Filecoin (FIL) is trading at $2.38** today, with a **24-hour trading volume of $175.56 million. Over the past day, FIL has shown 0.00% price movement. The circulating supply stands at 679.73 million FIL, with a maximum supply capped at 1.96 billion FIL.
What Is Filecoin?
Filecoin is a decentralized storage network designed to "store humanity’s most important information." The project raised $205 million in its 2017 initial coin offering (ICO) and was initially slated for a mid-2019 launch. However, the Filecoin mainnet went live later, launching in October 2020 at block 148,888.
History of Filecoin
- 2014: Originated as an incentive layer for the peer-to-peer storage system InterPlanetary File System (IPFS).
- 2017: Conducted one of the largest ICOs at the time, raising over $205 million.
- 2020: Mainnet launched, integrating Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt) to secure the network.
- 2021: Filecoin Foundation donated 50,000 FIL (worth $10 million) to the Internet Archive, strengthening ties with decentralized data preservation.
Notable investors include Pantera Capital, Blockchain Capital, and Boost VC, among others.
How Filecoin Works
Filecoin operates as a decentralized P2P network where participants earn FIL tokens for providing storage or retrieval services. Key components:
- Storage Providers: Offer storage space and validate transactions.
- Blockchain: Records transactions and proofs every 30 seconds.
- Smart Contracts: Govern storage deals between users and providers.
Proofs:
- PoRep: Ensures data is uniquely stored.
- PoSt: Confirms data remains stored over time.
Clients can audit providers to verify data integrity, penalizing malicious actors via slashing mechanisms.
Use Cases of Filecoin
- Cost-Efficient Storage: Users pay fractional costs compared to centralized services (e.g., Dropbox, iCloud).
- Decentralization: Eliminates single points of failure, reducing hacking risks.
- Customizable Redundancy: Choose providers based on speed, cost, or redundancy.
- Interoperability: Apps negotiate storage across providers without proprietary APIs.
Challenges:
- Speed: Retrieving files from multiple nodes can be slower than centralized servers.
- Adoption Barrier: Requires acquiring FIL tokens to transact.
FAQ
1. How do I buy Filecoin (FIL)?
Purchase FIL on exchanges like Crypto.com using BTC, ETH, or fiat.
2. What’s the difference between Filecoin and IPFS?
IPFS is a protocol for distributed storage, while Filecoin adds a monetary layer via blockchain incentives.
3. Is Filecoin secure?
Yes, its proof systems and decentralized design mitigate tampering risks.
👉 Discover Filecoin’s latest price trends
4. Can I earn FIL without being a storage provider?
Yes, by staking FIL or participating in network governance.
5. What’s Filecoin’s max supply?
1.96 billion FIL, with gradual release via mining rewards.
Final Notes
Filecoin bridges affordable storage with blockchain security, though its adoption curve and technical complexity remain hurdles. For real-time FIL data, check 👉 Crypto.com’s Filecoin tracker.
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