What is Filecoin (FIL)?

What is Filecoin (FIL)?

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Filecoin is a blockchain-based decentralized peer-to-peer digital storage marketplace. Filecoin is a project that was created according to the unique technology of the InterPlanetary File System (IPFS). Filecoin allows users to rent out idle, hard drive space in exchange for FIL tokens.

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Protocol Labs created Filecoin, which entered the market following an ICO, or “initial coin offering,” in 2017. It was established by Juan Benet, the inventor of the Interplanetary File System, which serves as the foundation for the Filecoin system.

Filecoin is a platform that leases out hard drive space to crypto users. The transactions that are carried out on Filecoin are recorded on the blockchain, and FIL is used to process the transactions. 

Filecoin's data storage network expands the market's storage capacity, frequently at a lower price than the industry's larger companies, who hold the overall share of “the cloud.”

 

Component Filecoin (FIL)
Technologies Proof-of-Replication and Proof-of-Spacetime, libp2p, Multi-formats, drand
Market Capitalization $5 Billion+
Open-Source Yes
Consensus Mechanism Proof-of-Replication and Proof-of-Spacetime
Smart Contracts Yes
Founders/Authors Protocol Labs and Juan Benet
Launch Date 2017
Circulating Supply of Coins 140,857,774 FIL
Maximum Coin Supply There is no max supply
Mining-based Coin? No
Is Filecoin a Stablecoin? No
Does Filecoin have a burn rate? Yes
Does Filecoin have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Filecoin

Filecoin was launched in 2014 by Juan Benet and Protocol labs. Some Key milestones in the evolution of Filecoin are:

  • May 2014 – Protocol Labs was established as part of the YCombinator S14 program
  • July 2014 – the first version of Filecoin's protocol was released, allowing early contributors to join, and led to the release of the Filecoin paper.
  • 2017 Q1 – Filecoin's protocol was redesigned, and the Proof-of-Replication was developed.
  • July 2017 – Filecoin's whitepaper was published.
  • July 2017 – The advisor presale was launched, during which Filecoin raised $52 million during a presale of FIL tokens.
  • August 2017 – Filecoin held a public offering of FIL tokens, and the sale was facilitated by Coinlist.
  • January 2019 – The Filecoin code was opened, and the first devnets were simultaneously launched.
  • September 2019 – Filecoin's devs grant program was launched.
  • December 2019 – The first public testnet was launched in December.
  • May 2020 – The second phase of the public testnet was launched.
  • August 2020 – An incentivized testnet “Space Race” was launched to stress test the network.
  • October 2020 – Filecoin launched its mainnet on block 148,888
  • November 2020 – The Filecoin network exceeded 1 Exbibyte (EiB) of storage capacity within the first month.
  • November 2020 – The market capitalization of Filecoin exceeded $1 billion for the first time.
  • December 2020 – Filecoin's market capitalization reached an all-time high of $1.37 billion.
  • December 2020 also brought the all-time low price of $20 for FIL.

 

However, what sets it apart, is the ability for nodes to store data, which is ensured by a proof-of-retrievability component. Filecoin has been referred to as a reward layer that was constructed on top of IPFS.

This simply implies that users are rewarded for renting out their storage capacity with FIL tokens. IPFS is a decentralized peer-to-peer data storage and retrieval technology. In contrast to HTTP or HTTPS, it does not depend on centralized servers for data storage.

Filecoin raised more than $250 million in their 2017 initial coin offering, a new record during this time. Following that, the Filecoin mainnet was released in October 2020.

 

What makes Filecoin unique?

Filecoin seeks to provide decentralized data storage. Unlike centralized cloud storage providers such as Amazon Web Services or Cloudflare, Filecoin exploits its decentralized nature to maintain the integrity of the data's whereabouts, making it easily retrievable and difficult to censor.

Decentralized storage solutions such as Filecoin empower individuals to be the stewards of their data while also increasing global access to the web.

Because participation in the Filecoin network through mining and storage directly correlates with the ability to earn additional block rewards, Filecoin incentivizes users to behave honestly and save as much data as possible.

