Huobi launches Filecoin incubator backed by $10 million fund

Huobi Group, in collaboration with Protocol Labs, announces alongside Filecoin the launch of the Huobi-Filecoin Incubation Center with a $10M USD fund dedicated to supporting the Filecoin ecosystem.

The incubation center will focus on three main areas: Incubation, investment, and community development. It will support promising Filecoin developers, promote Filecoin-related academic research, and foster ecosystem development. Both Huobi and Protocol Labs believe that IPFS and Filecoin will be the foundation of the next generation of internet, creating a safer, more equal, and accessible system to distribute and store data - our most valuable asset in the 21st century.

As Filecoin launched its mainnet, the crypto market has also witnessed a surge of interest in this technology. Miners have now onboarded more than 1 Exabyte of storage to the Filecoin network, up +60% since the mainnet launch on October 15th. This is enough to store 250 Million 1080p Movies or 4000 versions of Wikipedia. There are over 100 organizations building on Filecoin's mainnet, 200+ new projects entering the ecosystem through accelerators and hackathons, over 700 miners providing storage solutions and more than 4,800 developers contributing to the project on GitHub.

Seeing the Filecoin ecosystem's enormous potential, Huobi believes that similar to decentralized finance, decentralized storage solutions such as Filecoin will lead a new wave of blockchain revolution and bring more innovation opportunities to developers. With Protocol Labs as the technical advisor to the investment fund, the incubation center would provide the best support for Filecoin developers and the community.

"Decentralized storage is a great experiment that combines cloud storage with the decentralized mechanism of blockchain. We believe that Filecoin would be the infrastructure for the next generation of internet. In this new age of information, we need to develop new ways to protect, store, and exchange our data, which could be crucial for how society and the world could be defined and developed.  In the past, the world has no mature system to handle data at scale in a decentralized way. Decentralized storage in the blockchain world is also still in the 0 to 1 stage. Viable use cases, incentive mechanism designs, and the system's robustness and effectiveness are yet to be tested. There are still many gaps to be filled in the Filecoin ecosystem, whether from theoretical research or technological development standpoint; we see that the entire ecosystem needs more resources and support," said Huobi CIO Sharlyn Wu.