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Filecoin

Investing.com
Currency in
USD
Disclaimer
8.03
-0.17(-2.09%)
Real-time Data
Day's Range
7.658.13
52 wk Range
2.788.59
Bid/Ask
-
Vol (24H)
471.33M
Market Cap
4.13B
Day's Range
7.65-8.13
52 wk Range
2.78-8.59
Max Supply
-
Circulating Supply
FIL515.82M
Rank
27
Technical
Strong Sell
Sell
Neutral
Buy
Strong Buy
Strong Sell
Daily
Weekly
Monthly
More
Type:Currency
Group:Minor
Base:Filecoin
Second:US Dollar

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FAQ

Where to buy Filecoin

Filecoin is available on Binance, Coinbase, Huobi, Gate.io, Gemini, Kraken, Kucoin, and over 30 other exchanges. You can also buy Filecoin from cryptocurrency trading broker eToro. However, you need to open an account on these platforms to buy or trade Filecoin.

What is Filecoin?

Filecoin is a promising project which aims to revolutionize the cloud and data storage industry. Leveraging blockchain technology, Filecoin is a decentralized file storage system that seeks to “store humanity’s most important information.” It was developed by Protocol Labs and built atop the InterPlanetary File System (IPFS) as an incentive layer. Filecoin allows users to rent unused or dormant hard drive spaces with the owners of this free storage rewarded with the project’s token FIL.

How does Filecoin work?

Filecoin splits each user’s data into fragments and spreads across the network using secure communication. Each Filecoin miner has a tiny fragment of the data, which only the data owner can access with a passkey. To ensure that each Filecoin miner upholds the tenets of the network and does not act maliciously, Filecoin requires each miner to have enough space to store clients’ data and hold them throughout the lifetime of the deal. Filecoin can ensure these two steps are upheld by using the Proof of Replication (PoRep) which requires miners to prove that they have stored the data in a unique way that no other miner can replicate or copy.

What are the advantages of Filecoin?

One advantage of Filecoin is its ability to decentralize data across several nodes while making it easily accessible and affordable. Another is that users can boycott centralized platforms like Amazon Web Services (AWS), enabling better user experience and overall satisfaction.

How to mine Filecoin

Mining Filecoin requires top-performing hardware rigs and technical know-how in systems deployment and administration.  This means that Filecoin cannot be mined by just anyone and will require a sizable amount of capital to get started.

What is Filecoin used for?

Filecoin or FIL token is used to store files in a peer-to-peer (P2P) manner, and it operates with incentives to ensure that mining nodes store user data reliably over time. Users pay with the protocol’s token FIL to store their files on the network, while storage miners are rewarded for storing those files for a long time.
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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