- Filecoin brings together buyers and sellers of storage space
- Network puts pressure on cloud services pricing
- FIL token and protocols underpin data governance
Cloud services have meant pennies from heaven for Big Tech companies, as bumper profits for the likes of Amazon (US:AMZN) and Microsoft (US:MSFT) show. Demand for file storage is worth $46bn (£33.1bn) annually, and that figure is predicted to rise to $220bn by 2027, so continued dominance in this market is crucial to justify the valuations placed on Silicon Valley’s finest.
Microsoft’s share price actually fell straight after its results, largely because the margin of its Commercial Cloud division contracted. With investors so sensitive to any disappointment, disruptive threats must be taken seriously. If the pennies raining from the cloud start to bear the logo of crypto asset filecoin (FIL) it could be a headache for the tech giants.