 

What are the main uses for Filecoin?

Filecoin operates without the usage of a central server. Rather than that, data is saved on a peer-to-peer blockchain – on the computers of users.

The Filecoin network enables anybody to purchase or rent space on their hard discs, hence expanding the market for data storage. Additionally, there are a few distinct user groups inside the FIL network:

  • Clients are those who pay to store or retrieve their data
  • Storage miners are those who store the data of the client in exchange for a reward in FIL
  • Retrieval miners are those who retrieve the data of a client when they request it

 

Filecoin enables users to pick the optimal storage choice, rather than being bound by vendor contracts or paying exorbitant costs for on-demand storage. Individuals and organizations with unused storage space can make it available on the network.

They are paid in FIL for sharing their storage space, and while this may seem counterintuitive at first, Filecoin allows developers to create DApps for storage. This includes a wide range of consumer storage applications, DeFi applications, and decentralized video applications, among others.

 

What is the future potential for Filecoin?

FIL's value began to surge in early 2022, reaching a high of more than $190 in April but subsequently dipping below $140 in the following months. As of mid-October, the price was a little more than $70.

The value of FIL tokens is derived by their usage on the decentralized cloud storage system. FIL tokens, like most other cryptocurrencies, may be purchased or sold. This implies that speculators or investors anticipating a surge in the price of FIL can exchange them for dollars or another currency.

 

Price analysis on Filecoin

Filecoin's token sale started in 2017, and its price analysis over the past five years are indicated as follows:

 

  2017 2018 2019 2020 2021 to date
FIL Price High $27.66 $16.37 $9.33 $59.26 $191.36
FIL Price Low $18.71 $2.4 $2.69 $2.42 $21.03
Market Cap $873M $12.03B

 

Price prediction on Filecoin

Its value depends on previous data, volume, and market movement. Its volatility makes it difficult to recognize patterns and make proper investing decisions.

Experts disagree on price predictions and the future of Filecoin. Its volatility makes it exceedingly unpredictable. However, FIL may rise steadily over time, making a long-term investment in Filecoin beneficial.

By the beginning of 2022, the Filecoin price is expected to rise to $302. Assuming the FIL token signals the downtrend, it is likely to trade between $260 and $349 on the upside.

A price estimate for 2023 predicts that Filecoin (FIL) will reach a maximum value of $858. Alternatively, if the currency fails to gain pace, it might be expected to trade around the $775 level.

 

Which wallets are the best option for storing Filecoin?

Users can keep their Filecoin (FIL) money in a wallet, which is a software application or web extension that allows them to do so. Private key and wallet addresses, also known as public keys, are included in this data. The private key works as a password and the wallet address as an account number.

In terms of the types of Filecoin wallets, the following are the best:

  1. Trust Wallet
  2. Math Wallet
  3. Atomic Wallet
  4. Guarda Wallet
  5. CoolWallet

 

1. Trust Wallet: Ethereum and other Ethereum-based tokens may be stored in Trust Wallet, an iOS (Open Source), and an Android (Closed Source) wallet. Open-source and audited, the Trust Wallet stores your private keys locally.

Additionally, the Kyber Network provides a decentralized exchange (Q2 2018). On February 8th, the Trust wallet team chose to close source the Android version of the Trust Wallet app owing to security concerns.

 

2. Math Wallet: Math Wallet is a safe multi-platform wallet and can be used on mobile, desktop, extension, and hardware. Math Wallet can store over 3000 different tokens and the most notable of which are Bitcoin Cash and Ethereum Classic, as well as other cryptocurrencies such as Polkadot and Filecoin.

Users may store, transfer, and stake a variety of crypto assets with this multi-chain wallet.

 

3. Atomic Wallet: ‘Atomic Wallet,' a platform for fast cryptocurrency trading, has over 500 cryptocurrencies in its vault—a secure decentralized exchange with a user-friendly UI for cryptocurrency aficionados.

