Well-known Crypto trader and Influencer Elliot Wainman in new video opines, the native tokens of decentralized storage network protocols are ready to break out and surge high.
He uses Filecoin(FIL) as an example of a token that has recently risen to popularity. According to him, the coin’s revival is being fueled primarily by Chinese crypto market participants and is expected to continue.
Wainman also notes that in order to mine Filecoin, the participants should own it too, unlike bitcoin which can be mined by buying an ASIC.
“…the actual tokenomics behind Filecoin require people to buy Filecoin to mine Filecoins. You can’t just mine it like a Bitcoin by buying an ASIC – Application Specific Integrated Circuit…
Why China backs Filecoin?
About the reason behind China supporting Filecoin, the trader thinks is their urge to minimize overreliance on Western-dominated internet infrastructure. And Filecoin’s cloud storage protocol aligns with their agenda of building their own internet infrastructure as a defense mechanism against the tech cold war.
Apparently, China sees decentralized storage as a key to essentially guarding against internet infrastructure that has more or less been dominated by western influences like Amazon Web Services, Facebook, Google… almost all of these, except for Alibaba and all of their infrastructure. It’s mostly a western game here with the internet infrastructure.”
Moving further, he also mentions Siacoin(SC) and BitTorrent (BTT) the other two cloud storage services that have been coming to the forefront recently.
Siacoin (SC) Price has surged a whopping 138.2% in just the last 30 days and is currently trading at $0.0289. and BitTorrent Price has witnessed a 529.8% surge in the last 30 days and is currently trading at $0.009, according to CoinGecko.