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Filecoin FIL
$2.58 2.19%
OG Score 59.90
Reviews 5

Filecoin FIL Price

$2.58 2.19%
Low All Time High
$1.98 $236.84

Introduction

Filecoin (FIL) is a blockchain platform that offers decentralized file storage solution to users. More

OG Score 59.90
Reviews 5
Market Cap $1.76B
Market Cap Rank # 78

Token Stats

Fully Diluted Valuation $5.05B
24H Trading Volume $215.09M
24H Low / High $2.55 / $ 2.66
Circulating Supply 683.73 M
Total Supply 1.96 B
Max Supply 1.96 B

Info

Categories DePIN 12 more
Founder Juan Benet 1 more
Website filecoin.io
Socials 4 more
Chains Filecoin Ecosystem
Explorer Hecoinfo 3 more

FIL/USD Price Chart

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OG Evaluation

OG Score

OG Score Rank #25
Reviews 5
Gem Score 15.42

OGAudit Coin Evaluation Metrics

Innovation 67 .06
Innovation Evaluates whether the project introduces a unique, impactful solution that clearly outperforms competitors.
Security 65 .60
Security Assesses the robustness of smart contracts or protocol security, and the availability of up-to-date audit reports.
Community 53 .90
Community Measures how actively the team engages its community and whether governance decisions involve on-chain voting or transparent input.
Tokenomics 57 .96
Tokenomics Examines the utility of the token, distribution fairness, and whether there are clear incentives for long-term holding or usage. Also evaluates the project’s revenue model, including income sources, sustainability, and whether value flows back to token holders or the ecosystem.
Team 59 .10
Team Evaluates the experience,credibility of the founding and development team.
Roadmap 68 .84
Roadmap Assesses the clarity, transparency, and timely execution of the project's development roadmap.

Filecoin $fil User Reviews

What Crypto OGs are Saying About Filecoin

$fil Markets

Name Pair OG Score

About Filecoin $fil

What is Filecoin (FIL)?

Filecoin (FIL): Revolutionizing Decentralized Data Storage

In the ever-evolving landscape of digital innovation, Filecoin (FIL) stands as a beacon of change, offering a decentralized storage solution that reshapes the way we store and access information. Founded by Juan Benet, the visionary mind behind the Interplanetary File System (IPFS), Filecoin aims to safeguard humanity's vital data through its open-source blockchain-backed protocol.

A Vision for Decentralized Storage

Filecoin, launched in October 2020 after raising an impressive $205 million in its 2017 ICO, operates as a decentralized cloud-based storage system. Unlike traditional centralized storage providers, Filecoin empowers users to become contributors to the network, renting out spare storage space or purchasing storage services. This unique approach fosters a global community of users, creating a scalable and cost-effective storage network.

Key Features and Functionality

The core of Filecoin's functionality involves three main actors: clients, storage miners, and retrieval miners. Clients initiate transactions by paying in FIL tokens for storing or retrieving data. Storage miners, the backbone of the network, compete to store data and receive rewards, while retrieval miners cater to data retrieval requests.

Filecoin's innovative Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt) mechanisms secure the network, ensuring honest participation and rewarding contributors. The system promotes efficiency, transparency, and integrity, addressing issues associated with traditional centralized storage models.

How Filecoin Works

Utilizing the InterPlanetary File System (IPFS) protocol, Filecoin employs a unique economic incentive system. Storage miners store and prove the integrity of data, earning FIL rewards. Recovery miners manage data retrieval without providing storage, and clients negotiate storage contracts based on factors like cost, redundancy, and speed.

The contract process involves clients and miners agreeing to terms, with FIL payments being blocked in the customer's wallet. Miners must then publish proof of storage, signaling the contract's commencement. This decentralized and secure process ensures the preservation of valuable data without the vulnerabilities associated with centralized storage.

Filecoin's Role in Web3

With the rise of Web3, the demand for decentralized storage solutions becomes paramount. Filecoin, with its robust and secure approach, emerges as a crucial player. Its versatility extends across various use cases, from NFT and metaverse storage to incentivized permanent storage and cost-effective archiving of Web2 datasets.

Milestones and Innovations

Filecoin's journey has been marked by significant milestones, including an impressive ICO in 2017 and the mainnet launch in October 2020. Subsequent innovations, such as zk-SNARK zero-knowledge proofs and the Filecoin Virtual Machine (FVM), showcase the platform's commitment to security and functionality.

Conclusion

In a world where data is king, Filecoin stands as a pioneer, reshaping the future of decentralized storage. Its community-driven approach, secure protocols, and continuous innovations position it as a leader in the competitive landscape of decentralized file storage. As the demand for scalable and secure storage solutions grows, Filecoin's decentralized model offers a compelling solution, unlocking new possibilities for individuals, enterprises, and developers alike.

What is unique about Filecoin (FIL)?

Filecoin distinguishes itself with a decentralized storage model, enabling users to be custodians of their data and creating a global marketplace for secure, efficient, and censorship-resistant file storage.

Who are the founders of Filecoin (FIL)?

Filecoin was founded by Juan Benet, an American computer scientist and creator of the Interplanetary File System (IPFS), who established the project under Protocol Labs in 2014.

Who are the backers/investors of Filecoin (FIL)?

Notable investors, including Digital Currency Group and Y Combinator, recognized Filecoin's potential, contributing to its ICO success in 2017, where the project raised over $205 million.

What is the consensus mechanism of Filecoin (FIL)?

Filecoin operates on a consensus mechanism that combines Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt), ensuring data integrity and incentivizing storage miners to provide reliable services in exchange for FIL rewards.

Where can I buy Filecoin (FIL)?

You can buy Filecoin (FIL) on Binance, Gate.ioBitgetBybitOKX cryptocurrency exchanges.

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