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What is Filecoin (FIL)?

Filecoin basic info

Name:Filecoin

Ticker:

FILBuy now

Introduction:

About Filecoin

Filecoin is an open-source decentralized storage network. It harnesses unused hard drive space from its global community to create a secure and efficient data storage market. The project is aimed at revolutionizing the way we think about data storage, offering a decentralized alternative to conventional centralized storage options like Amazon S3.

Filecoin was developed by Protocol Labs and was first announced in 2017. Filecoin was scheduled to have its mainnet released in 2019 but had to postpone until October 2020. Built on a peer-to-peer network, Filecoin connects individuals who want to store data with those who have spare storage capacity.

In 2017, Filecoin achieved a remarkable milestone by successfully raising over US$200 million in just 30 minutes. This impressive feat positioned it as one of the largest Initial Coin Offerings (ICOs) of that period.

Resources

Whitepaper: https://filecoin.io/filecoin.pdf

Official website: https://filecoin.io/

How Does TrueUSD Work

Filecoin operates on a unique combination of cryptography, blockchain">blockchain technology, and peer-to-peer networking.

Data Storage

Clients, or those who want to store data, engage with miners, or those who have storage space to spare. The data is encrypted, split into pieces, and stored across different nodes, assuring redundancy and security.

Incentive Structure

Miners are compensated for their storage and retrieval services in FIL tokens, Filecoin's native cryptocurrency. Various proof systems ensure the integrity and availability of the data. These include Proof of Replication (PoRep) and Proof of Space-time (PoSt), which serve as guarantees that miners are faithfully storing the clients' data.

Retrieval

The decentralized network also enables efficient data retrieval. Retrieval miners compete to deliver stored data to clients, and speed and cost are optimized through a market-based system.

What is FIL Token?

FIL, or Filecoin Token, is the native cryptocurrency of the Filecoin network. It is integral to the economic structure of the platform. FIL has a hard cap maximum supply of 2 billion. At the moment, there are 438.68 million FIL tokens in circulation.

- Utility: FIL serves multiple functions within the Filecoin ecosystem. Clients use it to pay for storage and retrieval, and miners are rewarded in FIL for providing these services. It's also used in network governance and decision-making processes.

- Market Presence: FIL has established itself as a prominent cryptocurrency, being listed on major exchanges and witnessing considerable trading volumes.

- Economic Model: Filecoin's economic model ensures that the token's supply and demand align with the network's growth and utilization. The release of tokens is carefully calibrated, creating a balanced ecosystem.

Conclusion

Filecoin's innovation in decentralized storage symbolizes a significant shift in the digital landscape. Its robust technology, historical milestones, and the utility of the FIL token form an interconnected system that challenges traditional centralized data storage systems.

It's important to note that like any other cryptocurrencies, Filecoin carries its own risks and it's always wise to do your own research and exercise caution while investing.

Current price:

$3.76More price details

All-time high:$237.24

All-time low:$1.83

FIL supply and tokenomics

Circulating supply:597,434,900 FIL

Total supply:1,959,892,697 FIL

Max supply:0 FIL

Market cap:$2.25B

Fully diluted market cap:$7.37B

Token allocation:

Miners

70.00%

Protocol Labs

10.50%

SAFT Investors

7.50%

Filecoin Foundation

5.00%

Protocol Labs Team Members and Contributors

4.50%

Future Fundraising or Ecosystem Development

2.50%

Tokenomics:

Uniqueness

Filecoin aims to store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor.

Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as makes the web more accessible to people worldwide. Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible.

Token utility

The Filecoin token ($FIL) is the native crypto token of the Filecoin network. Token holders can use $FIL to participate and transact in the Filecoin network.

In particular, users pay miners in $FIL to store or distribute data and retrieve their information. In other words, the Filecoin network uses the $FIL token to incentivize various node types to contribute to the network. Node types include:

Chain Verifier Node: Synchronizes the Filecoin blockchain and validates the latest blocks to reach a consensus state.
Client Node: Builds on top of a Chain Verifier Node and must be implemented by any application that is building on the Filecoin network.
Storage Miner Node: Forms contracts with clients to store data for a period of time. Storage Miner Nodes can earn $FIL whenever new blocks are created, and by completing storage contracts and adding new messages to blocks.
Retrieval Miner Node: Forms contracts with clients to retrieve a particular set of data. Retrieval Miner Nodes earn $FIL by completing data retrieval contracts. Retrieval Miner Nodes situated in a well-placed location would earn more as they facilitate more transfers, and provide better service due to lower latency.

