Blockchain data storage project Filecoin concluded its month-long initial coin offering (ICO) last week, raising a record-setting $257 million from accredited investors.
The San Francisco-based startup aims to disrupt the cloud storage industry by providing a cheaper alternative that cuts costs by harnessing unused data center and computer hard drive storage space to build a decentralized, blockchain-based storage network. Customers will purchase hard drive space using Filecoin tokens, and users will earn tokens–which can be traded for other cryptocurrencies such as bitcoin and ether–by contributing their unused hard drive space to the network.
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