What is Filecoin (FIL) ?
Filecoin is a cryptocurrency designed to incentivize a worldwide network of computer operators to provide file sharing and storage services. With its versatile usefulness, Filecoin price is rising more and more since its first launch.
According to the project's creators, if enough people use it, it may become the quickest and cheapest way to store data on the internet. Furthermore, because it would not be based on a centralized authority, the sharing of its files could not be controlled by governments or other players. This is because Filecoin is maintained by miners who devote processing power to supply the computation that allows it to function. Miners of Filecoin are compensated for making storage space available to consumers. In turn, Filecoin users must pay miners for the storage, retrieval, or dissemination of this data.
The Filecoin network is built on top of the Interplanetary File System technology for decentralized file management (IPFS). The two systems have many similarities, but the key distinction is that IPFS is free to use, but it does not pay miners. Filecoin is not free to use, but it has the potential to earn cash.However, investors and traders should be aware that Filecoin is not the only protocol claiming to provide a decentralized storage and file sharing system driven by bitcoin. Storj and Siacoin are two competing protocols. Storj claims to have attained a network capacity of more than 100 petabytes, whereas Siacoin reports a network capacity of 2 petabytes as of 2020.
Filecoin, on the other hand, may be the most highly anticipated of these cryptocurrencies, having raised $205.8 million in an initial coin offering (ICO) in 2017, one of the industry's largest financing rounds. Filecoin price as of 28 July 2021 is listed as $49.724. Currently, Binance-pegged Filecoin live price and real-time update can be found on ARKEN.
How does Filecoin function?
Filecoin is similar to Dropbox, however it is powered by blockchains. Users that wish to store data on the Filecoin network must pay a miner. The Filecoin price they pay is set by an open market in which miners compete to give the lowest price for storage. According to Filecoin, this market will be “hypercompetitive,” making it cheaper than centralized data storage services like Amazon Web Services.
Miners, in turn, have an incentive to offer storage since they may earn Filecoin tokens as a reward from the network. The more storage they provide to the network, the more likely they are to receive a reward. These benefits, however, are not free. Miners must undertake a series of computationally costly operations (known as proofs) to demonstrate to the network that they are storing the data they claim to be storing and that they are doing so consistently over time. They can generate new blocks on the Filecoin blockchain and get the network reward and transaction fees if they do so consistently and supply enough storage.
Proof-of-Spacetime and Proof-of-Replication
Blockchains rely on techniques known as proofs to guarantee that all network users can agree on new transactions. The Bitcoin blockchain, for example, is based on proof-of-work, in which a miner must demonstrate that it has done a vast amount of computations in order to win the right to add new transactions to the blockchain and claim freshly minted Bitcoin. Filecoin mining, also, has something in similar fashion.
Filecoin employs two new proofs to ensure that miners are indeed saving the data they claim to be holding. Proof-of-Replication verifies that a miner has indeed saved the amount of copies of data claimed. Proof-of-Spacetime demonstrates that a miner has saved data over an agreed-upon time period. These proofs, taken together, allow consumers to believe that miners actually have the data they claim to have.
Is Filecoin secure?
It is dangerous to save your papers on someone else's computer. However, Filecoin fragments data, similar to shredding it, so that no one can put it together. It does, however, understand how the data fits together and rearranges it as required. This implies that the host cannot easily hack the document and obtain access to the user's files. If they attempted to hack it, they would discover just a stream of useless data.
Binance-Pegged Filecoin is the Filecoin or FIL token which operates on Binance and is backed by Filecoin nature reserve 100% in its price. The reserve addresses are public and may be audited by anybody. The blockchain makes auditing a crypto reserve much simpler than it would be with a conventional bank balance tether.
Filecoin address (BSC): 0x0d8ce2a99bb6e3b7db580ed848240e4a0f9ae153
Filecoin address (HECO): 0xae3a768f9ab104c69a7cd6041fe16ffa235d1810
Why Should You Buy Filecoin?
What Are the Benefits of Utilizing Filecoin?
