Filecoin (FIL)

Filecoin is currently trading at $3.8367, after a price change of 3.02% in the last 24 hours.

Ranked as cryptocurrency #35 by capitalization today, FIL market cap is valued at $1,381,163,994. FIL trading volume reached $197,307,388 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on FIL coin price prediction page.

What is Filecoin? 

Filecoin is a payment system and a digital storage method that functions through a public, open-source blockchain protocol. It was introduced in 2017 by Juan Benet and Protocol Labs. FIL is the name of the network’s native token.

On this network, the members transfer data over secure channels and form tie-ups with other individuals, thus maintaining a web with excellent connectivity where the flow of data is rapid even when the number of participants is in the thousands. 

Members are divided into three categories. Customers pay a certain fee to store information and retrieve it when needed. Sensitive data must be encrypted before storage. Storage miners safeguard the customer’s data for an incentive. After an agreement is reached, the miner must share evidence of the information being stored safely, thus gaining reputation. Then there are the miners who retrieve the data from the storage. 

This network is based on two consensus protocols, namely proof-of-replication and proof-of-spacetime. Miners have to go through the first one to prove that they have stored a distinct copy of the data block. The second one is executed as evidence that miners are continuously dedicating storage space to the information processed.