Filecoin Foundation Chair Marta Belcher Testifies Before US Senate Banking Committee

Filecoin Foundation Board Chair Marta Belcher testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on July 27 in a hearing titled “Cryptocurrencies: What are they good for?” Marta’s testimony highlighted the benefits of cryptocurrency and explained Filecoin as one example of a use case that could serve as the foundation for the next generation of the Internet.

Marta explained that cryptocurrency can make it possible to send monetary value across the globe instantly and securely, and the importance of the ability to program money. She explained that this technology can be used to create a decentralized storage network that serves as “an alternative to big tech that puts people in control of their own data, protects user privacy and security, and permanently preserves humanity’s most important information.”

During the hearing, three Senators commented on Filecoin’s potential.

Senator Steve Daines (R-MT) noted that Filecoin “provides data storage and access on a decentralized file network and seeks to compete with AWS. This is just one of the many promising uses for cryptocurrencies.”

Senator Pat Toomey (R-PA) said “it’s possible that the application of this [distributed ledger technology] may become more important than cryptocurrency per se, and we’re already seeing it have a real world impact. . . . Today we’ll hear . . . [about] a cryptocurrency, Filecoin, that provides data storage access on a decentralized file storage network.”

Committee Chairman Sherrod Brown (D-OH) said that “some of these underlying technologies may have useful applications . . . One of these technologies we’ll hear about today, Filecoin, uses economic incentives to provide digital storage space.”

Marta urged the committee to think expansively about cryptocurrency’s potential: “This technology is in its early days, and this stage of development for cryptocurrency is often compared to the Internet of the early ’90s. It would have been a mistake, in 1995, to believe that we understood then what the Internet was good for. I would urge the Committee to embrace the possibility that cryptocurrency’s uses might be just as expansive, and to ensure that innovation in this space can continue to thrive.”

Read Marta’s oral testimony, and watch the full hearing here.

--

--

--

The Filecoin Foundation (FF) is an independent organization dedicated to developing Filecoin and related technologies. The Foundation does this by coordinating

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Why Bitcoin is the solution that People secretly waiting?

Egretia Bi-weekly Report: Phase III

CryptoXpress x ICO Speaks AMA Recap

Trade Cryptocurrencies With Confidence Not Fear!

Why crypto-assets need to be regulated, not banned- Zoreum

Capped Dogecoin: It was Inevitable

Buying ICP tokens easily with Ethers

Earn Crypto by Brexily — Opportunity to earn up to 36% P.A. in dividend returns

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Filecoin Foundation

Filecoin Foundation

The Filecoin Foundation (FF) is an independent organization dedicated to developing Filecoin and related technologies. The Foundation does this by coordinating

More from Medium

What is the heart of blockchain technology?

Flori Ventures Invest in Ari Swap Corp. to Continue Working Towards a Magnificent Future.

Axelar —  is your assistant in the world of cryptocurrencies

Goldfinch Flight Academy: How we earned $27K with zero investment