Filecoin: Everything you need to know

Source: Binance Academy

For a long time now, we have been surrounded by virtual currencies and the rate at which their use cases in day-to-day life are increasing is something that was never really anticipated one of the major contributors to this huge success is the cryptocurrency industry.

The crypto world has been more than successful in luring in potential investors from all across the globe and has managed to make a name for itself in the global marketplace as well. Not just that, the said industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

To begin with, cryptocurrencies as the name suggests are nothing but a form of online or digital currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.

In technical terminology, cryptocurrency is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.

In addition to this, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.

On the contrary, looking around today, it feels almost unreal to see how far the industry has managed to come, having pools of currencies available today for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

Source: Changelly

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, and Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.

Also, it is worth noting that, some of the major contributing factors to this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts in the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Filecoin. To know more, I suggest you read further!

Everything to know about Filecoin (FIL)

Source: Moralis Academy

Filecoin or as commonly referred to as FIL is nothing but simply a decentralized storage system that is said to be focused entirely on storing humanity’s most important information. In addition to this, the project was first described all the way back in 2014 as an incentive layer for the Interplanetary File System (IPFS), which is a peer-to-peer storage network.

Apart from this, Filecoin Is known to be an open protocol, which is said to be backed by a blockchain that keeps records of commitments made by the network participants, with transactions that were made using FIL. Not just that, the said platform is based on both the Proof-of-spacetime as well as proof-of-replication.

Before moving any further, it is probably worth noting that, Filecoin was founded by Juan Benet, who by the way also is the mastermind behind the Interplanetary File System. Also, FIL is said to be the native utility token of the Filecoin platform, which as a matter of fact can be used for a variety of purposes on the platform itself like being used as payment for the services provided on the platform and as an economic incentive in order to ensure that the files are stored reliably over a period of time.

Furthermore, the project is known to have raised somewhere around 205 million dollars in an initial coin offering (ICO) back in 2017 and initially planned launch date for mid-2019. However, you should know that the launch date for the Filecoin mainnet was said to be pushed back until block 148,888 which was expected in mid-October 2020.

Circling back to the topic, as mentioned, Filecoin is a decentralized peer t peer storage network that is aimed at letting anyone and everyone store, retrieve as well as host digital information. On a similar note, what actually makes Filecoin stand out from others in the marketplace is that it aims at storing data in a decentralized manner.

Source: CoinList

Unlike what we usually see in cloud storage companies like Amazon Web Services or even Cloudfare, which are known to be really prone to the usual problems of centralization, Filecoin is said to leverage its decentralized nature in order to protect the so-called integrity of data’s location, thus making it, even more, easier to retrieve and hard to censor.

Such decentralized storage systems allow people to be their own custodians of their data, while also making the web more accessible to people worldwide. Lastly, Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible.

Now that we have talked much about Filecoin, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Filecoin (FIL)

Source: Analytics Insight

As of today, the price of Filecoin is about 5.21 US dollars with a twenty-four-hour trading volume of 109,159,861 dollars. Not just that, in just the past twenty-four hours, the value of Filecoin has gone low by 4.66 percent, and with the current market cap of 1,173,264,945 US dollars, FIL is currently placed at the #40 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Filecoin is nearly 225,248,981 FIL coins but unfortunately the maximum lifetime supply of of the token is not yet available. In just the past week alone, the price of the platform has gone uphill by 8.10 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Filecoin is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Filecoin can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

Source: Nomics

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Filecoin does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Filecoin? Let me help you with that. Currently, Filecoin is available on all major crypto exchanges but, some of the popular exchanges that have FIL listed on them include Binance, Bybit, OKX, BTCEX as well as Bitget to name a few. 

In conclusion, what are your thoughts on Filecoin? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: The rise of Khaby Lame: From factory worker to the most followed person on TikTok