What is Filecoin?
Have you heard of Filecoin cryptocurrency? It’s one of the world’s most popular blockchain technologies; as of December 2020, it’s ranked #20 according to coin market cap.
What is Filecoin?
Filecoin is a decentralized blockchain technology that was first conceptualized in 2014.
It was funded and backed by over $200 million in coin investment in 2017 and was launched recently in October 2020.
Filecoin is all about decentralized data storage. The community is currently working to bring the power of big data back to the consumers who use it.
What Makes Filecoin Different?
Filecoin is unique in its focus on data protection and privatization from larger cloud companies.
They promote an open market on their website and are aiming to make data storage more secure.
The basic process of data collection and storage is as follows:
A client vouches to store data on the Filecoin collective.
Miners bid and compete to prove that they can safely store the data.
The client chooses the winning miner and sends the data to the miner for safe storage.
The community reviews the miner’s protection and ensures that the data is stored safely.
Should You Invest In Filecoin?
Investing in FIlecoin is for you if:
Data collection and storage are essential to you.
You’re open to investing in a new and emerging cryptocurrency.
You don’t like the way that big data cloud companies are managing marketplaces.
You’d like to become a miner who can securely store data through the Filecoin collective.
In other words, if you’d like to invest in decentralized data storage, then Filcoin is perfect for you.
How To Start Investing in Filecoin?
Do you want to learn more about Filecoin and other cryptocurrencies? Crypto.co will give you all of the recent and relevant news stories so that you’re up to date with your crypto investment portfolio.
What are Filecoin Frequenty Asked Questions?
Where does Filecoin (FIL) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Filecoin currently ranks in position 41 out of the thousands of cryptocurrencies. It is also important to consider Filecoin‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Filecoin has a market cap of $ 1,038,201,982, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 629,991,389,539, Litecoin at $ 9,457,691,635, Ethereum at $ 160,381,817,618, Tether at $ 24,840,993,097, and XRP at $ 12,503,930,213.
What is the price of Filecoin (FIL) today (updated in realtime)?
The current price of Filecoin is $ 22.66 in USD. (The price in Euros is 18,61 €; and the price in Bitcoin is Ƀ 0.00066900 BTC.)
How has Filecoin (FIL) performed recently?
Filecoin‘s price has decreased in the last 24 hours by -0.89%. This compares with a seven day change of -6.72%. The trading volume over the last 24 hours was $ 111,055,672. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Filecoin (FIL) official website?
Links to Filecoin‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Filecoin (FIL) performed well historically?
Here is a chart showing how Filecoin has performed historically.
Where Can I Buy Filecoin (FIL)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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