Filesharing tokens are also known as decentralized storage assets, where users are rewarded with coins and tokens in exchange for hosting storage space on their computers and reducing their resource consumption. Decentralized filesharing is a technique for distributing file storage among numerous network nodes instead of a single central server.
Blockchain technology can be used to build dependable, decentralized filesharing networks where contributors are encouraged to keep up their contributions. There are always enough nodes offering their services to the network thanks to a token-based reward mechanism.
This article looks at the Top 3 Filesharing Tokens to watch in July 2022, sorted by market capitalization.
Note: The list below is ordered by the market capitalization of each project, lowest to highest.
#5 Storj (STORJ)
- Market Cap – $254,860,650
- Unit Price – $0.6485
An open-source cloud storage system is called Storj, pronounced “storage.” In essence, it hosts user data on a decentralized network of nodes. The platform uses cutting-edge encryption to secure hosted data as well.
Storj stands out from other cloud storage networks in a variety of ways. Storj operates on a network of thousands of separate computers, unlike standard cloud storage solutions that keep data in big data centers.
By installing Tardigrade, anyone with a few extra terabytes of space can join the platform as a node. A reliable and robust internet connection is all that is needed.
Because of the network’s efficiency, hosts pay significantly less for their data storage than they would if they used conventional cloud storage services.
Storj Labs Inc. employs its Tardigrade software to produce and safeguard user data, which is installed on node PCs. Thanks to this network of anonymous nodes, users no longer need to rely on cloud storage service providers to protect the confidentiality of their data.
$STORJ has a 24-hour trading volume of $39,646,490. You can buy Storj at the top cryptocurrency exchanges like Binance, Bybit, OKX, MEXC, and Bitget.
#4 Arweave (AR)
- Market Cap – $324,391,057
- Unit Price – $9.82
A decentralized storage network called Arweave aims to provide a platform for the long-term archival of data. The network primarily hosts “the permaweb,” a permanent, decentralized web with several community-driven applications and platforms. It describes itself as “a collectively owned hard drive that never forgets.”
The Arweave network pays “miners” to keep the network’s data permanently stored using its cryptocurrency, called AR.
Arweave wants to ensure the “collective ability to store and share information between individuals and across time to new generations.” according to its yellow paper. Its flagship permaweb is constructed on top of Arweave’s “blockweave,” a variant of blockchain technology in which each block is linked to the one immediately before it and a random older one.
According to Arweave, this encourages miners to keep more data because they must be able to access arbitrary prior blocks to contribute new ones and get rewards.
$AR has a 24-hour trading volume of $46,700,965. You can buy the token on any of these top exchanges Binance, OKX, MEXC, Bitget, and FTX.
#3 Holo (HOT)
- Market Cap – $354,267,441
- Unit Price – $0.002059
Decentralized apps (DApps) are hosted on the peer-to-peer Holo platform, created using the Holochain framework, which does not employ blockchain technology. By providing an environment and marketplace where DApps are easily accessible, as they are hosted on the internet by Holo network users, Holo aims to act as a bridge between the general internet and apps created utilizing the Holochain.
Holo is made to serve as a conduit between Holochain, which stands for the cryptographic technology industry, and common people. The project cites many developments, such as the capacity to host P2P programs on the internet for general users, that it claims would allow a dramatic shift in the landscape of crypto applications and currencies.
The hosts that the Holo network depends on give storage and processing power to DApps created using Holochain.
$HOT has a 24-hour trading volume of $22,393,090. The top cryptocurrency exchanges trading Holo stock are Binance, Bybit, MEXC, Bitget, and BingX.
#2 BitTorrent-New (BTT)
- Market Cap – $754,434,930
- Unit Price – $0.0000008042
BitTorrent is a well-known peer-to-peer (P2P) platform for torrenting and filesharing that has become more decentralized in recent years.
According to its official literature, BitTorrent is currently the “biggest decentralized P2P communications protocol.”
The original intent of BitTorrent was to upend the established entertainment market and the way that customers consume information.
The original creator, Bram Cohen, saw advantages in allowing internet users to distribute content among themselves directly, making costly and ineffective distribution networks the primary goal.
Until TRON entered the market in 2018, BitTorrent was the preferred P2P filesharing platform.
Under TRON, BitTorrent’s user base has grown to include both its existing users and those drawn to cryptocurrency and decentralized solutions.
One of the new features is BitTorrent Speed, which operates in part using the BTT token.
Additionally, BitTorrent has expanded into commercial services, providing several “premium” versions of its platform that feature VPN functionality and ad-free browsing.
$BTT has a 24-hour trading volume of $87,725,341. The top cryptocurrency exchanges currently trading BitTorrent-New stock are Binance, Bybit, OKX, MEXC, and Bitget.
#1 Filecoin (FIL)
- Market Cap – $1,201,491,728
- Unit Price – $5.31
The mission of Filecoin is to store humanity’s most critical knowledge in a decentralized database.
The project was initially introduced in 2014 as an incentive layer for the peer-to-peer storage network known as IPFS. Filecoin is an open protocol supported by a blockchain that keeps track of the promises made by network users. Transactions are made using FIL, the blockchain’s native currency.
Decentralized data storage is the goal of Filecoin. In contrast to centralized cloud storage providers like Amazon Web Services or Cloudflare, Filecoin uses its decentralized nature to safeguard the integrity of a data’s location, making it simple to retrieve and difficult to censor.
Decentralized storage platforms like Filecoin make the internet more accessible to people worldwide while enabling individuals to be their data custodians.
$FIL has a 24-hour trading volume of $135,734,281 USD. The top cryptocurrency exchanges currently trading Filecoin stock are Binance, Bybit, OKX, MEXC, and Bitget.
Final Thoughts
Filesharing via blockchain provides a unique way to utilize your resources and earn rewards, but it has inherent risks. Despite the fact that many platforms are genuine, filesharing is frequently the target of piracy. Before investing, make sure you do your due research and examine everything. Always DYOR.
Data Source: CoinMarketCap
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: thodonal/123RF
