Filecoin

Reasons to Buy Filecoin

• – It is eco-friendly by opting for utilizing the available resources.
• – Filecoin provides a higher level of safety from the existing market players.
• – They use a relatively different term for miners as ‘Storage miners.’ They receive deal fees in terms of FIL from the clients.
• – It has a market capitalization of more than $6 billion.
• – It has a maximum supply of 2 billion coins.

Filecoin was launched in 2020 and was successful in raising $257 million in its ICO in 2017.

It had the aim of sharing the available computer space in return for some incentives. Filecoin is a decentralized protocol to help people rent out their spare storage space on their computers. The present scenario involves big market players such as Amazon Web services that have a centralized server prone to a hack. Filecoin, at the same time, provides a decentralized environment for you to store your files and protect your important data by shredding it across a larger number of computers.

Things to consider before buying Filecoin

• – Filecoin is a P2P cryptocurrency with faster payments and low transaction fees.
• – It works on the Proof-of-Replication and Proof-of-Spacetime consensus algorithm.
• – It doesn’t work on regular mining protocol, but storage miners are rewarded with FIL
• for the mined blocks.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.