Filecoin is the native token under the Filecoin blockchain where users send and receive Filecoin within the decentralized file storage and sharing network while accessing an array of new opportunities. Users rent out unused storage space in a reliable and transparent marketplace using Proof-of-Replication which verifies miners the number of copies it claims to hold and Proof of Spacetime which verifies miners stored the data for the agreed period. Miners are rewarded using the Filecoin token while clients purchase space via Filecoin and access the global storage network. Juan Bener launched the token in 2020 under the Protocol Labs in which Filecoin builds on the InterPlanetary File System as a utility token for the peer to peer storage network. No particular company dictates the amount of Filecoin tokens for exchange of available storage as storage providers earn Filecoin tokens for storing files at hypercompetitive prices. The token is increasingly popular as it facilitates decentralised storage of files to users while miners earn rewards in verifying the number of copies and period in storing files. Owners of FIL get access to free storage, forever, through Filecoin servers worldwide.
Briefly about Filecoin
Juan Benet founded the Filecoin token in 2020 under Protocol Labs as a decentralised storage system where users can utilise unused storage space and earn via the token. The token's blockchain builds as an incentive layer for the Interplanetary File System (IPFS). Miners earn storage and receive payments for storage using the native token via the Proof of Reputation and Proof of Spacetime consensus. It utilises smart contracts to store and retrieve data from the decentralised cloud storage. Clients who need to store data on the Filecoin network identify a decentralised storage provider and agree on the terms of the contract, including the amount of Filecoin tokens as payment and the period of storage. The Filecoin blockchain verifies and stores data. Clients pay Filecoin tokens to retrieval miners whenever they want to access the data. A high payment of Filecoin tokens translates to faster retrieval. If the data is available for the general public, individual storage providers can apply to provide and retrieve data in various regions and earn Filecoin as a reward. Miners must stake the native coins to mine through the consensus. Hardware and software wallets support the token. It is also available in several reputable crypto exchanges.
Filecoin offer free storage forever to their utility owners.CryptoLists.com
It is a protocol coin enabling a decentralised peer-to-peer storage system for storing and retrieving data while miners earn tokens by storing and serving data through the Proof of Reputation and Proof of Spacetime consensus. Users can rent out unused storage space efficiently and transparently. They utilise the token as gas fees to pay block-producing miners while other gas fees are burned. It was launched in 2020 by Protocol Labs under Juan Benet.
Utility of Filecoin?
The token facilitates the peer to peer Filecoin blockchain network as a decentralised, reliable, and transparent storage system. Users pay in the native token to store data onto the network where miners are responsible for secure storage overtime via the Proof of Reputation and Proof of Spacetime consensus to earn FIL as a reward. Users with unused storage space can provide storage to the network and earn FIL. The token ensures economies of scale and storage at hypercompetitive prices with cryptographic proofs for secure and reliable storage. Retrieval of data is charged via the token as retrieval fees.
All Filecoin mining rewards are in FIL and miners stake the coin to participate in mining. The staking amount is proportionate to the storage capacity that a miner provides. Failure to provide reliable and transparent storage by miners results in their staked FIL tokens being slashed.
Filecoin Price detailsHECO Contract address: 0xae3a768f9ab104c69a7cd6041fe16ffa235d1810
›› FIL tokenomics and social media
Advantages at Filecoin+ FIL facilitates reliable storage from reputation than marketing via decentralised storage system.
+ Filecoin is affordable, and convenient storage and retrieval of data.
+ Miners and users can stake and earn FIL tokens as reward.
+ FIL is utilised in offering cryptographic proofs of Replication and Spacetime.
Disadvantages- Filecoin requires expensive hardware to mine the token.
- FIL requires experience in systems deployment and administration to mine.
- It is challenging to attain profitability with the FIL token.
- There is limited interest in the coin, especially from large investors.
Costs▪ Rated at 10/10
The storage and retrieval fee are charged based on the agreement between the storage provider and the client. The cost is not preset. Miners receive transaction fees in FIL based on the storage capacity they provide the network.
The trading and withdrawal fee is dependent on the crypto site one uses.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
Online forums commend the token for facilitating a decentralised storage system for a reliable, secure, and transparent ecosystem. Independent data providers ensure ordinary individuals can be part of the token's ecosystem and store their most crucial information. Many give praise for its fast, affordable, and convenient retrieval of data with an incentive structure with FIL rewards for miners and storage providers. It is highly unlikely for data to be deleted as storage providers lose part of their FIL stake in case they breach the agreement.
Several can utilise their unused storage space and earn FIL rewards. File storage is a strong use case for blockchain technology and the token plays an integral part with reputable VC funds and a skilled and experienced team. Some believe it may easily surpass centralised systems such as Google Drive and Amazon Web services.
Who founded the Filecoin token?
Juan Benet founded the token under Protocol Labs while building onto the InterPlanetary File System
Where can I buy the Filecoin token?
Some of the reputable crypto exchanges for trading the token include:
Which blockchain does FIL use?
The token is based on its own blockchain built on top of the InterPlanetary File System for a decentralised storage system.
Can I stake FIL Coin?
Yes, you can stake the token in crypto sites such as Binance and Crypto.com
Does Filecoin have the potential to be more valuable?
Yes, it does as there is increased demand for decentralisation with advanced technology.
Screenshots from Filecoin
More sites where to buy/sell/trade FilecoinBelow you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Filecoin details and tokenomics
BEP20 Contract address: 0x0d8ce2a99bb6e3b7db580ed848240e4a0f9ae153