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Filecoin

FIL

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About Filecoin

Filecoin (FIL) is a cryptocurrency that powers the Filecoin network, a decentralized peer-to-peer file storage network that aims to let anyone store, retrieve, and host digital information. FIL tokens are used as payment for these services and as an economic incentive to ensure files are stored reliably over time.

Filecoin (FIL) is a decentralized storage system that aims to store a variety of information. It is an open protocol supported by a blockchain that records commitments made by the network's participants, with transactions made using FIL, the blockchain's native currency. Filecoin is open-source and aims to be decentralized, with governance in the hands of the community. The platform provides an opportunity for developers to create cloud file storage services. FIL, Filecoin's native currency, powers the entire network and all processes. Clients exchange transactions in FIL tokens, and miners place FIL as collateral, guaranteeing their services. Filecoin seeks to address the challenge of inefficient file storage and retrieval by providing an efficient set of tools and its core development, IPFS.

Filecoin operates through a system involving three parties: clients, storage miners, and retrieval miners. Clients exchange for storing or retrieving data, placing an order on the online storage market where a deal is concluded with storage miners. Storage miners store the client’s data and are compensated. They place files in free sectors of a hard drive, all actions are recorded in the blockchain, and clients receive private keys. Retrieval miners extract data at a client's request. Clients place a trade on the off-chain Retrieval Market. Filecoin is based on IPFS where all data is stored on a peer-to-peer blockchain. Users choose miners to store personal data and exchange for placement in FIL tokens. Miners execute trades, receive participation fees and FIL compensation. The more storage miners offer, the higher the chances of getting compensated.

Filecoin can be used in a variety of ways. It can serve as a decentralized storage network for personal files, app data, company files, public datasets, private data, websites, videos, and dapp websites. It can also be used for data exchange, allowing users to sell data on the network, facilitating data exchanges and markets. Filecoin can also be used for storing data for distributed ledgers and applications, supply chains, and more. It can also serve as a system where Filecoin tokens can be exchanged for goods and services and transferred between users. Furthermore, it can be used for time-stamping, providing a service for storing large amounts of data for long periods of time.

Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting both IPFS and Filecoin, as well as other projects. The project accumulated $205 million in an initial coin offering (ICO) in 2017. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network.

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Market

Market stats

Market cap

$2.3B

Volume (24h)

$409.6M

Circulating supply

599.0M FIL

Typical hold time

26 days

Popularity

#43

All time high

$237.73

Market performance

Price change (1h)

-3.91%

Price change (1d)

-6.98%

Price change (1w)

+4.31%

Price change (2w)

+5.05%

Price change (1m)

+5.65%

Price change (1y)

-14.8%

Market benchmarks

Performance (1Y)

-19.38%

Vs. Market (1Y)

-62.04%

Vs. BTC (1Y)

-67.9%

Vs. ETH (1Y)

-48.4%

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Social

Some highlights about Filecoin on social media

2,090 unique individuals are talking about Filecoin and it is ranked #142 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Filecoin has an average sentiment score of 3.8 out of 5. Finally, Filecoin is becoming more newsworthy, with 0 news articles published about Filecoin. This is a 0% increase in news volume compared to yesterday.

On Twitter, people are mostly neutral about Filecoin. There were 40.37% of tweets with bullish sentiment compared to 17.2% of tweets with a bearish sentiment about Filecoin. 42.43% of tweets were neutral about Filecoin. These sentiments are based on 535 tweets.

On Reddit, Filecoin was mentioned in 101 Reddit posts and there were 181 comments about Filecoin. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.

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Overview

Contributors

2,090 people

Posts

382 posts

Dominance

0.11%

Volume rank

#142

Average Sentiment

3.8 out of 5

Twitter

Reddit

Posts

101

Comments

181

Post Score

117

Comment Score

126

Coinbase Bytes

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Filecoin is on the rise this week.

The price of Filecoin has decreased by 3.91% in the last hour and decreased by 6.98% in the past 24 hours. Filecoin’s price has also risen by 4.31% in the past week. The current price is $3.87 per FIL with a 24-hour trading volume of $409.64M. Currently, Filecoin is valued at 98.37% below its all time high of $237.73. This all-time high was the highest price paid for Filecoin since its launch.

The current circulating supply of Filecoin is 598,967,810 FIL which means that Filecoin has as total market cap of 598,967,810.

FAQ

What is the current price of Filecoin?

We update our Filecoin to USD currency in real-time. Get the live price of Filecoin on Coinbase.

What is the market cap of Filecoin?

The current market cap of Filecoin is $2.33B. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Filecoin?

The all-time high of Filecoin is $237.73. This all-time high is highest price paid for Filecoin since it was launched.

What is the 24 hour trading volume of Filecoin?

Over the last 24 hours, the trading volume of Filecoin is $409.64M.

What other assets are similar to Filecoin?

Assets that have a similar market cap to Filecoin include Bitcoin Cash, Litecoin, Immutable, and many others. To see a full list, see our comparable market cap assets.

How many Filecoin are there?

The current circulating supply of Filecoin is 599 million.

What is the typical holding time of Filecoin?

The median time that Coinbase customers hold Filecoin before selling it or sending it to another account or address is 26 days.

What is the relative popularity of Filecoin?

Filecoin ranks 56 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Filecoin?

Currently, 96% of Coinbase users are buying Filecoin. In other words, 96% of Coinbase customers have increased their net position in Filecoin over the past 24 hours through trading.

Can I buy Filecoin on Coinbase?

Yes, Filecoin is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Filecoin guide.