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What is Filecoin all about
Seeing centralized storage providers like Amazon, Microsoft, Dropbox, and Google as their top competitors, Filecoin started with the sole objective of cutting down the storage costs by creating an open-source decentralized storage network built on a blockchain. Filecoin became popular for conducting one of the most successful ICOs of all time raising $257 million in September 2017. In its core architecture, Filecoin aims to create a decentralized data storage marketplace with data retrieval solutions.
Filecoin is built on Interplanetary FIL System also known as IPFS. Both IPFS and Filecoin are built by Protocol Labs, a network protocol development company based out of California, United States. Filecoin’s blockchain is built on top of IPFS and hence, considered as the incentive layer of IPFS. Filecoin is the native cryptocurrency of Filecoin’s blockchain that is used for all the transaction-based activities within its network.
Within Filecoin’s ecosystem, participants can allocate free space in their storage devices and earn rewards. These participants with free storages act as miners. These miners keep upfront collateral to start lending their free spaces and earn rewards corresponding to the amount of storage space they are offering. All participants need is free space on their storage systems and internet.
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FIL Questions & Answers
Currently, what is the price of Filecoin?
Today's price of Filecoin is 54.37 EUR.
Historically, what was the highest Filecoin price?
Filecoin reached its maximum price on 2021-04-01, at 201.43 EUR.
What will the price of Filecoin be in 1 month time?
In accordance with our short term price prediction, we suspect Filecoin's price is likely going to reach between €13.65 and €83.13 in 1 month.
What price will Filecoin reach in 3 months?
On the basis of our price prediction algorithm we estimate the cost of Filecoin is likely going to be between undefined and €83.13 90 days from now.
What will the Filecoin price be 6 months from now?
A long-term prediction is extremely difficult, but in accordance with our short term price prediction we suspect Filecoin's cost will reach anywhere between undefined and €83.13 in half a year.
How popular is Filecoin?
null Reddit users participated in discussing Filecoin online on Reddit in the last 2 days. Filecoin's official Twitter profile is followed by null people.