Review Filecoin($FIL) – Everything you need to know about it.

Users of Filecoin pay to store their files on the platform in the same manner as any other platform offering cloud storage such as Google Drive, or Dropbox. However, what sets Filecoin apart is that users can pay to store data and they can receive remuneration for storing other users’ files.

What Is Filecoin?

Filecoin is a decentralized data storage network built by Protocol Labs that allows users to sell their excess storage on an open platform. It acts as the incentive and security layer for IPFS (InterPlanetary File System), a peer-to-peer network for storing and sharing data files. Filecoin turns IPFS’ storage system into an “algorithmic market,” where users pay storage providers in Filcoin’s native token, FIL, to store and distribute data on the network.

https://www.youtube.com/watch?v=EClPAFPeXIQ

How Does It Work?

In Filecoin, users pay to store their files on storage miners. Storage miners are computers responsible for storing files and proving that they have stored files correctly over time. Anyone who wants to store their files or get paid to host other users’ files can join Filecoin. The amount of storage available and the price of that storage is not controlled by any company. Instead, Filecoin facilitates open markets for storing and retrieving files that anyone can participate in.

Filecoin consists of a Blockchain and the FIL token. Memory miners earn FIL tokens for storing files. Filecoin’s blockchain records transactions for sending and receiving FILs, along with proof from storage miners that they are storing their files correctly.

Outstanding Features

Filecoin promises a number of advantages over centralized data storage solutions. They include:

• Cost – By creating a larger free market for data storage, this should drive the price down.
• Scale – Bringing millions of computers around the world together will create a huge storage network.
• Economy – Instead of building new storage computers, Filecoin makes use of existing resources.
• Safety – While Dropbox and iCloud have been hacked, a decentralized network means there is no single point of attack, making it harder to compromise.

Data saving

Storing data on Filecoin allows users to harness the power of a distributed network and open market served by thousands of different storage providers or miners.

Mining

Miners of the Filecoin blockchain are responsible for storing, providing content, and issuing new blocks. FIL mining is not like Bitcoin or Ethereum mining to provide computing power. For Filecoin, miners contribute storage to use in transactions with customers who want to store data and earn rewards

Why Filecoin (FIL) is important

Over the past few decades, the way that we store and access data has changed. In business, this has changed from on-site storage, where companies have huge server rooms, to remote data storage warehouses and more diversified cloud storage across the entire world. Currently, most businesses use a combination of all of these. Similarly, consumer data storage has also changed with an increased reliance on cloud storage.

This brings up cloud storage market superpowers such as AWS, HPE, and Dell. Business customers usually pick one provider and stay with it for years, which hinders competition. Filecoin allows customers who want to purchase storage to navigate the best deals on the fly, no matter who the storage provider is. This can likely create a more competitive cloud storage market.

Key Metircs

Token Metrics

• Token Name: Filecoin
• Ticker: FIL
• Blockchain: Filecoin
• Token Standard: Updating.
• Contract: Updating.
• Token Type: Utility, Government
• Total Supply: 182,919,435 FIL
• Circulating Supply: TBA

Token Allocation

Token Sale

Updating.

Token Release Schedule

Token Use Case

• Clients use FIL to pay a fee to store their data.
• Storage Miners are paid in FIL for hardware contributions to data storage.
• Retrieval Miners are paid in FIL for contributing effort to data retrieval.

Investors

Individuals

Organizations

Verdict

Cloud storage providers like Amazon and Google rake in a lot of money. This demonstrates that there is big demand in the market.

If customers decide to trust decentralized services they could find themselves saving a lot of money. This money would also go straight back into the economy as it would go to individuals and small businesses, which could have a significant positive impact on people’s lives.

Find more information about: Filecoin

Website: https://filecoin.io/

Whitepaper: https://docs.filecoin.io/

Twitter: https://twitter.com/Filecoin

Filecoin Blog: https://filecoin.io/blog/

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures