least a few years. I know this looks like a shameless pump but this is the type of technology the future will be built upon and not enough people know about these types of altcoins. Power to the people!