More than 60 crypto assets, Proof-of-Stake (PoS) assets, and fiat currencies from 18 major worldwide markets may be easily swapped on Atomic Wallet's proprietary Atomic Swap platform.

 

4. Guarda Wallet: Guarda is a great platform for long-term cryptocurrency investors since it allows users to make additional income from their cryptocurrency assets by staking them.

There are hundreds of virtual currencies it supports, including Bitcoin and Ethereum, as well as the ability to control your private keys, ensuring that the user's holdings are protected from future hack assaults.

 

5. CoolWallet: There is no better way for users to store cryptocurrency than with CoolWallet S, a revolutionary hardware wallet from CoolBitX. This is the safest and most convenient way to handle their bitcoin crypto assets. Coins may be saved and exchanged at any time, anywhere, and with anybody.

Best Bitcoin Wallets are the same as Filecoin wallets.

Where can you buy Filecoin?

Filecoin can be purchased from any of the following crypto exchanges:

  1. Gemini
  2. Kraken
  3. Huobi Global
  4. Crypto.com
  5. Binance

 

1. Gemini: Gemini, a licensed cryptocurrency exchange based in New York City, was established in 2014 with a ‘security first' philosophy and offers a variety of trading platforms to individual and institutional customers.

 

PROS CONS
Offers traders a choice between innovative trading platforms across devices A limited selection of tradable crypto coins offered
There is a wide range of advanced trading tools offered to experienced traders A limited selection of funding options offered
Reputable crypto exchange with a high level of trustworthiness  
Educational material is offered to novice traders  

 

2. Kraken: An online crypto exchange based in San Francisco, Kraken allows users to trade several cryptocurrencies, including but not limited to Bitcoin, Ripple, Ethereum, and Litecoin, across a variety of user-friendly mobile platforms.

In addition to a range of services, clients get access to live customer service and a wealth of instructional materials around the clock.

 

PROS CONS
Offers a sophisticated mobile trading platform that can be used Unregulated
There is a wide selection of educational materials offered There is a limited selection of non-crypto trading assets
Traders have access to 24/7 customer support  

 

3. Huobi Global: It has been in operation since 2013. Huobi Global Limited is one of the leading blockchain service providers. Users can trade over 234 different types of crypto assets using the trading systems that come with it. If users wish to trade spot crypto, users can expect leverage of up to 1:3.

In addition, the exchange has high liquidity, and there is a high volume of trading daily.

 

PROS CONS
There is a choice between several trading platforms across devices Unregulated
There is an ultra-low minimum deposit of $50 Only offers crypto trading, no stock trading, CFD trading, or stock trading
Traders can contact customer support 24 hours a day, 7 days a week The platform does not accept United States clients
Traders can choose from a wide range of crypto coins that can be traded  

 

4. Crypto.com: Crypto.com, based in Sai Wan, Hong Kong, is one of the world's quickest and most secure cryptocurrency exchanges. The Exchange debuted in June 2016 and already has over 10 million members. Bank transfers and credit/debit cards are accepted to purchase and sell digital assets such as Bitcoin, Ethereum, and several other crypto assets.

 

PROS CONS
Offers a powerful proprietary trading platform There are no standalone trading tools offered
There are more than 100 cryptocurrencies offered There are limited retail investor account options
Reputable exchange with a high trust score Unregulated
There is 24/7 customer support provided  
Traders are given access to a range of educational resources  

 

5. Binance: Binance is a well-known cryptocurrency exchange where users may convert one cryptocurrency to another for a fee. The exchange allows users to trade and exchange over 150 different cryptocurrencies.

The trading platforms are lightning quick, dependable, and adaptable; they are available on desktop, web, and mobile devices.

 

PROS CONS
Offers more than 150 digital assets that can be traded Unregulated
Traders are given a choice between powerful trading platforms There is no telephonic support
Traders can use their credit cards to purchase crypto coins There is no market analysis offered
There is a comprehensive training academy offered  US clients are not accepted
Suitable for beginner traders and professional investors Only offers crypto trading, no forex trading
24/7 customer support provided  

You can buy Filecoin safely from these cryptocurrency platforms.

