Are NFTs a full-on scam? In 2022, thousands of NFTs for the Coachella music festival were frozen leaving users without any art in their NFTs. Why? The actual assets were held on servers that belonged to FTX. This is a problem with NFTs as a whole and not just ones connected to Solana and FTX. It’s a bug in the system while we bridge the gap between Web2 and Web3. Is there a solution? Or is this the achilles heel for NFTs? And I wonder if Filecoin has anything to say about it.
0:00 Intro
0:52 The Problem
1:38 Parler
2:32 Why Decentralized is Better
4:12 What is Filecoin?
5:14 Filecoin for Storage
6:11 IPFS
7:18 FVM
8:07 Conclusion
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Sources:
https://decrypt.co/114856/coachella-tomorrowland-solana-nfts-stuck-ftx
https://filecoin.io/
https://www.coindesk.com/consensus-magazine/2022/12/19/23-blockchain-predictions-for-2023/
https://www.dataunitconverter.com/exbibyte-to-terabyte/1
https://cointelegraph.com/news/filecoin-foundation-donates-10m-in-fil-tokens-to-internet-archive
https://filecoin.io/blog/posts/what-the-fvm-unlocks/
#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency
Ranty's a full-on scam well sometimes it Might feel that way Take example what happened at Coachella Music Festival back in 2022 thousands of Nfts were frozen because well the Servers they were owned by FTX and it Went down so you had all of these people Partying at Coachella that just got this Really cool nft when they pull it up All it shows is a blank screen this is a Problem not just for nfts but for the Entire decentralized space Servers are usually hosted by a larger Company like Amazon web services or Google And if those were to go down well you Don't have anything in your wallet this Could be the Achilles heel of an FTS in Web 3 But there may be a player coming to the Game try to solve it let's get it Welcome to people crypto my name is Ben Imagine you finally got that cute little Animal profile picture But you go to your crypto wallet and Pull it up And there's nothing there what gives is It a rug pull is it the nft Creator's Fault or something else this is a fatal Flaw when things are left on centralized Servers like Amazon web services Google Or Microsoft when things are on Centralized servers you're not in Control
In fact some people would argue that This is a way that these big tech Companies use to censor people We're moving their website so they don't Agree with their opinions or their Latest posts on Twitter facebookgram Chat if things black out and your server Goes could put well what does that leave You with nothing and in the dark and a Great example of this well look no Further than parlor no I'm not talking About the place where you go get your Mayonnaise and patties done I'm talking About these social media service there Was a reaction to the presidential Election parlor was a social media app That was created kind of to be an echo Chamber for Republicans if you will Because at the time shorter seemed to be An echo chamber for the other side of The aisle but They start getting a lot of heat and a Lot of controversy From other social media platforms big Shocker so what happened well they stood On the wrong side of big Tech and they Lost you can love parlor or hate it love Its politics hate its opinions whatever The case may be But this is an outright example of Direct targeted censorship because you Didn't agree with the masses but if Parlor was on a decentralized server it Couldn't have been censored and it would
Probably still be up to this day so Let's look at why decentralized servers Are far superior to centralized servers They're more resilient and of course This has to do with not having a single Point of failure if one point on your Network goes down that brings down your Entire server or in the case of Google Or Amazon a whole host of servers that Affect millions of websites around the World well then you have yourself a Closed system And you also have a system that can go Down any moment with a decentralized Network what you'll find is there's no Point of failure so that means even if One server went down or one node went Down The website would keep running then a t Would stay in your wallet that's Important second reason they're Superior Is because they're not controlled by Anyone it's a network unto itself like Bitcoin when it comes to these big tech Companies well you bet your bottom Dollar that they're going to try to Censor you at every single turn and they Have no problem like they did with Parlor removing you from their app store Or their website or their servers if all You did was disagree with their opinion Decentralized servers for all the Reasons listed above are censorship Resistant and that's always important in
A world where people are constantly Getting canceled or censored for things That they say think and believe and Lastly a decentralized server is Superior over a centralized server Because well frankly it's more secure Think about this if it only takes one Node to take down an entire network That's a problem doesn't seem very Secure Bitcoin has the largest Decentralized Network in the world And for this reason that's why it's the Most secure there are a lot more Hoops To jump through to try to bring it down Almost so much so That would be impossible see people are Getting tired of being censored on these Centralized servers And that's where filecoin comes in my Goal here isn't to bother you with the Consensus mechanism or talk about what Markets it's on or give you the Tokenomics of filecoin the value of Filecoin is in its utility its use case What it's going to be doing Price eventually is going to reflect That Falcon describes itself as a Decentralized storage Network this is Designed to store all of Humanity's most Important information Falcon allows Users to send and receive any kind of Data on a blockchain network users get Rewards for using the network because You need the users ensuring that the
