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Filecoin FIL

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1. Summary

Fundamental Rank
99
Developer Rank
100
Social Rank
94
Coinrank
98
Price
$54.63 +12.1%
Market Cap
$4.45B (#18)
Supply
81.13M / 1.97B
Description

Filecoin is essentially a decentralized protocol that enables anyone to rent out spare storage space on their computer, and the mainnet itself launched in October of 2020.

Anyone can also buy storage on the network, and Filecoin’s ICO originally raised $257 million in the year 2017.

Now, since it allows anyone in the...

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Filecoin is essentially a decentralized protocol that enables anyone to rent out spare storage space on their computer, and the mainnet itself launched in October of 2020.

Anyone can also buy storage on the network, and Filecoin’s ICO originally raised $257 million in the year 2017.

Now, since it allows anyone in the world to join the network, it has essentially created a huge source of data storage, and as more systems become computerized, it will be required to live up to this increased demand for storage.

Filecoin was developed to offer a number of advantages when compared to most centralized storage solutions. By creating this larger free market for data storage, would essentially drive the price down, and bring millions of computers across the globe together to create a huge storage network. Now, instead of building new storage computers, Filecoin takes advantage of existing resources. While centralized solutions have the possibility of being hacked, a decentralized network allows for no single point of attack and will be harder to compromise as a result.

The FIL Token Explained

The FIL tokens are the native utility token when it comes to the Filecoin network. This means that users can make payments as well as receive rewards in FIL, and FIL tokens are versatile assets that can essentially be traded on exchanges on a global basis.

Features of Filecoin

Filecoin was actually built on peer-to-peer file storage and retrieval protocol known as the Interplanetary File System (IPFS). Filecoin uses pay miners for storage, retrieval as well as distribution of data. For these efforts, the miners receive rewards in the form of FIL tokens. How much users pay for storage services is actually determined by the market, and charges can vary depending on if a user chooses speed over redundancy or the other way around. The Filecoin network is maintained by two types of miners.

Storage Miners are the main type of miners found here and are individuals or organizations that act as storage providers. These perform several computationally intensive processes called proofs, and these systems work with the goal of securing the network.

Retrieval Miners work as pre-fetchers of data, and they exist to retrieve the most downloaded files and deliver them to users in their close proximity. If you want to quality as one of these miners, you are required to have quick internet.

Now, Filecoin uses two new proofs that work together in order to ensure that the network remains valid, and these systems work in the background.

The first is the proof-of-replication mechanism that verifies that a miner has truly stored the number of copies of data that it claims to hold, and the second is the proof-of-spacetime, which actually verifies if a miner has stored the data for the agreed period of time.

Founders of Filecoin (FIL)

Discussing the founders of Filecoin, it was founded by one founder known as Juan Benet, who created the Interplanetary File System, and is an American computer scientist that studied at Stanford University. Now, after founding Protocol Labs in 2014, he attended the Y Combinator in 2014 with the intention of supporting IPFS and Filecoin.

2. Price

$FIL / USD

2.1. Market Performance

How does Filecoin's (FIL) performance compare to assets of a similar market capitalization?

30 Day Return

-16%

FIL

-12%

Similar Market Cap

60 Day Return

-61%

FIL

-23%

Similar Market Cap

3. Developer Activity

We're monitoring 100 Github repos for the Filecoin project.

Commits vs. The Market

  • Past 4 weeks: 774 commits vs. an average of 58
  • Past 12 weeks: 2,327 commits vs. an average of 244
  • Past year: 13,460 commits vs. an average of 1,512

Top Repos by Code Commits

Past week 311
Past 12 weeks 666
Past year 4874
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Past week 1
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Past week 0
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Past year 185
4. Social Activity
Reddit Subscribers (Unknown subreddit) 0
Active Reddit Users 0
Telegram Users 0
Twitter followers 92,724
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