Does Filecoin use coin burns?

Historically, miners specified a GasFee in native currency and subsequently pays the block generating miners a priority charge according to the amount of gas utilized by the message.

Filecoin operates similarly, except that a portion of the fees is burnt (sent to an unrecoverable address) to offset the network's resource use, as all nodes must validate the messages. The concept was inspired by Ethereum's EIP1559.

The amount of fees burnt in the Filecoin network is determined by a dynamic BaseFee that is modified dynamically in response to network congestion criteria (referring to block sizes).

The current value may be retrieved using one of the block explorers or by examining the currently active head.

 

What is Filecoin’s largest Competitor?

Siacoin is the largest competitor of Filecoin.

Filecoin and Sia are both projects that promise to provide a free and open-source cloud storage solution. Both systems have powerful proprietary blockchains, but their processes differ.

Both crypto projects are driven by tokens that encourage network involvement, engagement, and, most crucially, security. Both Protocol Labs and Nebulous Inc. were founded in 2014.

With identical ambitions, starting on their proprietary blockchains. But the product launch timeline is ambiguous. In 2015, Protocol Labs developed IPFS, a file-sharing technology, and Sia, a cloud storage service.

The Siacoin platform requires the host to safely store data for a period. The host receives SC coins for fulfilling his half of the bargain. File contracts, Siacoin's smart contract form, safeguard the trades that are carried out across the network.

This contract establishes a set of rules that will be actively enforced without third-party intervention. Siacoin may be mined, acquired on exchanges, or earned by storing data and information.

In the IPFS (InterPlanetary File System) initiative, a permanent, decentralized system of data storing and sharing is created. The network provides a decentralized center where surplus storage capacity may be offered to those in need.

Filecoin uses a proof of storage algorithm (like PoW) to check if a miner has stored or retrieved data. The idea is to prove both replication and spacetime. It allows storage providers to prove that they have saved a unique collection of data to their own area.

Proof-of-spacetime allows storage providers to prove data storage over time. To do so, a storage provider must demonstrate sequential proof-of-replication.

 

What is the mining process involved with Filecoin?

Filecoin verifies that a miner has stored or retrieved data using a proof of storage mechanism (like PoW). The objective is to demonstrate both replication and the existence of spacetime.

It enables storage providers to demonstrate that they have stored a distinct set of data in their own region.

Proof-of-spacetime enables storage providers to demonstrate the persistence of data across time. A storage provider must produce sequential proof-of-replication to do so.

Individuals and businesses may earn FIL tokens by mining storage or retrieval. To get incentives, miners must continually show their data is still valid. No extra hardware is needed to mine.

Only standard hardware (CPU/GPU) and extra storage space are required to participate in the mining process. The Filecoin network has two types of miners (listed below) and two marketplaces (for storage and retrieval) where FIL is the unit of account:

  • Storage miners reward clients' data. They determine how much storage space they need. Once a customer has agreed to keep data, the miner must continually prove it. Anyone may inspect the proofs and verify the storage miner's reliability. Storage Miners engage in Filecoin by serving PUT requests.
  • Client-requested data retrieval miners Clients or storage miners can provide data. Micropayments enable data and FIL token exchange among retrieval miners and clients. Clients pay tiny sums for each piece of data. Retrieval Miners engage in Filecoin by providing GET data. A retrieval miner can also store data.

 

What can Filecoin smart contracts do?

A smart contract is software that can function on the blockchain network. Smart contracts are made up of code (functions) and data (state) stored at a specified address on the blockchain.

Smart contracts, or actors as they are called on Filecoin, can enable sophisticated and flexible storage solutions that web2 technology cannot. Some examples include:

  • Decentralized computation over-data, which is stored, can run the computer where data is stored.
  • It can be used to preserve crowd-funded datasets
  • It can lead to smarter storage markets
  • Offer multi-dimensional storage and permanent custodianship

 

They also allow developers to establish cross-chain interoperability bridges to share liquidity and connect programs from other chains with the Filecoin network's storage capacity and capabilities.