Filecoin offers several advantages over centralized data storage systems. They are as follows:
- Cost - By providing a bigger open market for data storage, the price should fall.
- Scale - Connecting millions of computers throughout the world will result in a massive storage network.
- Economy - Rather than constructing new storage computers, Filecoin makes use of existing resources.
While Dropbox and iCloud have been hacked, a decentralized network eliminates a single point of attack, making it more difficult to infiltrate.
Markets for Filecoin Storage
Filecoin will leverage these technologies to create a market for disk storage in which users who want to store data may bid on available storage supplied by miners who supply disk space. Miners that provide disk space will be evaluated based on their dependability as well as the storage costs they give. The Filecoin Storage Market will function similarly to a financial market, with users able to make bids and offer requests.
Mining for Filecoin
In general, Filecoin miners are users that provide storage. This implies that any user may connect a hard disk, launch the Filecoin program, and begin offering disk space in the Storage Market. These miners are referred to as Storage Miners. However, there is another type of Filecoin miner: Retrieval Miners and Services. Users pay these miners to extract data and perform services that speed up data transfer, such as caching or acting as a node in a content delivery network.
Filecoin Use Case
The Filecoin mainnet went live in October 2020, and the amount of storage accessible on the network has expanded tremendously since then, recently surpassing the 2.5 billion gigabytes (2.5EiB) mark—enough space to host more than 10,000 copies of Wikipedia. Since its introduction, the FIL token's trading volume has progressively increased as a consequence of significant exchange listings and further integration into the Ethereum DeFi ecosystem via a Wrapped Filecoin token.
The Filecoin Frontier Accelerator—an initiative launched by LongHash Ventures and supported by Filecoin—unveiled 11 businesses in early February 2021 that would participate in a 12-week accelerator program and earn $20,000 in grant money. They are as follows:OPgames is a suite of tools for single-player video game multiplayer contests.
- Sinso Technology is a medical imaging data aggregator for telemedicine and artificialintelligence diagnostics.
- Huddle101 is a platform for online remote classrooms.
- Filbox is a platform that assists users in monetizing their data.
- Vera AI is a background check service driven by artificial intelligence.
Pricing for Filecoin's storage services is determined by free competition and fluctuations in supply and demand, although it is usually regarded as competitive with centralized cloud storage options.
Amazon and Google make a lot of money from cloud storage. This shows that the market is in high demand. Customers that choose to rely on decentralized services may find themselves saving a significant amount of money. This money would also be reinvested directly into the economy by going to individuals and small companies, potentially having a big beneficial influence on people's lives.
For Binance-Pegged Filecoin, the benefit is an increase in trading volume and liquidity, This would further increase the utility value of the native Token as well. Binance-Pegged Filecoin investment can be done in leading trading platforms, including ARKEN.
- Juan Benet
- Lombardstreet Ventures
- Lombardstreet Ventures
- Alumni Ventures Group
- The Ark Fund
- Henok Tekle
- Jason Fang
- Winklevoss Capital
- Visary Capital
- IOSG Ventures
Historical Data for Filecoin Price
|Jan 15, 2023||$4.71000||$4.81000||$4.54000||$4.60000||$435,260,923||$1,687,960,724|
|Jan 14, 2023||$4.20000||$4.91000||$4.20000||$4.66000||$464,664,795||$1,726,792,330|
|Jan 13, 2023||$3.80000||$4.44000||$3.80000||$4.25000||$191,075,644||$1,443,352,115|
|Jan 12, 2023||$3.85000||$3.88000||$3.76000||$3.79000||$185,802,300||$1,386,804,352|
|Jan 11, 2023||$3.61000||$3.83000||$3.61000||$3.82000||$144,241,111||$1,337,430,063|
|Jan 10, 2023||$3.79000||$3.79000||$3.55000||$3.58000||$142,606,333||$1,348,420,044|
|Jan 9, 2023||$3.87000||$3.87000||$3.70000||$3.78000||$269,751,296||$1,369,195,184|