Five Important Reasons Why AI Will Start Utilizing Filecoin in 2024
The rise of Artificial Intelligence (AI) is causing a buzz within the Filecoin community as many predict a flood of AI companies will migrate to the decentralized P2P storage network in 2024.
Filecoin’s network offers the perfect solution to the problems that most AI companies are facing, such as high storage fees, regulatory authority stifling innovation, and lack of collaboration.
With the hype starting to build, we looked at five important reasons AI will start utilizing Filecoin in 2024.
1. Scalable Decentralized Data Storage
The AI industry generates and processes vast data that continues to increase as the months pass. Filecoin’s decentralized P2P storage solution provides the perfect way for AI companies to store this data securely at cost-effective rates.
AI companies can store their training datasets, models, and results on the Filecoin network, ensuring data integrity and accessibility.
Filecoin’s offering is often considered more reliable and resilient than traditional centralized storage solutions. Furthermore, the Filecoin network is designed to be scalable, especially with the $FIL liquidity entering the network through protocols like FILLiquid.
With the data requirements for AI companies continuing to mount, Filecoin provides the perfect hosting service.
2. Data Sharing and Collaboration
The AI sector often requires companies to collaborate among multiple parties. Filecoin’s solution makes this easy by enabling teams or organizations to contribute, access, and collaborate on different datasets without requiring a central authority.
AI companies can hand the keys to the dataset to those who need access, allowing for seamless and enhanced data sharing and collaboration.
3. Cost-Effective Long-Term Archiving
Compared with traditional storage solutions, the decentralized offering from Filecoin provides the best cost-effective storage option.
The fact that Filecoin utilizes a marketplace model enables AI companies to leverage competition when hunting for the best prices in the market, allowing them to optimize storage costs based on market dynamics.
In addition, Filecoin’s design ensures long-term durable storage solutions, making it suitable for long-term archiving of AI-related data.
The long-term storage service allows datasets and models from AI companies to remain accessible and secure, ensuring they have access at all times without dragging down their balance sheets.
4. Immutable Storage
In addition to long-term archiving, data stored on Filecoin is immutable, providing the best record-keeping option for AI companies.
AI companies can take advantage of immutability by storing critical records, audits, and prior versions of their AI models.
Alongside increasing trust and helping elevate compliance, immutable storage helps to bring transparency and a tamper-proof history to AI models, datasets, and their results.
5. Permissionless Architecture
Last but not least, the entire Filecoin network is permissionless, which is essential to securing long-term AI innovation.
With most AI companies sitting on the cutting edge of technology, they’re increasingly facing regulatory pressure regarding their lack of future control of their models.
If AI companies continue using centralized storage solutions, regulators and authorities can easily pressure the storage service to restrict data access during regulatory scrutiny. Furthermore, if centralized storage solutions deem an AI company to be breaking its code of conduct, it can easily limit access to data or even remove it entirely.
As a result, centralized storage solutions could stifle innovation in the sector because an AI model can only progress with access to the required data.
Filecoin provides the perfect solution as its decentralized P2P storage service is entirely permissionless, meaning nobody can restrict access to the data at any time.
FILLiquid’s Here to Help With Continued Storage Capacity
We at FILLiquid are developing a lending platform that aims to solve the Storage Provider’s dilemma of increased $FIL pledges.
Storage Providers must bond $FIL tokens to the network to increase their storage capacity, presenting increased financial burdens for those providing storage.
As a result, a bottleneck is starting to emerge on storage capacity expansion as Storage Providers need help to gain access to $FIL liquidity.
FILLiquid aims to ease the financial burdens for Storage Providers through its decentralized $FIL lending market, allowing them to borrow $FIL without any fiat or crypto collateral.
In addition, FILLiquid allows $FIL holders to earn a passive income on their holdings by bridging borrowers (Storage Providers) and lenders ($FIL holders).
Join our community and follow us on social media to be updated about when our protocol is set to go live in the coming weeks.