 

Is Filecoin a Good Investment?

As with other cryptocurrencies, investment in FIL involves some risk. Apart from the crypto market's inherent volatility, traders and investors may be liable for cryptocurrency taxes if they deal in FIL.

Additionally, its utility is limited: FIL is worthless outside of a cryptocurrency market or the Filecoin network. For instance, it is improbable that someone could use FIL to pay for everyday things.

Unless users can arrange with a company owner for an item or service, they would have to exchange it for US dollars before making their purchase.

There is always a chance that FIL may increase in value over the next months and years, giving investors a healthy return. However, nobody can forecast the future – and even previous success does not guarantee future success.

 

What is the supply and distribution of Filecoin?

Filecoin has a circulating supply of 140,857,774 FIL, and there is no max or limited supply on FIL.

  • Fixed or maximum supply can be defined as the total number of coins that can ever be in circulation.
  • Total Supply refers to the number of coins that have been mined, including the missing coins that are no longer in circulation or that have been lost.
  • Circulating supply refers to the total number of coins that are in circulation.

 

Is Filecoin a viable Alternative Coin?

Yes, Filecoin is a good alternative coin in terms of its:

  • Traceability – Filecoin transactions are recorded on the public ledger without giving away the identities of the user.
  • Hacking – Filecoin's blockchain has not experienced a successful attack.
  • Security – Filecoin uses innovative consensus mechanisms to ensure complete security.
  • Technology – Filecoin uses innovative and robust technology, including Proof-of-Replication and Proof-of-Spacetime, libp2p, Multi-formats, drand
  • Potential Investment – Because of the unique service that it offers, Filecoin has a lot of potentials to become more valuable.

 

What are the differences between Filecoin And Bitcoin?

Bitcoin is the original and largest cryptocurrency in the world. Bitcoin is used as an alternative method of payment, and it is well-known as one of the best stores of value.

Filecoin is a file storage and distribution system that incorporates several components from various file storage and distribution systems.

What distinguishes Filecoin from other cryptocurrencies is that it operates on an open, peer-to-peer network while offering economic incentives and evidence to guarantee files are saved properly.

 

  Bitcoin Filecoin
Price change 20/21 +400% +40%
Market Cap $800 Billion+ $5 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #1 – Original Crypto #35

 

What are the differences between Filecoin and Ethereum?

Ethereum is the second-largest cryptocurrency in addition to being the largest alternative coin in the cryptocurrency market.

Ethereum is the largest and most established decentralized open-source software platform. Ethereum facilitates the creation and operation of smart contracts and decentralized apps (DApps) without the need for downtime, fraud, control, or intervention from a third party.

While Filecoin works with smart contracts, it is not in direct competition with Ethereum at all. Filecoin is an open-source, public cryptocurrency and digital payment network designed to act as a digital storage and data retrieval mechanism based on blockchain technology.

 

  Ethereum Filecoin
Price change 20/21 +880% +40%
Market Cap $460 Billion+ $5 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #2 #35

 

What are the differences between Filecoin and Dogecoin?

Filecoin's usefulness is typically inferior to Dogecoin's and is anticipated to remain so for the conceivable future. This might explain why it is less popular with users. However, this could also be due to its relative youth in comparison to Dogecoin.

While FIL coins are around 37 thousand cheaper to transmit than DOGE, their transaction speed is on a par with or slower than that of Dogecoin. Filecoin is almost three times as decentralized as Filecoin, which makes FIL more trustworthy and safer.

Both Filecoin and Dogecoin are supported by sovereign wallets, which reduces their reliance on the main development team for security and upgrades. Both FIL and DOGE are commonly recognized by many online shops nowadays.

Both coins have an unknown/infinite coin supply. In terms of inflation, Filecoin has an about thrice lower rate than Dogecoin. Both Filecoin and Dogecoin currently lack staking capabilities, which is unlikely to change soon.

