About Filecoin

What is the Filecoin price today?

The FIL price is currently $3.35. The price of Filecoin is -2.36% over the last 30 days. You can use the live Filecoin chart to track the FIL/USD price in real time above, or compare the Filecoin value today to its past performance using the Filecoin price history tab at the top of this page.

What is the total supply of FIL?

The circulating supply is 451,728,919.00 FIL, out of a total maximum supply of 0.00 FIL.

What is the price prediction for Filecoin?

The average Filecoin price prediction values the coin at $10 by the end of 2025. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.

It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.

What is Filecoin?

Filecoin is like a decentralised version of Dropbox, somewhere for customers to store files without having to use cloud services owned by big corporations. Anyone with spare disk space can join Filecoin and rent it out to a customer looking for somewhere to store their data.

The FIL cryptocurrency powers Filecoin, which acts as an incentive for good behaviour and is the currency for all transactions between customers and suppliers. All those transactions are stored on a publicly available blockchain.

The Filecoin platform can cut out the middleman by bringing individuals together directly. This is targeted at companies like Amazon or Microsoft, who traditionally dominate data storage, act as censors, and charge high prices.

How does Filecoin work?

Filecoin works by creating a marketplace that brings together suppliers of disk space with customers demanding it. Whenever a customer wants to store some of his data, the suppliers compete to offer him the lowest price. The successful supplier is rewarded for securely storing data, with proof visible on the blockchain.

Finally, a third group of people use their computer power to retrieve files whenever the customer wants to access her data. Retrievers earn transaction fees for providing access to customer data and are paid in FIL. Suppliers only receive their payment once the data is secure, so FIL incentivises everyone to act in good faith.

How is the Filecoin network secured?

Filecoin is secured by the blockchain it runs on. Its security is reinforced through proof-of-replication and proof-of-spacetime consensus algorithms, allowing a network of highly motivated retrieval miners to compete for the fastest data retrieval for clients.

Additionally, storage miners constantly compete for contracts to provide long-term storage solutions for clients. Once a deal is confirmed, the storage miner secures the client’s data within a unique sector, “sealing” it to prevent duplication. They receive FIL deal fees as compensation and can earn block rewards through mining.

What is Filecoin used for?

Filecoin addresses the suboptimal file storage and retrieval issue by leveraging its open-source and decentralised nature. Governance of the network is vested in the community, enabling developers to build cloud file storage solutions such as Dropbox and iCloud.

Participation in the Filecoin network is open to all, allowing individuals to store their data or earn revenue by allocating storage space to others. The Filecoin team employed blockchain technology and their consensus algorithm to power the network and its token.

Why does FIL have value?

FIL tokens are valuable because they’re the currency on the Filecoin network. As the network expands, more users will be utilising FIL tokens for transactions, driving demand and increasing their value.

The burning of FIL tokens also contributes to their scarcity, further bolstering their value on the market. As the Filecoin network grows and attracts more users, the need for FIL tokens will also increase, making them valuable assets for those who hold them.

Who created Filecoin?

Juan Benet, an American computer scientist with a background from Stanford University, is the creator of Filecoin. He also developed the Interplanetary File System (IPFS).

In May 2014, Benet established Protocol Labs with the vision of nurturing projects like IPFS and Filecoin. The following summer, he joined Y Combinator to advance his endeavours and bring them to fruition.

Where can I buy Filecoin?

You can buy Filecoin on a crypto exchange. An exchange is a marketplace that allows you to sign up, deposit your money, and buy some crypto, just as you would with a stock platform.

Most cryptocurrency brokers allow you to keep the coins you buy in your account. However, you may want to sign up for a dedicated crypto wallet for some extra security.

Are there any other ways to invest in Filecoin?

The simplest way to invest in Filecoin is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.

You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.

Are there any Filecoin alternatives?

Data storage and sharing is a popular sector within the crypto industry and there are several options available, all offering a slightly different approach. Here’s a selection of some of the best Filecoin alternatives for you to consider.

• Storj. Storj is a decentralised storage alternative to traditional file hosting
• BitTorrent. BitTorrent is a file-sharing platform
• Safe Network. Safe Network is a platform that lets you control your data

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