LuxxFolio From Canada Launches Separate Decentralized Storage Vertical

LuxxFolio Holdings, Inc. has launched a separate decentralized storage vertical.

The company is building on its core capabilities in industrial data center management to procure, install and operate customized storage server equipment connected to the Filecoin network, which aims to provide a faster, cheaper, and more reliable distributed infrastructure for storing and retrieving data.

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The Filecoin network functions as a marketplace where developers can rent storage space, similar to traditional cloud storage, but instead of trusting one provider with your files, they’re split up and served by a globally distributed network of computers. Storage providers who contribute storage space and computing power to the network will collect rewards known as FIL tokens for storing and distributing data to clients. FIL tokens, which are traded like other cryptocurrencies, are used as an economic incentive to ensure files are stored reliably over time.

Filecoin is built with the InterPlanetary File System, a next gen protocol aiming to make the Web faster, safer, decentralized, and permanent. Established in 2015, IPFS has over five billion files spanning scientific data, genetic research, video distribution and streaming, 3D modelling, Metaverse and NFT assets, AI analytics, and Play 2 Earn Gaming.

In a recent study by Fortune Business Insights titled, Cloud Storage Market, 2021-2028, the cloud storage market is projected to grow from $76 billion in 2021 to $390 billion in 2028 at a CAGR of 26.2%.

The first set of Filecoin storage servers have been received and a full node has been installed and connected to the Filecoin network allowing LuxxFolio to begin earning rewards.

The company, which focusses on Bitcoin Mining and generating digital assets on the blockchain ecosystem, operates through its wholly-owned subsidiary, an industrial scale cryptocurrency mining facility in USA, powered primarily by renewable energy. It is forecasting a significant increase in hash rate to 360BH/s by the third quarter, excluding any positive impact of the immersion cooling system to be installed in 1FQ22.

Ken MacLean, president, stated: “Decentralized storage using crypto incentives will be required to support the entire decentralized economy. This vertical is a great lens into the emerging Web 3.0 space and positions the company into a time frame similar to the early days of Bitcoin mining. We are working closely with Protocol Labs and other storage protocols and will immerse ourselves into the ecosystem.“

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About LuxxFolio
It s a publicly traded vertically-integrated digital asset company based in Canada. It operate an industrial scale cryptocurrency mining facility in USA, powered primarily by renewable energy, with a focus on the blockchain ecosystem and generation of digital assets. It provides a liquid alternative for exposure to digital assets for the broader capital markets. The shares are trading at $0.365 on the CSE under the symbol LUXX. The company also trades on the OTCQB under the symbol LUXFF and on the Frankfurt Exchange under the symbol LUH.