Data is permanent and immutable that way The files don't get corrupted see you Get paid the coin fil in return for the Use of your computer servers and network Power or you could pay filecoin to store Anything you need to order in a safe Place and their fees well they're much Lower than their competitors like Amazon Even though it's not really a competitor It's centralized as you can see not only Does coin have a lot of value for the Retail investor or just the everyday Person using a network it also has value For Enterprise imagine all the files That businesses can send back and forth By using filecoins network according to Coindex.com over 4 000 storage providers Control tribute 16 expabytes of storage Capacity keep in mind one of the IB is Equal to over 1.5 million terabytes That's a pretty big iPod if you ask me In fact it's so big that it could Archive the entire internet more than 275 times now speaking of internet Archives back in 2021 Bob coin donated 10 million dollars to the company called Internet archive you might know them as The company that created the Wayback Machine where you can go and see Everybody's mistakes on the internet They donated the money to the Wayback Machine So filecoin could archive all of their Data because it's so incredibly valuable
And it was on a centralized server makes No sense but the most important part of This entire project is called the ipfs Or interplanetary file storage protocol Ipfs is going to replace centralized Servers with server protocols the power Of the World Wide Web it's going to be The de facto layer of storage when it Comes to web3 all of the current Websites you visit most likely Are using centralized servers you're Watching on YouTube centralized server Check it out on Twitter To try a server you read about how much They love me on Reddit Centralized server and these digitalized Servers well not only can they go down There not as secure so my big enough Pockets can come in and talk the company Into letting them take over your website So the ipfs relies on nodes specific Parts of the network not the entire Network this is why its goal is to one Day get the internet out of our planet And into outer space I kid you not That's really the goal because when We're in the spaceship we won't need to Refer back to centralized servers on Earth It's all decentralized and it's going to Be in outer space hence interplanetary So big update in q1 of this year Filecoin is going to be doing something Huge they're going to be releasing smart
Contracts through the filecoin virtual Machine or fvm which will open the doors Up for it to finally become a full layer 1 protocol on its own the way they put It in their fvm blog post is think of Storage and retrieval functionality as Being file coins layer zero architecture The ability to perform on-chain Computation so now bring layer 1 Capabilities to the fog coin stack this Takes just the storage aspect of Filecoin the blows expectations Absolutely out of the water what this Opens up is absolutely mind-blowing First and foremost we did it these Neutralizations here but we're talking Web 2 to web 3 onboards nfts metaverse Smarter storage markets L2 Bridges Auction mechanisms and much much more so Let's get down to brass tacks what's Gonna happen to the price well I can't Give you Financial advice I can't tell You for sure But just for filecoin to get back to its All-time high You're looking at a 63x from the time of This recording That's a lot of x's think about if every Single one of those dollar bills in your Pocket on the way the shoe show Turn into a 63 Bill well number one it'd Be amazing because nobody's ever seen a 63 bill but it would also be great Because you'd have more money and I'm
Not saying it would definitely get to New all-time highs I do believe Personally that it will for a lot of Reasons is focused on utility it's got a Great project good name recognition Trump backers but it's not guaranteed so Keep that in mind it does have some Deflationary mechanisms built into the Tokenomics so the supply over time may Actually go down which is great for Supply and demand fifth grade economics So I don't want to pump you up and think Filecoins going to the moon for sure What I will tell you is they're very far Advanced in what they're doing they Actually are ready as a layer zero have More storage than almost any other layer One blockchain maybe the very most once The fvm comes into play the Incentivization begins to work and People are earning coins for sitting and Receiving on the network well people are Going to be waking up to the fact The web 3 is here filecoin is ready to Take over Amazon Google Microsoft you guys need to Step to the side because with the help Of the ipfs Five coin is taking the world Decentralized in a big way and that's The future of the internet And I bet your portfolio is probably Going to be pretty happy in this new World if you have file coin in it that's
All I got be blessed big boy out Foreign
