The partnership between the Filecoin network and the io.net platform is a major shift for the decentralized storage providers, as more income avenues have been created.
The Filecoin (FIL) network has grown to a mature decentralized storage ecosystem with a fully diluted valuation of more than $9.2 billion. In a bid to ensure sustainable growth in the future, the Filecoin network has been working with other industry players to onboard more stakeholders. In the latest development, the Filecoin network has announced a strategic partnership with io.net, an established platform that is building a decentralized cloud for GPU computing power. According to the announcement, the two entities have decided to join forces in a bid to empower their respective communities. Already, the io.net team has onboarded 1,500 GPUs from Filecoin Storage Providers out of over 17,000 GPUs that are onboarded and live.
What the Filecoin and io.net Partnership Mean for the Web3 Ecosystem
The coming together of the Filecoin network and the io.net platform is a major shift for the decentralized storage providers, as more income avenues have been created. Moreover, storage providers can now diversify their use cases through secure and reliable networks. Ideally, the partnership is community-focused, thus opening up more use cases including allowing enhanced venture into artificial intelligence via machine learning (ML).
Earlier this year, Ahmad Shad, the Chief Executive Officer and Founder of io.net introduced the decentralized cloud service to storage providers during a weekly Storage Provider Working Group Call. As a result, the io.net platform sponsored the invitation-only FIL Dev Summit in Singapore in September, which led to Shadid presenting at the major Filecoin community event FIL-Vegas in October.
“Having identified a major need for GPUs, we wanted to build a platform that people could trust. This particular initiative with Filecoin is not just about expanding use cases or diversifying income streams for hard-working Storage Providers. It’s about enriching the decentralized data economy as well, and fostering a symbiotic relationship where both io.net and Filecoin SPs can grow and thrive together,” Shidid noted.
Similar sentiments were expressed by Nonathan Victor, the ecosystem lead of Protocol Labs, who added that the joint ventures will open up more opportunities for the stakeholders.
“Generating datasets in close proximity to storage hardware is naturally symbiotic for both ecosystems and sets the stage for fully protocol-managed ML workflows. As io.net brings web2 demand to Filecoin’s SPs, it brings new capital flows into the Filecoin economy as well – and as Filecoin supports more datasets and distribution offerings it can better serve the io.net community,” Nonathan added.
Market Implications
Following the continued strategic collaboration, FIL price has jumped more than 11 percent in the past four weeks to trade around $4.74 as of this report. The altcoin will experience more adoption with io.net working together with the Filecoin network to incentivize decentralized storage providers.
