Ethereum Classic Labs last week announced that it would now build a partnership with the decentralized blockchain-based storage network called Filecoin .So what is Filecoin used for and what is its purpose ?
Filecoin is a cryptocurrency with a incentivised and decentralized market place , where storage providers can choose to be payed in filecoin tokens in exchange for renting storage space to business and private individuals .
Although Filecoin is still in testnet with no apparent date to launch, Eth Classic Labs plans to integrate With Filecoin for Proper Documentation According to Eth Classic Labs by incorporating the Filecoin Lotus API it would provide the ideal documentation for future developers and enable support for safe client generation. It would allow the tracking of any enactment and changes in the APIs .
Filecoin is a mineable chain with a tutorial how to mine Filecoin on the testnet
James Wo,the founder of Eth Classic Labs stated that decentralized storage systems could disrupt Google Cloud, Amazon S3, and other established corporations that enjoy a monopoly in the digital storage space .