Filecoin, a prominent name in the world of blockchain technology and decentralized storage, is making waves with its emphasis on data ownership. The recent panel discussion at Benzinga’s Future of Digital Assets highlighted the growing awareness of the importance of data ownership in the crypto space.
Rachel Green Horn, the head of Marketing and Communications at Filecoin Foundation, highlighted the internet’s vulnerability during the discussion. Following a revealing survey conducted last summer, Horn noted that only 25% of respondents acknowledged the internet’s fragility.
She was surprised by the stark contrast between the low acknowledgment of the internet’s fragility (25%) and the high number of people (70%) who had faced difficulties accessing their data.
The Surprising Fragility of the Internet Revealed: Why Data Ownership Matters – @RachelGreenHorn Head of Marketing at @Filecoin foundation at @benzinga‘s Future of Digital Assets Event!
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— Benzinga Crypto (@benzingacrypto) November 7, 2023
Horn underscored the significance of data ownership. In an era where personal data is often harvested, monetized, and misused, the need for individuals to have control over their own data is more pressing than ever.
She said:
“I think we’re at this moment where people recognize the value of having a greater ownership stake in their data and how they interact online.”
Horn’s words resonated with many in the audience as she described how the decentralized storage network is contributing to this shift in perspective.
Unique Incentives
Horn pointed out that Filecoin incentivizes storage providers to actively participate in the network by offering them the opportunity to earn the crypto as they store data.
This approach aligns with the core principles of cryptocurrencies, which aim to empower users and decentralize control. It’s not merely speculative; it’s a practical application that serves the greater good.
FIL market cap currently at $2.1 billion. Chart: TradingView.com
“This is just an excellent use case of crypto,” Horn emphasized. In an industry often criticized for its speculative nature, Filecoin stands out by providing real-world utility that goes beyond trading and investing.
Impact On The Market
The market response to Filecoin’s commitment to data ownership and its innovative incentive model has been significant. As of the latest data available on CoinGecko, the FIL native cryptocurrency is currently trading at $4.63. Over the past 24 hours, it has witnessed a substantial gain of 7.2%, demonstrating the growing interest in the project.
FIL seven-day price action. Source: Coingecko
Over a seven-day period, FIL has surged by an impressive 16.7%, indicating sustained enthusiasm in the market. This surge reflects the recognition of its unique role in addressing the critical issue of data ownership, an aspect often overlooked in the crypto space.
The Future Of Data Ownership In The Crypto Space
Filecoin’s commitment to data ownership is not only a pivotal aspect of the project but also a reflection of the broader shift within the crypto space. As the public becomes more aware of the importance of controlling their digital footprint, projects like these are likely to continue to gain traction.
Featured image from Elti Meshau/Pexels