Filecoin
$0.7550
12.3%(24h)30d
Today
12.3%
30 Days
-1.5%
Price Change (24h)
$0.0824
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12.3%
30 Days
-1.5%
Price Change (24h)
$0.0824
FIL
7.55
Filecoin represents a decentralized storage network with the stated goal of preserving humanity's most important information. The project raised 205 million dollars through an initial coin offering in 2017, with mainnet launch initially projected for mid-2019. The mainnet eventually deployed at block 148,888 in October 2020. Described initially in 2014 as an incentive layer for IPFS (Interplanetary File System), Filecoin operates as an open protocol backed by blockchain technology recording network participant commitments. Users pay FIL tokens for data storage and distribution. Built on both proof-of-replication and proof-of-spacetime, Filecoin maintains open-source, decentralized governance overseen by the community. The platform enables developers to build cloud storage services similar to Dropbox or iCloud. Participation is open to anyone storing data or providing storage capacity for compensation. Filecoin's blockchain technology and consensus mechanism operate independent of external dependencies. FIL serves as the native currency powering the entire network. Clients pay for transactions in FIL, while miners post FIL as collateral to guarantee service provision. The developers contend that Filecoin addresses inefficient file storage and retrieval problems, offering customers efficient tools built on IPFS infrastructure.
Juan Benet established Filecoin and previously created IPFS. Benet, an American computer scientist trained at Stanford, founded Protocol Labs in May 2014. He participated in Y Combinator during summer 2014 to support both IPFS and Filecoin development alongside other projects.
Filecoin pursues decentralized data storage approaches that contrast with centralized providers like AWS or Cloudflare. Leveraging decentralization protects data location integrity while preventing censorship and improving retrievability. Decentralized storage systems like Filecoin grant users custodianship of their data and extend web accessibility globally. Mining and storage participation directly correlates with block reward earnings, incentivizing honest behavior and maximum data storage.
Three participant types operate the Filecoin system: clients, storage miners, and retrieval miners. These groups transact together, exchange information, and make micropayments in FIL. Clients pay for storage or retrieval services by placing orders on the storage market where agreements form with storage miners. Storage miners receive rewards for storing client data. Files are placed in hard drive sectors, with all actions recorded on blockchain and clients receiving private keys. Retrieval miners extract data upon client request through the off-chain Retrieval Market. The network builds on IPFS with peer-to-peer blockchain data storage. Users select miners for personal data storage and pay FIL placement fees. Miners execute trades, earning participation fees and FIL rewards, with higher storage offerings improving reward probability. Blockchain-recorded proofs allow clients to verify data storage status throughout transactions. Proof-of-Replication (PoRep) secures the Filecoin network while miners employ Proof-of-Spacetime (PoSt). Data safety requires miner payment with costs determined by open market dynamics with multiple pricing factors. Open market competition among miners establishes individual minimum storage prices.
Protocol Labs describes Filecoin's economic model as a market for data where storage space sellers engage with space renters. Five stakeholder groups trade tokens: developers, clients, miners, token holders, and ecosystem partners. Three Filecoin markets exist: file storage, file retrieval, and on-exchange token trading. During fall 2020, the Space Race testnet phase engaged 400 miners, expanding Filecoin's network data capacity beyond 325 pebibytes, with approximately 3.5 million FIL tokens distributed to Space Race participants.
Proof-of-replication and proof-of-spacetime secure Filecoin. Retrieval miner nodes compete to serve clients with rapid data delivery and earn FIL fee rewards, encouraging file replication and preservation network nodes. Storage miner nodes constantly compete for client storage contracts spanning specific time periods. When storage miners and clients agree on deals, miners store client data in sectors and seal them, creating unique sector data copies. Storage miners receive FIL client deal fees and may mine blocks for block rewards.
Prior to Filecoin mainnet launch, Gemini and Kraken announced FIL support. Huobi planned to list FIL following mainnet activation. Information on cryptocurrency purchasing is available through CoinMarketCap's comprehensive guides.
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