Filecoin compared to

While Filecoin shares some similarities to other file storage solutions, the protocol has significant differences that one should consider.

Filecoin combines many elements of other file storage and distribution systems. What makes Filecoin unique is that it runs on an open, peer-to-peer network while still providing economic incentives and proofs to ensure files are being stored correctly. This page compares Filecoin against other technologies that share some of the same properties.

Filecoin vs. Amazon S3, Google Cloud Storage

FilecoinAmazon S3, Google Cloud Storage
Main use caseStoring files at hypercompetitive pricesStoring files using a familiar, widely-supported service
PricingDetermined by a hypercompetitive open marketSet by corporate pricing departments
CentralizationMany small, independent storage providersA handful of large companies
Reliability statsIndependently checked by the network and publicly verifiableCompanies self-report their own stats
APIApplications can access all storage providers using the Filecoin protocolApplications must implement a different API for each storage provider
RetrievalCompetitive market for retrieving filesTypically more expensive than storing files to lock users in
Fault handlingIf a file is lost, the user is refunded automatically by the networkCompanies can offer users credit if files are lost or unavailable
SupportIf something goes wrong, the Filecoin protocol determines what happens without human interventionIf something goes wrong, users contact the support help desk to seek resolution
Physical locationMiners located anywhere in the worldLimited to where provider’s data centres are located
Becoming a storage providerLow barrier to entry for storage providers (computer, hard drive, internet connection)High barrier to entry for storage providers (legal agreements, marketing, support staff)

Filecoin tokens (FIL) vs. Bitcoin tokens (BTC)

Main use caseFile storagePayment network
Data storageGood at storing large amounts of data inexpensivelySmall amounts of data can be stored on blockchain at significant cost
ProofBlockchain secured using proof of replication and proof of spacetimeBlockchain secured using proof of work
Consensus powerMiners with the most storage have the most powerMiners with the most computational speed have the most power
Mining hardwareHard drives, GPUs, and CPUsASICs
Mining usefulnessMining results in peoples’ files being storedMining results in heat
Types of providerStorage provider, retrieval provider, repair providerAll providers perform proof of work
Uptime requirementsStorage providers rewarded for uptime, penalized for downtimeMiners can go offline without being penalized
Network statusMainnet running since 2020Mainnet running since 2009