Sirwin
Sirwin

E&S: FIL, Use Filecoin to store and retrieve data


Hi Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area. 

In this article we talk about more features of Filecoin! 

In the last E&S article I introduced you Filecoin (FIL) and I said that it has sought to propose and structure a true distributed and decentralized storage network for storing the most important data on the planet (defined by the official page itself as "humanity's"). 

FIL Token 

One of the utility tools within the Filecoin ecosystem, is FIL itself. One of the most tedious issues related to cloud storage concerns precisely protection. In this case, in order to provide a certain level of protection, miners must hold a specific amount of FIL tokens. Beyond the strong value as a utility tool within the ecosystem, Filecoin "FIL" can be considered a cryptocurrency, with its own listing and trend. 

Where can you buy FIL? 

Given the soundness of the long-established project, FIL is listed on all major exchanges. You can find it on: Binance, Coinbase, Kraken, Gate.io, KuCoin, Huobi and others. Remember to trade crypto only on authorized exchanges to avoid falling for scams. 

Filecoin currently has a circulating supply of 278,895,681.00 FIL tokens and a cap of 2 billion FIL tokens that may not be created. The supply will never be higher, but it can potentially decrease because in the Filecoin network misconduct is disincentive with slashing penalties. If a network participant misbehaves, part of his or her FIL reserve or potential FIL rewards may be withdrawn and subject to burning. 

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What makes Filecoin unique? 

Storage systems allow people to be their own custodians of their data, but they are normally very centralized. Filecoin (FIL) allows users to store their data on a decentralized peer-to-peer network, making it more resistant to censorship, disruptions, and hacker attacks. Filecoin also leverages its unique blockchain technology to provide incentives that encourage participation and reward honest participants. Another unique feature of Filecoin is its architecture. Filecoin uses a dual-node solution, whereas most networks operate with only one type of node. Storage nodes are used to store data on the network. To ensure decentralization, Filecoin incentivizes medium-sized users. Recovery nodes are also used on the Filecoin network. The fetch nodes must be located near the storage nodes on the network, possess high bandwidth and low latency. Fetch nodes are rewarded when they are the most reputable at locating and retrieving a file for the user.   

FIL price chart 

 

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FIL, at the time of writing, is trading around 6-7$. In April 2021 it reached the all-time high around 190$. That means a 30x from the actual price! 

Daily volume is around 350,000,000$ and major volumes are on Binance, Gate.io, Huobi and Coinbase. 

What do you think about Filecoin? 

Next Sunday I’ll introduce to you a new cryptocurrency. 

Be sure to follow my profile for receive the notification of my next articles on Publish0x! 

 

 

 

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Easy&Short. Cryptocurrencies made accessible
Easy&Short. Cryptocurrencies made accessible

In this section, we are going to create two article per each cryptocurrency/token. The first one will be technical, with a simplification of the Whitepaper and the second one will be about particulars of the coin. For example staking yields, particular functions and so on! I am sure you will like this very much!

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