With its birth in 2013, Ethereum has now stabilized itself as the A-lister blockchain. As its consensus is accepted by thousands of hundreds of developers, booming applications find their homes. While Bitcoin is revolution, Ethereum is application.
Ethereum 2.0 has been the talk of the block for what feels like forever now. The advent of Ethereum 2.0 is nigh, which made up the nightmares of stuff ETH miners…
Ethereum 2.0 will herald a significant shift away from POW to POS. In the past decade, each transaction in Ethereum needs to be executed and packed by the miners, who are incentivized by the gas fee that users pay. Miners are chiefly motivated by profit, so they tend to execute transactions with higher gas fees.
Such high gas fees and the always late Ethereum2.0 give a chance to Layer2, it’s a secondary framework or protocol that is built on top of mainnet. The main goal of Layer2 is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks. There are two kinds of popular rollups methods, namely ZK-Rollup and Optimistic Rollup, using validity proofs (a zero-knowledge proof) and fraud proofs respectively, to ensure on-chain data validity.
However, once rollups are free of the state growth bottleneck, they are primarily bound by data capacity on the base layer.
Though there is plenty number of applications based on different Layer2 solutions that appear nowadays, historical storage is an unavoidable bottleneck.
On the other hand, an overwhelming amount of users and traditional companies is knocking the door of crypto marketing. The stories of Metaverse are written; the songs of web3.0 are singing; the fire of NFTs is burning. None of them can keep growing without the support of a huge volume of storage.
Over the last 10 to 15 years there has been an uprising of people who value privacy, not because they are weird and want to go and hide in the woods, ordinary citizens who are not happy with how much data they are handing over.
Users fired their pistols and the battle for data had begun. Thanks to Metaverse and Web3.0, users can control their data, which will be stored in a decentralized data storage network instead of a high-risk centralized database (storage your data in a smart contract, where there's no central authority can be an intimidating prospect).
Tell a truth, at some point there’s too much data and the probability of a missing byte somewhere increases. So who will store the data?
My preference would be simply enshrining an “Ethereum History Network” protocol, perhaps collaborating with Filecoin.
Storage Providers building on Filecoin are in charge of storing, providing content, and issuing new blocks. Storing data on Filecoin lets users harness the power of a distributed network and an open market served by thousands of different storage providers. The more decentralized this network gets, the more capacity there can be safe.
Another piece of news that makes Filecoin bullish is that Huobi Tech borrowed 250,000 $FIL from the shareholder on Mar 3, 2022, aims to support promising Filecoin developers, promote Filecoin-related academic research, and foster ecosystem development.
For Filecoin itself, the team will release FVM-based smart contract functions in 2022. In the future, smart contracts and DApps can be deployed on the Filecoin blockchain. Moreover, FVM is an EVM system that is compatible with Ethereum.
We never know what will happen the next day. Earthquakes, war, policy… The market is complex and ever-changing. The most important thing for investors is capital preservation. It also holds water for crypto investment. Never put all your eggs in one basket. While you buy small-cap altcoin with high-risk, setting a part of your asset for low-risk investment, mining, is necessary. $SFIL should be your first mining choice.
$SFIL is a token backed by authentic Filecoin hash power. Every $SFIL is pegged to 0.01T Filecoin full hash power. Once you hold $SFIL in the wallet, you can get free $FIL each day. Additionally, users can sell it for fiat in the secondary market whenever they want.
$SFIL in my eyes:
a. No barrier to entry
b. Not as volatile as the crypto market
c. Quick access to buy and sell, unlike centralized mining machines
Thanks for your reading!❤️
This is a private account sharing opinions, this is NOT financial advice.