What is Filecoin (FIL)?

Made by the infamous Protocol labs and built on top of the Interplanary File System, Filecoin is an open-source, publicly-accessed cryptocurrency token that allows users to rent space on vacant hard drives to store information. It is a digital asset as well as a blockchain-based digital storage system for easy data retrieval. With its initial release on 15th July 2017, Filecoin has continuously offered data storage services to clients all for a payable token—the Filecoin token.

The project was first dated back in 2014 and was described to be an incentive layer for the Interplanary File System (IPPS). In 2017, the project raised an ICO amount of $205 million and launched its mainnet in mid-October 2020. 

Upon development and present operational mechanism, the Filecoin protocol stands upon four novel components. First is the DNS, a Decentralized Storage Network, which is a network of independent storage providers offering data storage and retrieval services. Another is the novel Proof of Storage (PoS) that contains two sub-categories, a Proof of Replication that allows clients to easily replicate their data in the storage system and a Proof of Spacetime that allows for easy evidence that a particular amount of data has been stored over a desired space of time.

The Verifiable market is also one of the four components and it consists of the client’s orders and requests, it also ensures that all services are relayed and performed correctly. The last component is the useful Proof of Work (PoW) that saves miners from stressful and wasteful mining computerization which can be converted to a more profitable data storage on the network.

Unlike other platforms that function mainly with the generic smart contracts, Filecoin allows for the simultaneous use of its file contracts and the generic smart contract also. On the platform, smart contracts allow for the users to write programs to execute their needs: like spending tokens, requesting data storage, or validating proofs.

 

The Filecoin contract allows users to program the conditions of their data storage services such as:

– Payment strategies; allows customers to design different reward methods for miners 

– Ticketing services; a programmed contract could allow miners to deposit tokens for data storage or retrieval on behalf of the users

– Complex operations; clients can create a contract for more complex data updates or upgrade.

Filecoin allows users to make custom contracts that satisfy their data storage and retrieval needs and also rewards the network nodes that mine and store data on the Filecoin blockchain platform.

Who are the Founders of Filecoin (FIL)?

The Filecoin platform was founded by Juan Batiz-Benet—the founder of Protocol Labs and the creator of the Interplanary File system. Although a citizen of the United States of America, Juan was born in Mexico on March 18, 1988, and attended the prestigious Stanford University, and was even named amongst Fortune’s magazine 40 under 40 list in 2018 for his outstanding efforts in creating his IPFS.

He has also worked in popular organizations like the Loki studio where he was the leading development CTO from January 2010 to December 2011; this was before he was hired by Yahoo in May 2013. 

What is Filecoin (FIL) used for?

The Filecoin allows users to store and retrieve their data easily. This is the initial aim for its development as it can store all forms so data such as encyclopedias, open access scientific papers, creative common data sets, historical documents and literature, and any other forms in which data can be presented.

Also, the users can sell and exchange data with one another at an agreed ultimatum. This helps in facilitating the rate of data exchange on the network. It allows for the storage of distributed ledgers and applications, supply chains, and any of their blockchain use items. 

The BEP20 token can be used for the payment of goods and services and can be transferred amongst users. This allows users to exchange the BEP20 token for a corresponding physical item or an equal amount of altcoins and stablecoins like Solana, USDT, or Bitcoin.

It is also a store of value as it is backed by a digital utility—a cloud storage device. It also services as a time-stamping device as it can store data over a long period.

What Is the Unique Point of Filecoin (FIL)?

For a cloud-based storage platform, one of the unique points of Filecoin is the massive storage device. As of July 2021, the platform boasts of having a decentralized storage capacity of 7.580 EiB.

Also, unlike cloud-based platforms like Amazon that are centralized, Filecoin leverages its decentralized nature by utilizing the blockchain hence protecting every client’s data’s privacy and integrity.

It also allows for customizing; Users get to manipulate the contract to suit their own needs. Miners are not left out as the network rewards nodes as you participate and store more data.

Also, it has a dedicated system of security that stops any form of bypass. This system includes periodic security audits by professional third parties, placed bounties for hackers who successfully penetrate the platform, and a designed communication platform to rely on any form of breach.

How many Filecoin (FIL) coins are in circulation?

There are approximately 117.8 million FIL tokens from its maximum supply value of 1.97 billion FIL tokens. It has a market capitalization value of $7 billion USD.

Is the Filecoin (FIL) Network secured?

The BEP20 token is very secure and has been part of Filecoin’s initial development project—Filecoin security. To ensure the utmost safety, the developer of Filecoin has initiated a request to all security researchers to join in the security maintenance of the Filecoin network. To ensure proper communication between the developer and the interested researchers, a communication network protocol has been put in place for the easy conveyance of breaches and leaks. First is the email provided to ensure easy reach. The email is highly monitored and requires a PGP key to encrypt the embedded sensitive information. Also, there is a setup request the researchers can access to join the official Filecoin security team on Keybase where private talks can be discussed efficiently.

Also, there are programs set up, one is the Filecoin Bug Bounty, one of the programs that reward security researchers, hackers, and security aficionados that invest their skills into searching for bugs on the Filecoin platform and its associated implementations. Any reported security leak rewards the users with a bounty.

Also, the platform publishes regular security audits performed by a third party to ensure sincerity. The published audits can be accessed on the Filecoin specification icon on the official website.

How do I buy Filecoin (FIL)?

The Filecoin offers loads of data storage services to the users which are unmatched yet, among which is their ability to own FIL tokens and do whatever they want with them. As such, its adoption rate has increased and made it steadily available across several platforms. To buy FIL tokens, the steps below provide the right direction to purchasing its tokens. 

  • Open an account with the crypto trading platform.
  • Transfer the specific amount of your fiat currency to your account.
  • Wait for your deposit to be confirmed and Buy BEP20 through your trading account.

Which Cryptocurrency Wallet Supports Filecoin (FIL)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as Filecoin. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Filecoin wallet because offers a simple and interactive interface making it easy for people to navigate its system.

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