Juan Benet and Protocol Labs developed Filecoin to enable a secure and fast decentralized network. After three years of development, Fileocin’s Mainnet went live in 2020 October. This project was first discussed in 2014 as an incentive layer for IPFS (the interplanetary file system), a peer-to-peer storage network. Filecoin is an open protocol system, and it is backed by blockchain technology that records the commitments made by the network users using FIL, the native currency of Filecoin. This blockchain is based on proof-of-spacetime and proof-of-replication.
Filecoin is a file sharing and decentralized storage network that leverages blockchain technology to offer its users an array of new opportunities in the cryptocurrency market. It combines different technologies to provide unique experiences for its customers and help their users to earn cryptos. Simply put, Filecoin functions just like other file-sharing platforms like Dropbox. The main difference is, rather than centralized authority for storing data, users who would like to store data can bid on the available storage provided by various miners who provide disk space.
Filecoin is a decentralized peer-to-peer network that can be used for file storage. It facilitates storing and accessing data. Miners of Filecoin can earn FIL tokens for storing the files. Filecoin users can choose different miners based on the storage needs. The history of Filecoin starts with Protocol Labs Filecoin IPO that was launched in 2017. During its launch, it has made several international headlines, and it secured $205.8 million. Further, FIL received backing from venture capitalists Andreessen Horowitz and Sequoia.
Presently, many exchanges offer Filecoin to trade, where the user can buy, trade, and sell Filecoin. The user can buy Filecoin using fiat currencies like EUR, USD, GBP, and several more. FIL can also be exchanged with cryptocurrencies, and the user can also buy FIL using Binance USD, HUSD stablecoins, and Tether. Here are a few best brokers to trade Filecoin –
Traders cannot assume what the future has in store for Filecoin as it has only been launched recently on the network. It offers more storage providers and storage capacity than its competitors; the feedback received from its community is very positive, and it looks like it has a bright future. The user should consider the volatility of the crypto market, and if they want to invest their money in cryptocurrency, they should research before proceeding with it. You must check out Cryptocurrency price predictions before investing in any cryptocurrency.
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