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Decentralized Network Filecoin Reaches Exabyte Storage Capacity

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In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which is less than 7% of the current capacity of Filecoin.

A decentralized blockchain network Filecoin has reached a milestone of one exabyte storage capacity according to the latest report. Filecoin has moved so fast with its large-scale storage expectation with the founder and CEO of Protocol Labs Juan Benet stating that it is exceeding expectations.

The network for borrowing and renting out storage capacity has currently exceeded the capacity estimates of Netflix Library. This means the network has come far with many expectations of getting applications to utilize the storage. This is in line with the usual belief that once the network is built, applications will come. 

Filecoin is a decentralized protocol that is built to make it possible for people to give out spare storage space on their computers for rent. Also, people can equally purchase storage from there. 

Despite this milestone, there is a lot of excess capacity which is expected to be filled up once the applications come on board. According to Benet, there is no way Ethereum and other blockchain-related networks came into the scene to accommodate applications end to end because Ethereum cannot even host an entire chatroom. 

As of November 19, 2020, the Filecoin network had around 761 gigabytes of data perfectly stored on its network. The excess capacity has however been said to depend on miners for the said storage. It is expected that this milestone would be built upon to perfectly execute the remaining goal of the network. 

Filecoin Decentralized Network Capacity

Filecoin has done incredibly well in the eyes of those who understand bytes. Benet revealed that the challenges of setting out a network that will have such a huge capacity on a decentralized blockchain network were big ones. He revealed that his intention was mocked, and people even laughed at him directly saying it is near impossible to build a decentralized network that would exceed as high as 10 petabytes. However, he proved them wrong as the network is almost exceeding one exabyte. Having achieved the capacity of 100 times more than the limit set by critics and mockers, Benet believes that this is just the beginning of greater things the network is set to achieve. 

By comparison, Filecoin has made a huge capacity higher than Twitter and Netflix. In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which Is less than 7% of the current capacity of Filecoin. Also, only an estimate of 0.0043 exabytes equivalent to 4.3 petabytes is generated by Twitter every year. Comparing these to one exabyte by Filecoin depicts the true effort and hard work devoted to the operation of the decentralized blockchain network. 

Filecoin was able to raise about $200 million in an Initial Coin Offering (ICO) in 2017 before hitting the ground running. All eyes were set on them as investors had their fingers crossed as they monitor where it would be heading to. From their current milestone, it can be said that Filecoin has started on the right foot in the long journey with many possibilities. 

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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AvePoint to Go Public via $2 Billion Merger with Apex Technology

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AvePoint’s business has gained from a spike in adoption of Microsoft Cloud with more users moving to work virtually during the COVID-19 pandemic.

AvePoint Inc, a cloud data management firm that is backed by Sixth Street investment firm, is scheduled to go public. The move by AvePoint will involve a merger with blank-check firm Apex Technology Acquisition Corporation in a deal that is estimated to be worth $2 billion.

On the back of that announcement, Apex shares gained over 2% on November 23. AvePoint is recognized as the biggest data management solutions provider for the Microsoft cloud. When the deal goes through, the company is set to receive $140 million in proceeds from several institutional investors. It will then get listed on the Nasdaq using the ticker symbol “AVPT”.

Currently, AvePoint has almost seven million users and it operates from its headquarter in Jersey City, New Jersey. Official reports confirm that the company anticipates generating around $148 million in revenue this year, representing a 26% surge from one year ago.

Interestingly, AvePoint’s business has gained from a spike in adoption of Microsoft Cloud with more users moving to work virtually during the COVID-19 pandemic. The firm targets more small and medium-sized business companies to offer vertical solutions for enterprise content management on the cloud.

The co-CEO of Apex who is a former Oracle finance boss, Jeff Epstein, said that the Microsoft Cloud has created a tidal wave that is sweeping through the enterprise world.

Brad Koenig, an ex-Goldman Sachs head of technology investment banking, teamed up with Epstein to launch Blank-check firm Apex. It raised around $305 million in September 2019.

How This AvePoint and Apex Merger Works

By description, a special purpose acquisition company (SPAC) is a type of shell firm that uses initial public offering (IPO) proceeds to acquire another firm. The process takes at most two years to complete, which then takes the acquired company public. The investors do not know beforehand which company the SPAC plans to buy.

SPACs are becoming a popular IPO alternative for firms in 2020. The founder and CEO of AvePoint, Tianyi Jiang, mentioned that the firm had thought about a traditional IPO. However, he is convinced that the operational expertise from Apex may enable his 19-year-old firm to scale and expand faster into new market bases.

Koenig will join the AvePoint board as an observer while Epstein comes in as a director. Sixth Street spearheaded a $200 million growth equity AvePoint investment in 2019. It will continue as a shareholder in the combined firm. On their part, Goldman Sachs and Evercore Group will continue acting as AvePoint’s financial advisers. On the other hand, William Blair & Co is the current financial adviser to Apex.

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Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.



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Coinbase Will Suspend All Margin Trading Tomorrow

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Crypto exchange Coinbase plans to end all margin trading effective Nov. 25, 2020, due to recent regulations by the Commodity Futures Trading Commission (CFTC).

The San Francisco-based trading platform announced Tuesday that it would prevent customers from placing new margin trades beginning at 2 p.m. PT (22:00 UTC) on Wednesday, while simultaneously canceling any open limit orders. 

