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Filecoin

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1 FIL = 3.5 USD
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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.

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coin.24Hcoin.7dayscoin.30dayscoin.90dayscalculator.common.one_yearcoin_market.all_time
-5.73%-5.56%-3.21%-10.55%-10.96%-69.54%

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24h$3.48$3.71
7d$3.31$3.78
30d$3.31$4.01
90d$2.9$4.34
1y$2.9$11.81
coin_market.all_time$1.83(2019-08-29, coin_market.years_ago )$237.24(2021-04-01, coin_market.years_ago )

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$2,084,112,013.08
-5.73%
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$6,850,963,177.15
-5.73%
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$98,494,795.33
+0.95%
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+30.00%
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0.0472
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596,215,550 FIL
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1.96B FIL
-- FIL
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3
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0(#372)
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877
+6%
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123(#294)
-59%
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0.01%
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1
0%
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100%
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0%
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0%
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67
coin_price.reddit_ posts(24h)
53
+6%
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0
0%

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5 DePIN Altcoins to Watch in November 2024
5 DePIN Altcoins to Watch in November 2024

From Bittensor’s machine-learning network to Grass’s innovative approach, learn about the top DePIN altcoins to watch in November 2024

BeInCrypto2024-10-30 10:30
Filecoin's largest protocol Glif set to airdrop 100 million tokens
Filecoin's largest protocol Glif set to airdrop 100 million tokens

Quick Take Glif, the largest DeFi protocol on Filecoin, is introducing its native token. A total of 100 million GLIF tokens will be airdropped to users.

The Block2024-10-28 16:00

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What is FIL price prediction?

Filecoin's (FIL) price may be influenced by growing demand for decentralized storage, roadmap advancements, strategic partnerships, and overall cryptocurrency market sentiment. Increased adoption and collaboration with key players can bolster Filecoin's market position and value.

What is FIL Coin used for?

FIL, Filecoin's native token, powers decentralized storage services and rewards miners for network contributions. Widely traded on platforms like Bitget, FIL's value is influenced by its storage utility and market dynamics. Investors should stay informed on FIL's performance for strategic trading.

Is Filecoin and IPFS the same?

They are related but not the same. Filecoin and IPFS, both by Protocol Labs, offer decentralized storage solutions with distinct roles in Web3. IPFS enables peer-to-peer file sharing, while Filecoin incentivizes persistent storage. Although sometimes confused, IPFS resembles torrents and uses pinning for storage. In comparison, Filecoin ensures continuous access through blockchain rewards, enhancing the decentralized storage market.

How do I mine FIL tokens?

Filecoin (FIL) mining differs from traditional crypto mining, focusing on storage over computation using proof of replication (PoR) and proof of spacetime (PoST). To mine FIL: 1. Acquire powerful computing hardware with ample storage. 2. Set up a Filecoin wallet for managing FIL transactions. 3. Install Filecoin mining software on your hardware. 4. Adjust software settings, linking your Filecoin wallet for reward transfers. 5. Launch the Lotus miner to become an active storage provider. 6. Collect FIL rewards based on your storage capability, retrieval speed, and service reliability. 7. Consider joining mining pools for enhanced reward opportunities by pooling resources with other miners.

How do i store files on Filecoin?

Maximize Filecoin's decentralized storage with these steps: Pick a Filecoin-friendly dApp: Opt for dApps like ChainSafe Files, Estuary, Space Storage, or Web3.Storage to harness Filecoin's decentralized storage potential. Utilize the Lotus Node Client: Get started with Filecoin's storage by downloading the Lotus node client. It's your gateway to the Filecoin storage network. Discover Specialized Filecoin Services: For advanced needs like digital archiving, look into Starling integrated with Lotus, or choose File.video and Voodfy for decentralized video hosting. Dive into Filecoin Storage Alternatives: The ecosystem boasts diverse storage solutions. Consider Fleed, Pinata, Powergate, or Textile Buckets to meet various data storage demands on Filecoin.

How do I fix a failed FIL transaction?

Failure is usually caused by insufficient miner's fee, and you can fix it by keeping more FIL tokens in your wallet to cover the fee.

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PHOENXCORP
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insight112/750
250.01%
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price_sidebar.total_pnl $938,815.34
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insight397/500
156.72%
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price_sidebar.total_pnl $3,860,531.29

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