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- Filecoin ecosystem data suppliers have increased by 7X.
- The network is frequently compared to the Amazon Web Services (AWS).
- The team will release its software platform some point in 2023.
FVM Announcement Contributes to FIL Network
Cloud computing is becoming a growing phenomena every day. With the presence of companies like Amazon Web Services, Microsoft, International Business Machine (IBM) and more, the sector is becoming highly competitive. Recently, a peer-to-peer file sharing cloud network, Filecoin, experienced a fine growth following the announcement regarding the launch of Filecoin Virtual Machine (FVM).
According to the Protocol Labs’ co-lead, Colin Evran, “Data suppliers are growing by 20% every month.” He added that “7,000 new devs are currently working on dApps on the network.” The cloud storage facility allows users to buy and sell computer storage on decentralized servers.
The news comes after the company announcement regarding FVM launch scheduled in 2023. The Filecoin Virtual Machine will serve as a software platform for developers. According to Protocol Labs’ founder, Juan Benet, “Around 20,000 users were storing nearly 50 Million data objects in the Filecoin network.” The ecosystem is working on becoming a tough competitor in the market like AWS.
AWS Possesses The Lion’s Share
Let’s take a look at the cloud computing sector briefly. Everyone aware of cloud storage knows that Amazon Web Services is dominating the marketplace currently. Dell EMC remains the biggest cloud computing organization in terms of revenue generation with 90.62 Billion USD, followed by IBM (79-80 Billion USD), Microsoft Azure (32-33 Billion USD) and AWS (25-26 Billion USD).
Filecoin is usually compared with AWS with respect to cloud computing. But the retail giant has dominated the biggest of mammoths in the sector with its cloud facilities. According to a report, Amazon generated 74% of its total revenue in 2021 from its web services only, e-commerce and other operations were accountable for the remaining 26%.
Amazon Web Services holds 33% market share in the 180 Billion USD cloud computing sector, which is more than Google Cloud (21%) and Microsoft Azure’s (10%) combined share. The company’s clients include Netflix, Twitter, ESPN, BBC, Linkedin and more. The organization provides its services to the federal governments of the United States and Canada too.
Looking at AWS with a profit’s vantage point, it is a cloud service provider having e-commerce and other businesses as its side operations
Looking at the success of Amazon Web Services, Filecoin appears to be on a long way from giving a tough competition to the company. The organization needs to show a higher potential if they desire a similar level of popularity as AWS.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
