Filecoin
$114.16 -4.63%
FIL · 3w

Filecoin Price Could Double In Next 12-18 Months: Wedbush

In brief Filecoin is a decentralized protocol that allows users to rent out spare storage on their computer. One analyst sees it as the most promising innovation in crypto, because of its potential use cases for huge tech giants.

Dan Ives, managing director at equity research firm Wedbush Securities, is known for covering big tech stocks like Apple, Tesla, and Microsoft. But in a note last week on the day before the Coinbase direct listing, Ives tossed out this comment at the end: "We believe there are a number of business models attacking this new market opportunity, with privately held Filecoin one of the more impressive strategies we have seen in the market."

Filecoin is a decentralized data storage protocol. Unlike other blockchains, it allows anyone to rent out spare storage on their computer, and anyone can buy storage on the Filecoin network. This makes the Filecoin network a huge data vault—and this is why Ives sees it as crypto’s greatest innovation to date. 

Filecoin network has big potential for big tech companies

Ives elaborated on his take in a phone interview with Decrypt. "Today, the markets are dominated by large software companies. Filecoin offers developer application builders significantly cheaper storage options in a very secure, unique format,” Ives said. “That’s very applicable, especially just given the amount of data that needs to be stored.” 

In other words, Ives believes the Filecoin network has applicability completely outside of crypto. Some of the world’s biggest companies—Amazon, Google and Microsoft to name just three—rely on centralized cloud storage. 

According to Ives, it’s “just not feasible” for these companies to continue storing all their own data, which is where the Filecoin network comes in, an innovation that is already “12 to 18 months ahead” of companies that—according to Ives—are already well-versed in blockchain, like IBM. 

“There is a clear supply demand in terms of what ...

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