Crypto:
29757
Bitcoin:
$67.120
% 0.11
BTC Dominance:
%54.3
% 0.12
Market Cap:
$2.43 T
% 0.29
Fear & Greed:
73 / 100
Bitcoin:
$ 67.120
BTC Dominance:
% 54.3
Market Cap:
$2.43 T

What is Filecoin (FIL)?

Filecoin (FIL)

Filecoin (FIL) is a decentralized storage network that uses blockchain technology to create a marketplace for storage services.
The Filecoin platform allows users to store and retrieve data securely, decentralize, and efficiently without relying on a central cloud storage provider.

The Team Behind Filecoin

Filecoin Foundation and Filecoin Foundation for the Decentralized Web (FFDW) are a group of organizations responsible for the overall management of Filecoin and oversee open-source software development with the mission of protecting humanity’s important information. The team consists of experts in the decentralized web, blockchain technology, and global policy.

You might like: What is StarkNet (STRK)?

On the panel, Rainey Reitman supports users in avoiding untrustworthy technology companies by focusing on decentralized web projects, while Joe Lubin shares the goal of creating a more decentralized internet and worldwide network by working with decentralized protocols.

Sheila Warren highlighted how blockchain and distributed ledger technology could impact globally; Danny O’Brien mentioned that the decentralized web could support diversity at a global level; and Kristin Smith addressed the uncertainties of blockchain policy in the US.

Investors and Partners

Filecoin was created by the Protocol Labs company, and among the other technologies behind this project are IPFS, libp2p, IPLD, Multiformats, and Testground. During the initial coin offering (ICO) in 2017, the price of each FIL token was set at $1.30. The Filecoin ICO was one of the largest token sales in history at the time, raising $257 million. Protocol Labs raised $186 million in funds within the first hour of this process.

However, the ICO was only open to accredited investors, as defined by US regulations. Also, Protocol Labs sold FIL tokens to investors using the SAFT (Simple Agreement for Future Tokens). Investors who chose not to stake their tokens received their tokens at the genesis block of the Filecoin network. Tokens that were staked earned a discount on the initial purchase the longer they were locked.

30% of the total FIL supply was created and distributed at the genesis block; 15% was given to the development team to support the project’s growth; and 10% went to investors with the ICO. Furthermore, the remaining 5% was reserved for the Filecoin Foundation. 70% of the supply will be distributed to nodes as block rewards over the next 16 years.

Project Idea and Operation

Filecoin’s Data Diversity Supporting Applications Platform is a project aimed at making Filecoin’s peer-to-peer distributed storage infrastructure accessible to a broad user base. Additionally, the platform supports various use cases, from NFT storage to metaverse/game asset storage to archiving Web2 data sets. With its Web3 application integrations, decentralized storage project support, education and resources, and community engagement, it underscores the advantages of Filecoin and aims to attract users to this robust storage solution.

Road Map and Ecosystem

The Filecoin Virtual Machine (FVM) project has a roadmap that concentrates on three crucial milestones. The project began with the launch of the FVM and the enabling of built-in actors to operate on the FVM. Then, Ethereum virtual machine (EVM)-compatible smart contracts were deployed to the FVM, and developers were provided the opportunity to create their own native actors. The third milestone includes efforts to enhance programmability in FVM.

Filecoin (FIL)

With the completion of these stages, FVM-supported Lotus mainnet canaries have been launched. Also, the FVM node gained the ability to synchronize Filecoin Mainnet. Also, several tests and updates emphasizing FVM’s programmability have been carried out. So, this extensive roadmap gradually presents the integration and development of FVM into the Filecoin ecosystem.

Filecoin(FIL) Market Data

  • FIL has a maximum circulating supply of 2,000,000,000 FIL.
  • FIL has a circulating supply of 472.83 M FIL.
Where to Buy Filecoin (FIL)?

FileCoin (FIL) is traded on **Binance**, Coinbase, and Kraken. You can access referral links via HERE to get registered on these exchanges with a discount.


You can also freely share your comments about the topic. Additionally, don’t forget to follow us on TelegramYoutube and Twitter for the latest news and updates.

Leave a Reply

Your email address will not be published. Required fields are marked *