$FIL will also be used as collateral for miners to participate in the Filecoin ecosystem. The collateral required will be proportional to the storage space provided by miners. Filecoin has three different collateral mechanisms:

Initial Pledge Collateral: Direct upfront collateral to participate in the economy. This collateral will be slashed if the miner is found to have acted maliciously.
Block Reward Collateral: To reduce upfront collateral, block rewards are also used as collateral, block rewards for miners are subject to slashing in the event that a sector is terminated before its expiration.
Storage Deal Collateral: Storage provided by the storage provider to collateralize deals.

Links

Website:https://filecoin.io/

Whitepaper:https://docs.filecoin.io/

X:https://twitter.com/Filecoin

GitHub:https://github.com/filecoin-project/

Buy Filecoin for $1Buy FIL now

What is the development prospect and future value of FIL?

The market value of FIL currently stands at $2.25B, and its market ranking is #40. The value of FIL is widely recognized by the market. When the bull market comes, the market value of FIL will likely continue to increase.

Moreover, if FIL can play a greater role in practical applications, such as Filecoin builders fully leveraging the potential of FIL, partnering with more businesses, and increasing its user base, the long-term value of FIL will be significantly enhanced.

What will the price of FIL be in 2025?

Based on FIL's historical price performance prediction model, the price of FIL is projected to reach $4.28 in 2025.

What will the price of FIL be in 2030?

In 2030, the FIL price is expected to change by 0.00%. By the end of 2030, the FIL price is projected to reach $9.84, with a cumulative ROI of +194.63%.

Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of FIL and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

FIL price FIL price prediction FIL news

Is FIL worth investing or holding? How to buy FIL from a crypto exchange?

If you want to buy FIL, the following information may be helpful for your investment decisions:

In the last seven days, the price of FIL has risen by 2.43%, leading to positive returns for most FIL investors. The market is currently optimistic about the price trend of FIL.

It is important to note that the current price of FIL has retreated by -98.41% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.

Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.

To decide whether FIL is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.

Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in FIL or any cryptocurrency comes with certain risks and uncertainties.

Regardless of your outlook on the development prospects and future trends of FIL, if you want to buy or sell FIL, you can consider Bitget for your trading needs. The best place to buy FIL is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.

Investing in Filecoin has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Filecoin. Here's a step-by-step guide on how to buy Filecoin on Bitget.

Buy FIL now Coin buying guide

How to get Filecoin through other methods？

Using cash to buy Filecoin is not the only way to obtain Filecoin. If you have the time to spare, you can get Filecoin for free.

Learn how to earn Filecoin for free through the Learn2Earn promotion.

Earn free Filecoin by inviting friends to join Bitget's Assist2Earn promotion.

Receive free Filecoin airdrops by joining ongoing challenges and promotions.

All crypto airdrops and rewards can be converted to Filecoin through Bitget Convert, Bitget Swap, or spot trading.

What is Filecoin used for and how to use Filecoin?

The use case of Filecoin may expand as the crypto market and the project itself develop. Currently, you can use FIL to achieve the following goals:

Arbitrage by trading FIL: Since FIL is a frequently traded cryptocurrency, the price of FIL is always fluctuating. Earn more FIL by buying low and selling high on the exchange. Bitget spot market provides a variety of FIL trading pairs to fully meet your needs.

Earn by staking FIL: You can also generate income through financial management methods such as staking FIL or lending FIL. Bitget Earn offers a variety of financial products designed to help you earn more income from your FIL.

Send or pay FIL: If you want to give FIL to your friends, a charity, or a fundraiser, or you want to pay someone with FIL, you can quickly and easily send FIL to the recipient through their payment address.

You can also go to the official website of the Filecoin project to learn more about the use cases of FIL. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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