Scaling Filecoin via a public company vehicle
A special message from Chief Operating Officer, David Johnston on DLTx’s vision and interest with Filecoin and what it means for investors
The following text is a transcription of the video message from David Johnston to shareholders and investors upon DLTx’s public disclosure of its 2021 Q3 Financial Results Reporting. Read the full Q3 summary here.
Hey everybody, this is David Johnston. I serve as the Chief Operating Officer for DLTx and I’m very excited today to talk on three subjects.
First, about the Filecoin Protocol, second about the DLTx operations in Filecoin, and third, really about the evolution of the Filecoin Protocol going forward. And so this is something that we’re very passionate about at our company, which is decentralizing the internet. We’ve seen this with the transfer of value when it comes to Bitcoin and now what we’re seeing with Filecoin is the decentralization of the cloud.
So, the way to think first about Filecoin is really as a decentralized Amazon Web Services. Amazon today is one of the largest clouds in the world but only they can provide storage to the network. In the case of Filecoin, it’s an open marketplace. Any data center, any miner can provide data storage to the network, and this is truly a revolutionary approach where it’s an open-source and neutral platform that everybody can use and everybody can access.
And so, Filecoin has really taken off — it now has more than a $6B market cap and so we selected it as one of our big focuses at DLTx. As you know we have a Bitcoin division and we have a Filecoin division. With Filecoin, our operations are really focused around building data centers, operating data centers and providing that storage capacity to the network.
So, you probably all heard about our first operation, File Storage Ops 1 a couple of months ago, and happy to say it’s been operating flawlessly. And we really want to use the Filecoin network as an opportunity to display the transparency that we want to have as a company. And so one of the things we’re going to be doing in the coming weeks is actually putting up on the website links to our Filecoin operations, so everybody can see how the mines are doing, the storage capacity that they’re putting up online. I’m happy to say that so far we’ve already put more than 9 petabytes data capacity onto the Filecoin Network, and this is a huge breakthrough for our team having planned and executed this first operation with 100% uptime, so that’s sort of where our operations are at today, but we really expect the Filecoin Protocol to evolve.
Today, it’s growing really quickly, over 13 exabytes of data have been put onto the network globally. And where we see it going, is really transitioning from focusing on storage to providing more and more interfaces directly to users, and the cool thing is as an open-source community, DLTx has an incredible opportunity to participate in building those interfaces, providing that storage capacity directly you users, and so in the next year or so, that will become a big focus of ours. Not just building out the storage capacity, but getting that commercialization going, getting more and more people using the Filecoin Network.
You know, we saw a very similar transition with the Bitcoin Network in the last ten years, at first, miners earned most of their fees from the network rewards, but today, it’s more and more the users and their fees that are paying the miners and rewarding them. So, we’ve seen a similar curve of adoption and Filecoin’s just earlier on in that same curve.
So, we’re very excited about the developments going on. We’re actively engaged in the community. We’re looking at the open-source [technology], we’re talking with the different players that are building the interfaces and APIs and everything involved in using Filecoin, and so yeah, we’re excited about where the company is headed for the Filecoin division. You’ll see from the Q3 Report that we’re planning a series of expansions of our Filecoin facilities and that’s really exciting because we have an opportunity to really grow with the decentralized network not only here in North America but in Europe and other jurisdictions.
I’ll stop there, but excited to be involved in this mingle today and answer any questions that you guys have about what we’re doing with Filecoin, the future of the protocol and our operations today.
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