Coinbase will end the margin trading feature entirely next month, once existing positions expire. When customers trade on margin, they’re effectively borrowing funds from the exchange or broker to cover the cost of an investment in an asset such as a security or a cryptocurrency. This allows traders to leverage their positions, thus amplifying profits – or losses.   

The exchange pointed to “recent guidance” from the CFTC, referring to the Commission’s March guidance around “actual delivery” of digital assets as the reason for this decision, but didn’t specify which aspect of the guidance led to the move.

That guidance, which has its roots in a 2016 enforcement action against Bitfinex, sought to provide rules around when a customer can be said to have legally taken control of a cryptocurrency, including when the customer acquires the crypto through a margin or leveraged product.

Assets purchased through leverage or a margin contract cannot be liquidated, according to the guidance.

‘Actual delivery’

Coinbase appears to be saying that it is difficult, if not impossible, for it to comply with a CFTC requirement that neither it nor any affiliated entity can have any sort of control over a cryptocurrency once it’s been delivered in accordance with the terms of a margin contract.

Under the terms of the CFTC’s guidance, “actual delivery” has occurred when a customer controls the cryptocurrency purchased, including if it was acquired via a margin or leveraged product, and the seller has no control over the cryptocurrency in question.

Coinbase has taken issue with this point in the past. In a comment letter to the CFTC discussing the then-proposed guidance, it wrote that affiliates of the seller should be able to hold the cryptocurrencies. 

“Requiring unfettered ability to transfer digital assets would effectively mean that U.S. entities and regulated entities, or entities using cold storage or other asset protection methods, could not hold digital assets acquired through margined transactions,” then-Chief Legal and Risk Officer Mike Lempres wrote in 2018. 

The final guidance approved in 2020 said that the offeror, seller or affiliated entities cannot have any interest, legal right or control over the commodity.

Essentially, Coinbase would have to register with the CFTC as a commodities exchange if it wants to continue offering leveraged products.

Other exchanges in the U.S., like Kraken, also offer margin trading. A spokesperson did not immediately respond to a request for comment on whether Kraken was also looking at the actual delivery guidance.

“We believe clear, common-sense regulations for margin lending products are needed to protect and provide peace of mind to U.S. customers,” Coinbase’s blog post said. “We look forward to working closely with regulators to achieve this goal.”

UPDATE (Nov. 24, 2020, 22:50 UTC): This article has been updated with additional information.



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Tesla CEO Elon Musk Becomes World’s Second-Richest Person as Company Approaches $500B Market Value

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According to the Bloomberg Billionaires Index, Elon Musk’s net worth has gained over $100 billion since the beginning of the year.

The CEO of Tesla Inc (NASDAQ: TSLA) Elon Musk has surpassed Bill Gates to become the world’s second-richest person. According to a Bloomberg report, Musk’s net worth reached a new milestone on the 23rd of November, jumping by $7.24 billion to $128 billion. 

As Tesla stock has continuously increased since the beginning of the year, the net worth of the company’s CEO has also been rising. As noted in the Bloomberg report, the increase in Musk’s net worth can be tied to the steady surge in Tesla stock. Tesla has been recording gains over the past year. Approaching a $500 billion market value, the Electric Vehicle (EV) company is currently up 4.18% to $544.41 at premarket trading. This shows an increase over its previous close of $521.85. 

Tesla Elon Musk Becomes The World’s Second-Richest Person

According to the Bloomberg Billionaires Index, Elon Musk’s net worth has gained over $100 billion since the beginning of the year. Back in January, Bloomberg ranked Musk the 35th richest person in the world. Notably, Tesla shares make up about three-quarters of Musk’s net worth. 

TSLA has gained 675.78% in the last twelve months and 523.73% in its year-to-date record. Over the past three months, the company surged 29.54%. In addition to recent gains, the EV company added over 24% over the past month. Also, Tesla stock has jumped 27.88% over the past five days. 

Since the debut of the Bloomberg Billionaires Index daily ranking in 2012, this is the second time Bill Gates has been ranked lower than the world’s second-richest. Gates, the co-founder of Microsoft Corporation (NASDAQ: MSFT), was ranked number one on the billionaire index for years before Jeff Bezos surpassed him in 2017. 

Bloomberg Billionaires Index noted that Amazon.com Inc (NASDAQ: AMZN) CEO Jeff Bezos is the world’s richest person with a total net worth of $182 billion. Since the beginning of 2020, Bezos has added $67 billion to his net worth. 

The Gates Foundation

The Bloomberg report further said that Gates’ net worth would have been higher if he has not been donating to several charities over the years. In 2000, Bill Gates and his wife Melinda Gates founded the Bill & Melinda Gates Foundation. Since then, the billionaires and philanthropists have donated billions of dollars to charities. 

Bill Gates private foundation has been committing funds in support of the creation and distribution of an effective coronavirus vaccine. Similarly, several individuals, organizations, and the government have been making significant efforts to fight the global health crisis. 

Coinspeaker earlier reported that the Gates Foundation committed an additional $70 million for the COVID-19 vaccine. As of the 13th of November, the private foundation has pledged a total of $156 million to counter the unprecedented pandemic. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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