Currently, the price of a single Filecoin (FIL) stands at $ 8.13 and has increased by +9.62% in the last 24 hours.
Filecoin (FIL) is a decentralized storage system that aims to "store humanity's most important information". As a blockchain-based network, it allows users to interact and transact with each other without the need for intermediaries. Participants of the Filecoin network can offer their spare storage capacity for rent and are rewarded with FIL coins in return, making it a global digital marketplace for storage availability and pricing.
Filecoin was created by Protocol Labs, an open-source research, development, and deployment laboratory. They have a team of highly skilled industry professionals who strive to build decentralized technologies that empower people on a global scale.
Filecoin functions by enabling anyone around the world to rent out their local storage capacity or to purchase storage space from those providers. Transactions are made with the native Filecoin cryptocurrency (FIL). The platform elevates storage to a level of a commodity, where the price of storage is determined by supply and demand forces - not by some centralized pricing department of a corporation. This not only democratises the access to the storage market but also fosters competition among miners based on reputation, reliability, and pricing.
Filecoin's unique selling proposition lies in its potential to revolutionize the storage industry. By enabling anyone worldwide to participate as storage providers, Filecoin brings democratization to the storage industry which traditionally has been dominated by large players. Furthermore, it decouples storage space from additional services, thus making storage performance more accessible and transparent. As a result, Filecoin introduces a competitive market where miners compete not on their size but on factors like price and reliability, enhancing the overall storage market efficiency and performance.
As of now, there are approximately 514.0M FIL in circulation.
At the core, Filecoin is powered by a decentralized and distributed ledger technology called blockchain. But unlike typical cryptocurrencies, Filecoin is specialized in being a decentralized storage network. This is possible thanks to Filecoin's InterPlanetary File System (IPFS), a protocol designed to make the web faster, safer, and more open. IPFS uniquely addresses large amounts of data with IPFS content identifiers, ensuring content remains secure and resistant to censorship.
Filecoin uses a variety of cryptographic techniques and economic incentives to ensure the network remains secure and reliable. These include proof-of-replication and proof-of-spacetime mechanisms to ensure data stored on the network is not only replicated across multiple nodes but is also held by nodes over a specified period.
Currently, Filecoin can be purchased on the following exchanges: Coinbase Pro, Kraken, LBank, OceanEx, Bitforex.
The market cap of Filecoin today is approximately $ 4.2B, making it rank #39 in terms of overall cryptocurrency market capitalization.
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