A Retrospective on Filecoin's Launch | Messari

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Introduction

After three years of development, Filecoin finally launched its mainnet on October 15, 2020. Filecoin raised $52 million in a pre-sale and a further $205 million in their ICO. They had a dream list of investors from funds like Sequoia Capital, Y Combinator, Digital Currency Group, and Andreessen Horowitz, who shared the vision for a decentralized data storage network and envisioned how the technology could benefit multiple blockchain projects.

The Storage Market

Filecoin is entering a market where Storj and Sia have a working product. According to Filstats.com, which takes a sample of the last 2,500 deals for the average deal time in days, $FIL paid and quantity stored, storage cost is currently $0.018 per GB per year. AWS’ Amazon S3 Standard (a general-purpose storage typically used for frequently accessed data) is 15x more expensive than Filecoin. However,