Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020.
The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting both IPFS and Filecoin, as well as other projects.
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
Protocol Labs describes Filecoin’s tokenomics, or economic model, as a “market for data” where users can sell their storage space to other users, who are looking to rent. Five stakeholders will be able to trade tokens: developers, clients, miners, token holders and ecosystem partners. There will also be three Filecoin markets, according to Protocol Labs: file storage, file retrieval and on-exchange token trading.
In fall 2020, 400 miners participated in what was called the “Space Race” testnet phase, increasing Filecoin’s network data capacity by over 325 pebibytes; approximately 3.5 million FIL tokens will be released to the Space Race participants.
Filecoin is secured through proof-of-replication and proof-of-spacetime. In the Filecoin network, nodes that are also known as retrieval miners are in competition to serve clients with data as quickly as they can. They are then rewarded with FIL fees, which encourages a network of nodes that want to replicate and preserve files.
Storage miner nodes are constantly competing for contracts to provide storage to clients to a specific length of time. When a storage miner and their client agree on a deal, the storage miner holds the client’s data in a sector and “seals” it to create a unique copy of that sector’s data. Storage miners are rewarded with FIL by clients as deal fees, and these miners can also mine blocks and receive a block reward.
Ahead of the Filecoin mainnet launch, Gemini and Kraken have announced support for FIL. Huobi will list FIL after the mainnet goes live.
* Forex Rating accepts no liability for any errors in the Filecoin Price or FIL Information. For the most recent information please visit the Filecoin official site.
| # | Cryptocurrency | 7 days | |
| 1 |  |
Bitcoin | 1.05% |
|---|---|---|---|
| 2 |  |
Ethereum | 2.5% |
| 3 |  |
Tether USDt | -0.1% |
| 4 |  |
BNB | 11.29% |
| 5 |  |
Solana | 7.69% |
| 6 |  |
USDC | -0.03% |
| 7 |  |
XRP | 4.75% |
| 8 |  |
Dogecoin | 1.42% |
| 9 |  |
Toncoin | -15.13% |
| 10 |  |
Cardano | 4.32% |
| 11 |  |
Shiba Inu | 11.45% |
| 12 |  |
Avalanche | 2.44% |
| 13 |  |
Lido stETH | -3.32% |
| 14 |  |
TRON | 7.29% |
| 15 |  |
Wrapped TRON | 6.93% |
| 16 |  |
Wrapped Bitcoin | 1.24% |
| 17 |  |
Polkadot | 2.34% |
| 18 |  |
Bitcoin Cash | -0.76% |
| 19 |  |
Chainlink | 9.12% |
| 20 |  |
NEAR Protocol | 20.66% |
| # | Broker | Cryptos | |
| 1 |  |
HFM | |
|---|---|---|---|
| 2 |  |
Octa | |
| 3 |  |
FXCC | |
| 4 |  |
FxPro | |
| 5 |  |
Vantage | |
| 6 |  |
MultiBank Group | |
| 7 |  |
Errante | |
| 8 |  |
Efixxen | |
| 9 |  |
Exness | |
| 10 |  |
Just2Trade | |
| 11 |  |
FXTM | |
| 12 |  |
Dukascopy | |
| 13 |  |
easyMarkets | |
| 14 |  |
eToro | |
| 15 |  |
Forex4you |
Buying on dips remains the dominant tactic in the crypto market. Capitalisation rose 1.8% in seven days to $1.65 trillion. Previously, the 'what doesn't rise, falls' formula was often applied to cryptocurrencies, however, recent attempts to sell off after a period of stabilisation have been met with increased buying.
5 Feb 2024
Crypto market capitalization at around $1.62 trillion is less than 1% higher than it was seven days ago, thanks to a growth spurt on Friday. Bitcoin has added 3% in the same period and continues to be the driving force behind crypto volatility.
29 Jan 2024
Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200...
26 Jan 2024
The crypto market saw lower volatility in the last 24 hours, with capitalisation at $1.56 trillion and the price of Bitcoin hovering around $40K. Major altcoins have also avoided strong moves...
25 Jan 2024
Bitcoin reversed to the upside on Tuesday afternoon. The price drop to $38.5K attracted buyers on the background of another update of all-time highs by leading US indices, which supported risk appetite...
24 Jan 2024
The crypto market lost over 5% in 24 hours, to $1.52 trillion. Bitcoin has remained under pressure since the start of the week after pausing in the sell-off on Saturday and Sunday...
23 Jan 2024
© 2006-2024 Forex-Ratings.com
The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.
