The live price of Filecoin is - per (FIL / USD) with a current market cap of $1.91B USD. 24-hour trading volume is - USD. FIL to USD price is updated in real-time. Filecoin is -% in the last 24 hours with a circulating supply of 667.46M.
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Filecoin (FIL) is a blockchain network and a decentralized peer-to-peer (C2C) digital storage ecosystem and marketplace. Filecoin is built on the InterPlanetary File System (IPFS) technology and incentivizes hard drive sharing through its native token FIL. Filecoin prices are updated in real time on Binance.
Filecoin is a decentralized file sharing and storage platform that provides a decentralized alternative to digital storage. Users can sell storage space on the Filecoin network and determine the contract terms and prices themselves.
FileCoin is powered by IPFS technology, which is open source and free to use, but has no incentives for users to provide storage space. Filecoin can be seen as an incentive layer built on top of IPFS, which provides rewards for supporting blockchains in the form of FIL tokens, thereby promoting the use of decentralized storage.
Users who want to store data on the Filecoin network must pay fees to miners who provide data storage space, and the specific fees are determined by the Filecoin market. Miners must perform a complex computational process called proof to verify that they have reliably stored user data.
Filecoin's ICO is one of the biggest success stories in the blockchain industry, raising a total of $205.8 million. The initial financing target was set at $40 million, and its initial token price was fixed at $5 when it was introduced to the market.
FIL has a maximum supply of 2 billion and a total market value of $1.7 billion. In the third quarter of 2020, Filecoin organized a space race to increase the network's data capacity by 400 pebibyte. 400 miners participated in the testnet phase and received a total of 3.5 million FIL tokens.
Filecoin is a deflationary asset that consumes a certain amount of FIL for each transaction. The transaction fees are collected and sent to an irrevocable burn address to compensate for the consumption of network resources. The idea is based on Ethereum's EIP1559.
First, the mainstream browser Brave added Filecoin to their wallet, exposing Filecoin to more than 56 million Brave users. This integration helped Brave users increase awareness of Filecoin.
Second, Filecoin worked with Lighthouse to provide users with permanent file storage in the Filecoin ecosystem, rather than temporary file storage. On Filecoin, if the client stops paying for storage, the file will be deleted, which can only become a one-time service, so providing permanent file storage for the most important files or irrefutable information (such as NFT) is essential.
Then, after the founder of the Filecoin Foundation joined the Advisory Board of the Filecoin Foundation, the Filecoin Foundation recently donated $10 million worth of Filecoin (50,000 FIL tokens) to the Internet Archive. The purpose of this donation is to expand the coverage of the Internet Archive and help more people around the world educate themselves.
Finally, Filecoin has undergone a v16 network upgrade, codenamed Skyr, and switched to using the wasm-based Filecoin virtual machine to run its basic functions. The upgrade is the first step in Filecoin's user-programmability and the most significant change to the network since its launch nearly two years ago.
Juan Benet founded Filecoin in 2014 at California-based Protocol Labs, where he is the company's chief executive officer (CEO).
Benet is a Stanford University master's degree graduate in computer science. Prior to Filecoin, he was the co-founder and CTO of Loki Studios, a mobile game studio focused on developing location-aware games. He also founded Athena Academy in Palo Alto, a non-profit private school dedicated to educating students with dyslexia.
According to official documents, Filecoin has received $205.8 million in the industry's largest round of funding. The project even received support from venture capital firms Sequoia and Andreessen Horowitz.
Filecoin open source software was developed by Protocol Labs, which was founded in 2014 by Juan Benet, the creator of IPFS. The Filecoin Initial Coin Offering (ICO) was launched in 2017 and raised over $200 million in less than 30 minutes.
FIL tokens are used to incentivize network users to participate in the Filecoin ecosystem. Storage users who want to use decentralized storage services must pay FIL tokens to storage space providers. FIL prices are updated in real time on Binance.
To get started with Filecoin, visit their website and look for a storage provider that meets your requirements. You must know what type of data you plan to store, how long you plan to keep it, and how much you are willing to pay. Filfix is a Filecoin explorer that displays price, stability, and various other statistics. You can also apply to become one of the 4,000 storage providers here.
Filecoin uses a dual minting model (divided into baseline minting and simple minting) and mining reserves. The total supply of baseline minting is capped at 770 million FIL, and 330 million FIL tokens will be released through a six-year half-life, that is, the entire release process will take about 30 years.
Filecoin uses a unique consensus mechanism called Proof of Replication (PoRep) and Proof of Spacetime (PoSt). PoRep is used to prove that storage space providers accurately store user data, while PoSt is responsible for ensuring that user data is reliably stored within the agreed time period.
In the Filecoin network, there are two different forms of mining: storage and retrieval. In storage mining, users generate FIL by storing data for clients and performing cryptographic proofs to continuously verify the integrity of the data and ensure that miners have not changed the data. In retrieval mining, users earn FIL through winning bids and mining fees for specific files, which are based entirely on the market value of the file size.
Filecoin has established a decentralized file storage model, providing users with a decentralized solution to replace centralized hosting providers such as AWS. Juan Benet, the creator of FileCoin, is also the creator of IPFS, which is currently the most widely used and powerful decentralized file storage protocol.
The Filecoin to other currencies exchange rate?