 

  Dogecoin Filecoin
Price change 20/21 +7,300% +40%
Market Cap $22 Billion+ $5 Billion+
Past Hacks None None
Popularity High High
Altcoin Rank #12 #35

 

What are the differences between Filecoin and Neo?

Neo is one of the most innovative blockchain projects in addition to being community-driven and open-source. One unique characteristic of Neo is that it leverages the benefits of blockchain technology, aiming to create an optimized digital future world.

Filecoin (FIL) is the underlying cryptocurrency that drives the overall Filecoin network. Filecoin is a decentralized peer-to-peer network where files can be stored. Filecoin intends to enable anybody to store, retrieve, and host digital material. FIL tokens are used to pay for services and to incentivize file storage reliability over time.

 

  NEO Filecoin
Price change 20/21 +160% +40%
Market Cap $1.70 Billion+ $5 Billion+
Past Hacks None None
Popularity Medium High
Altcoin Rank #69 #35

 

What are the differences between Filecoin and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Filecoin, on the other hand, is fungible, which means that one FIL has the same value and characteristics as another FIL.

 

What are the differences between Filecoin and Solana?

Solana is one of the most popular programmable blockchains in the crypto space that allows for the development of Smart Contracts. In addition, Solana is also involved with the creation of permissionless payments for Decentralized Finance (DeFi).

Solana also offers the ability to create NFTs that can be exchanged, bought, sold, and traded across different marketplaces. Solana uses an innovative Proof-of-Stake consensus through which transactions can be validated.

Filecoin is a bold initiative that promises to remove cloud storage's reliance on centralized infrastructure. It is a storage pool that enables users to rent out their hard drive storage capacity to others.

Additionally, Filecoin enables anybody, wherever in the world, to purchase storage from the network.

 

  Solana Filecoin
Price change 20/21 +9,300% +40%
Market Cap $54 Billion+ $5 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #5 #35

 

What are the differences between Filecoin and Cardano?

Cardano's technology is evolving at a breakneck pace and is poised to challenge Ethereum in terms of establishing a big blockchain ecosystem.

Cardano separates itself from other blockchains using mathematical concepts in its consensus method and a unique layered design.

While most blockchains can only hold a small amount of data, Filecoin's blockchain is built to handle huge files. Large files may be stored on different blockchains using Filecoin's storage. 

 

  Cardano Filecoin
Price change 20/21 +2,100% +40%
Market Cap $42 Billion+ $5 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #7 #35

 

How can you store data on Filecoin?

It is possible to store data on Filecoin and benefit from the strength of a distributed system and an open market supported by thousands of storage providers or miners.

To accept a deal from a miner, the client first identifies the miner and determines their current requests.

To get a list of all presently running miners, a synchronized node's JSON RPC API may be used. Based on a provider's reputation or dominance in the network, users should choose one.

During the negotiation and data transfer stage, both parties will agree regarding the terms of the specific deal. This will include the cost, duration, and the starting epoch of the deal, amongst other factors.

Once agreed, the data is transferred from the client to the miner, and the deal is subsequently published. This will make the storage provider responsible for the deal, and once the deal is published on the chain, it will be packed into a sector that will be sealed later and proven continuously.

 

How can you retrieve data on Filecoin?

Retrieval transactions, unlike storage transactions, are supported via payment channels and take place mostly off-chain.

The client compensates the miner based on the amount of data that is being sent. Filecoin blockchain interaction is limited to the creation and redemption of payment channels and vouchers.

According to the network's specifications, Lotus is planning to enable separate retrieval miners that are specially designed for a certain business's needs by making retrieval a hassle-free, rapid, and reliable process. All probable sources of the data they want will be accessible at this time.

 

Is it safe to store files on Filecoin?

Yes, it is safe to store files on Filecoin.

To prove storage, the Filecoin protocol uses a safe cryptographic method. Every day, storage providers send evidence to the Filecoin network, which each node verifies.

 

Is Filecoin the only cryptocurrency that offers the storing and retrieval of data?

No, Filecoin is not the only cryptocurrency project that provides the storage and retrieval of data. Other projects include: