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Decentralized storage platforms compared: Filecoin, Arweave, Siacoin

Decentralized storage platforms compared: Filecoin, Arweave, Siacoin

Last updated 30th Nov 2022
Disclosure

Decentralized storage is one of the fastest-growing industries in the blockchain sector. It is an industry that helps people and developers store files and documents in a decentralized manner. While centralized platforms like Google Drive and OneDrive work well, many people are more inclined towards storing their files in a decentralized manner. So, let us look at the top storage cryptocurrencies to invest in.

Filecoin | FIL

Filecoin is the biggest decentralized storage platform in the world. The network was started in 2017 after the developers raised about $250 million in a highly-subscribed Initial Coin Offering (ICO). Some of its earlier investors included the likes of Andreessen Horowitz and Winklevoss Capital.

Filecoin has experienced mixed performance in the past few months. The Filecoin price jumped to an all-time high of $235 in May this year. Since then, it has crashed by more than 85% and it is currently trading at the lowest level since March this year. 

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Still, the FIL token has a market capitalization of more than $4 billion and is the 36th biggest coin in the world. At its peak, it was among the top 20 of the biggest cryptocurrency in the world. The developers have also inked partnerships with the likes of Flow, Estuary, and Dapper Labs. It has also become a preferred storage platform for several NFT projects.

Filecoin price
Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.