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CodefiCodefi Activate

Codefi Activate Launches Filecoin Storage Application

by James Beck, Mally AndersonOctober 20, 2020
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The Filecoin Storage web app and API, powered by Codefi Activate, enables price discovery for decentralized storage.

Today Codefi Activate launched Filecoin Storage to provide the best view of the Filecoin decentralized storage marketplace, accessible through a web app as well as an API. The goal is to make price discovery for storage on the Filecoin network simple and transparent.

The Filecoin Storage app consists of a simple, searchable marketplace that lets ecosystem participants get a full picture of the Filecoin storage market and allows clients to filter, sort, and find the best miners for their needs. Filecoin miners, who offer data storage services, can use the app to announce their pricing and availability to a marketplace browsed by clients, who engage with miners to store and retrieve data through storage deals.

How the Filecoin storage market works

Filecoin is a peer-to-peer network that stores data, with built-in economic incentives to ensure that files are stored reliably over time. Decentralized storage is a critical element of the Web3 stack, and the Filecoin Storage platform on Codefi Activate will facilitate an active marketplace for the pricing and purchase of storage in Filecoin’s native cryptocurrency, FIL. 

In Filecoin, users pay storage miners to store their files. Miners run software and hardware to store files for clients and get compensated for doing so. Anyone who wants to store their files or get paid for storing other users’ files can join Filecoin. Available storage and pricing is not controlled by any single company. Instead, Filecoin facilitates open markets for storing and retrieving files in which anyone can participate. 

Explore the Filecoin Storage App on Codefi Activate

Filecoin Storage provides a complete view of the Filecoin storage market, accessible through a web app as well as an API. The app queries all active miners and stores relevant information, including the miner’s account ID, the storage capacity they are offering, the monthly price per gibibyte, their location, and a reputation score.

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Reputation is a score that represents the efficacy of storage providers: their ability to provide large amounts of storage, maintain zero-to-low faults, conduct deals, and maintain competitive pricing. The score is on a 0-100 scale where a score of 0 reflects a failed storage provider and a score of 100 represents the best possible score. Included in the score are the number of verified active deals, faults, available mining power on offer, and the asking price for the miner’s storage relative to the median price offered on the network. 

The current version of the reputation score is a simple weighted calculation based on: 

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Users looking for storage can query the market and drill into a specific miner to learn how many successful deals the miner has processed, the faults they’ve experienced, and even construct a “storage deal” directly from the application. The storage deal can then be submitted through a Lotus client and, if accepted, start an active contract on the Filecoin network.

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Next Steps

Codefi Activate is excited to contribute to the historic Filecoin launch and eager to support and engage with the community! Please reach out if you have any questions or would like API access to the Filecoin Storage data. And keep an eye out for the launch of the DeFi Bridge later this quarter.

Filecoin Storage is now live!

The Filecoin network mainnet went live last week and the Filecoin Storage marketplace is now available to use on Codefi Activate. 

About Codefi Activate

Codefi Activate is a platform that facilitates the launch of decentralized networks and accelerates network user participation. Its mission is to remove the complexities of participating in decentralized networks by facilitating interactions between network users, enablers, and creators. The Activate dashboard provides users with a macro-economic overview of the particular network. This dashboard distinguishes and presents live network information so a user can understand what next action to take with their tokens.