Filecoin FIL Price 4.37

To find out more about this project, check out our deep dive.
What is the name of the coin?
The project raised $205 million in an initial coin offering and initially planned to launch in mid 2019.
The Interplanetary File System (IPFS), a peer-to-peer storage network where users pay for data storage and distribution services in $FIL, was first described as an incentive layer for the project. Filecoin is an open protocol and backed by a ledger that records commitments made by the network's participants with transactions using the native currency.
The governance of Filecoin is in the hands of the community. Developers can create cloud file storage services on the Filecoin platform. Anyone can join Filecoin and start storing their data or earning money by providing space for someone else's funds.
The native currency of the network is $FIL. People pay for transactions with FIL token.
The developers claim that they have solved the problem of inefficient file storage.
Who are the people who started the file coin?
Juan Benet created the Interplanetary File System. Benet is an American computer scientist.
What makes file coin unique?
The goal is to store data in a way that is not tied to a central authority.
Decentralized storage systems allow people to be their own custodians of their data, as well as making the web more accessible to people worldwide.
How does file coin work?
The Filecoin system has three parties involved: clients, storage miners and retrieval miners.
People pay to store or retrieve data. A deal is concluded with storage miners after they place an order on the online storage market. Storage miners receive rewards for storing client data.
At a request of a client, retrieval miners extract data. The off-chain Retrieval Market is where clients place their trades.
All data is stored on a peer-to-peer platform. Users choose miners to store personal data and pay for placement in FIL. FIL rewards are given to miners who execute trades. The higher the number of storage miners, the higher the chance of getting rewarded. At any time, clients can check how their data is stored during a transaction.
If a client wants to keep their data safe, then they need to pay the miner. The price is set by the open market and is made up of a number of factors.

The benefits of file coin.
There is a tendency to reduce the cost of the service with the launch of a large and free market.
The network has united over 20,000 users and computers around the world, creating an extensive community with similar goals and requests. New technologies and devices are not created by Filecoin.
Filecoin is a network with its own ways of protecting information and preventing attacks.
There are related pages.
You can check out the deep dive into file coin by CMC Alexandria.
We have prepared a list of the things that the storage aims to fix.
Do you not know terms?

How many coins are in circulation?
Protocol Labs describes Filecoin 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.
In the fall of 2020, 400 miners participated in a testnet phase called the Space Race, which increased the network data capacity by over 300 pebibyte.

How secure is the file coin network?
There is proof-of-replication and proof-of-spacetime. Retrieval miners are in competition to serve clients with data as quickly as possible in the Filecoin network.
Storage miner nodes are competing for contracts to provide storage to clients. 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.

Where can you buy file coin?

See the easy guide for more information.