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.
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.
Everyone is welcome to join the Filecoin network, and there is no requirement for permission.
Not corporate pricing departments, but supply and demand dictate storage and retrieval costs.
Filecoin provides a legitimate economic motivation for files to remain available over time because storage is paid for.
Filecoin has to face a lot of competition as many more coins are in the market.
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.
According to the technical analysis, when Filecoin’s resistance level is broken early enough, the price could grow in the following few years.
The price of Filecoin might reach $380 by the end of 2021 if it recovers from the recent slump.
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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Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
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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.
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.
37 Cr. FIL
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