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What Is Filecoin ?

Filecoin is a decentralized storage platform that allows users to buy and sell unused storage in an open market. The Filecoin protocol is the peer-to-peer file system IPFS layer, built on a distributed ledger. Instead of trusting one organization with your files, Filecoin helps you to split up and saved around the world on different computing devices.

The project was first described then in 2014 as a peer-to-peer storage network layer for the Interplanetary File System (IPFS). The blockchain operates on two consensus known as proof-of-spacetime and proof-of-replication. Filecoin miners come in three different types: storage miners, repair miners and retrieval miners.

Filecoin stores data via decentralization, unlike cloud storage companies like Cloudflare, Amazon Web Services etc., which are confined to a central location. Filecoin takes advantage of its decentralized nature to protect data integrity, easy retrieval of data and hard to censor.

Key Benefits of Filecoin

  • Filecoin can boost of lower data storage costs
  • Properly designed incentives for all participants.
  • High resilience and censorship resistance.

 

 

 

 

Team of Filecoin

Filecoin is a project that started back in 2014 by Protocol Labs and was founded by CEO Juan Benet- an American computer scientist who studied at Stanford University.

The team has 12 core developers and notable investors including Digital Currency Group, Union Square Ventures, Y-Combinator and Winklevoss Capital. The Digital Currency Group is the CoinDesk’s parent company.

Use Cases of Filecoin

  • Filecoin (FIL) is used to store data in a decentralized manner.
  • Filecoin (FIL) token is used by many listed exchanges.
  • A platform for secure file system.
  • Filecoin (FIL) is used to fuel all transactions across the network.
  • Filecoin (FIL) is used for sharing and retrieving of data.

Mining of Filecoin (FIL)

Mining in Filecoin is quite differently however — instead of contributing computational power, miners contribute storage capacity to be used in the storage network.

The Filecoin network has three categories of miners:

  • Storage miners, responsible for storing data and files on the network.
  • Retrieval miners, responsible for retrieving files.
  • Repair miners, who are yet to be implemented.

Storage miners are rewarded with Filecoin by storing client data, after providing proof of this storage over time.

Retrieval miners earn Filecoin via bidding and mining fees for a particular file, determined by market value.

Filecoin (FIL) can also be obtained via top exchanges such as Huobi, Binance, OkEx, CITEX, BitZ and many more.

Notes for Investors

Filecoin (FIL) is performing well in the crypto market, going by its unit price increase especially in the last one year.

Presently, the unit price of Filecoin (FIL) is $30.23 USD, the market capitalization is $741,245,017 USD, the circulating supply is 24,519,005 FIL and is currently ranked 26th in the cryptocurrency market.

These statistics show that, Filecoin (FIL) is a digital storage platform for the future and has already started gaining traction.

Quick Disclaimer:

This article is not intended to endorse Filecoin (FIL) for investment but for informational purpose. The cryptocurrency market is unpredictable at the moment and any intending investor should seek advice before investing.