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Filecoin

What is Filecoin ?

The FilECOIN (fil) cryptocurrency and payment system is built on the blockchain. InterPlanetary File System is used by Protocol Labs and allows customers to rent out idle, hard drive space. The transactions are recorded using a blockchain system. Thus, humanity’s most vital information will be stored in a decentralized storage system. 

Users of Filecoin cryptocurrency can be their data custodians, making the web more accessible to people all around. It’s no secret that the Filecoin network encourages its users to act honestly and keep as much data as possible by rewarding those who participate in the network by mining and storing it.

Primary features of Filecoin

  • Cost: Anyone can rent out computer storage space with Filecoin, a decentralized technology.
  • Scale: An extensive storage network will be created by bringing together millions of computers throughout the world.
  • Economy: Uses existing resources instead of developing new storage computers with Filecoin’s help.
  • Safety: Decentralization makes it more difficult to hack, even though Dropbox and Apple’s iCloud have been compromised.

Is Filecoin a promising cryptocurrency?

Investing in Filecoin crypto for the long run is also a wise idea. You might have to wait for a while before you see any excellent earnings, though.

How to use Filecoin?

  • People who require storage services are called clients. It is up to you, as a client, whatever company you wish to store your data with. To store or access your data, you’ll need to pay a nominal price using FIL tokens.
  • These are persons who have free storage space and whose job is to store data in the Filecoin network using their free storage space. In exchange, they receive FIL tokens, which they can then exchange for fiat currency or keep in their wallets.
  • People who are paid to retrieve data from storage miners for clients are known as retrieval miners. Recovery miners are crucial because once data is stored, it is encrypted, and the storage device must be decrypted before the data can be retrieved.

Pros & Cons of Filecoin

Pros

  • Open market:

    Everyone is welcome to join the Filecoin network, and there is no requirement for permission.

  • Competitive prices:

    Not corporate pricing departments, but supply and demand dictate storage and retrieval costs.

  • Reliable storage:

    Filecoin provides a legitimate economic motivation for files to remain available over time because storage is paid for.

Cons

Huge competition:

Filecoin has to face a lot of competition as many more coins are in the market.

Trade Filecoin on CoinSwitch kuber

  • With just Rs.100, you may start investing and trading.
  • Immediately withdraw and deposit money into a bank account with no delays.
  • Investing in Filecoin does not involve any costs.
  • User-friendly and intuitive UI.
  • Your transactions may be easily tracked and managed.

Filecoin ICO summary

On 15 October 2020, the project officially opened its primary network. Filecoin’s ICO started in 2017 and rapidly gained millions via CoinList, a collaborative effort between Filecoin’s Protocol Labs developer and AngelList startup funding platform. Filecoin’s ICO token price was $5.

FAQ's on Filecoin

  • Will The Price Of Filecoin Rise?

According to the technical analysis, when Filecoin’s resistance level is broken early enough, the price could grow in the following few years.

  • In 2021, Will The Price Of Filecoin Reach $380?

The price of Filecoin might reach $380 by the end of 2021 if it recovers from the recent slump.

  • By 2025, How Much Will A Filecoin Coin Be Worth?

Most positive projections predict that Filecoin might reach $1,500 by 2025. However, the crypto market is volatile and we cannot have a clear vision of its value after 4 years.

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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.

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Filecoin network encourages its users to act honestly and keep as much data as possible by rewarding those who participate in the network by mining and storing it.