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Filecoin

FIL

Price
$4.37
11/29/2022, 12:07:15 PM
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Market

Market stats

Market cap

$1.4B

Volume (24h)

$96.7M

Circulating supply

327.5M FIL

Typical hold time

18 days

Trading activity

Not enough data

Popularity

#25

All time high

$237.24

Price change (1h)

+0.11%

Price change (24h)

+3.55%

Price change (7d)

+6.6%

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Filecoin is on the rise this week.

The price of Filecoin has risen by 6.60% in the past 7 days. The price increased by 3.55% in the last 24 hours. In just the past hour, the price grew by 0.11%. The current price is $4.3725 per FIL. Filecoin is 98.16% below the all time high of $237.24.

The current circulating supply is 327,521,756 FIL.

About

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.

What Is Filecoin (FIL)?

The Filecoin protocol, according to the official website, introduces a decentralized storage network (DSN) based on blockchain. As claimed by the whitepaper, with the DSN scheme, multiple independent storage providers offer data storage and data retrieval to clients on the Filecoin network. In other words, the Filecoin DSN handles storage and retrieval requests via two verifiable markets, i.e., the Storage Market and the Retrieval Market, respectively. The two markets have the same structure but different design. 

The Storage Market allows clients to pay storage miners to store data. The storage market is a verifiable market through which clients (buyers) place matching orders with storage miners (sellers). Once matched, orders are submitted to the orderbook (sets of orders). That way, the public gets access to all the orders recorded on the Filecoin blockchain. Additionally, both clients and storage miners must pledge and commit to their resources, where storage miners provide constant proof of storage for an order. In brief, the Storage Market protocol is divided into two phases: order matching and settlement:

  • Order Matching: Storage miners and clients submit their orders to the blockchain to record the same in the orderbook. When orders are matched between storage miners and clients, both parties sign a deal order and submit it to the orderbook.

  • Order Settlement: Storage miners lock their orders, generate proofs of storage, and submit them to the blockchain regularly.  

The Retrieval Market allows clients to retrieve data by paying retrieval miners to deliver the data. In the Retrieval Market, clients can request retrieval of a specific piece from an order. Retrieval miners obtain pieces from the Retrieval Market or by storing them from being a storage miner. Participants in the retrieval market follow an off-chain process of exchanging pieces and settling prices. Therefore, Retrieval Miners and clients exchange data without the network knowing about it. Mostly, the retrieval miner splits the data into multiple parts, and the client pays for each part that is retrieved. In brief, the Retrieval Market protocol is divided into two phases: order matching and settlement:

  • Order Matching: Clients and retrieval miners submit their orders to the orderbook by “gossiping” their order. When orders are matched, the client and the retrieval miners establish a micropayment channel.

  • Order Settlement: Retrieval miners send small parts of the piece to the client, and for each piece, the miner gets a signed receipt from the client. Retrieval miners present their delivery receipts to the blockchain for rewards.

Filecoin, trading under the ticker FIL, is the native cryptocurrency on the Filecoin network.

History of Filecoin (FIL)

The website states that Filecoin (FIL) was founded by Juan Benet and his team at Protocol Labs. Juan Benet also developed the InterPlanetary File System (IPFS). Benet is a computer scientist from Stanford University. He started Protocol Labs in May 2014. 

Filecoin Foundation is an independent organization recently built for the development of Filecoin. The organization also performs off-chain governance for the token blockchain. Before, Protocol Labs was responsible for the off-chain governance. Filecoin’s official mainnet launch was on October 15, 2020. Also, on October 13, 2021, Filecoin became the official storage provider for Flow blockchain.

How Are New Filecoin Tokens (FIL) Created?

Filecoins or FIL can be earned by miners when they provide storage to clients on the Filecoin network.

The Filecoin consensus implements two types of consensus protocols as proof of storage, i.e., proof of replication and proof of spacetime. Filecoin’s proof-of-storage consensus is compatible with any consensus protocol that allows for verification of Filecoin’s proofs. In a useful proof-of-work structure, miners do not have to spend their resources in wasteful computations while they can just store data under the proof-of-storage system. Thus, miners receive rewards when they present data proofs to the blockchain.

 Moreover, proof of replication allows storage givers to prove that data is stored to its own dedicated physical storage. The protocol creates unique physical copies that enable a verifier to ensure that multiple copies are not stored in the same storage space. Next, proof of spacetime allows storage providers to prove that they stored some data over a specified amount of time.

How Many FIL Coins (FIL) Are There?

Filecoin has a total supply of 1.97 billion FIL coins.

How to Buy a Filecoin Token (FIL)

Filecoin is available for trading on many major crypto platforms. Coinbase supports Filecoin. 

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Reading List

News

Messari • Jul 12, 22

State of Filecoin Q2 2022

Filecoin is a peer-to-peer version of AWS that verifies the storage of data on a regular basis. Q2 2022 has been a strong quarter for Filecoin, as active storage deals grew 128% quarter-over-quarter. Should Filecoin continue to onboard demand, it stands a chance to be a prominent provider of decentralized storage and cloud services for Web3 and traditional apps.

Read more

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The Block • May 31, 22

Decentralized Storage: A Primer – Commissioned by W3BCLOUD

Digital storage has come a long way since the early 1900s.

Read more

News Article Image

The Defiant • May 24, 22

Filecoin and Lockheed Martin To Launch IPFS Into Space

The Interplanetary File System (IPFS), a protocol for peer-to-peer file data sharing and storage, is set to live up to its name through a partnership with Filecoin and U.S. space and weapons company Lockheed Martin. Filecoin, which relies on IPFS, wants to store an IPFS node on one of Lockheed Martin’s spaceships. When the spaceship … Filecoin and Lockheed Martin To Launch IPFS Into Space Read More »

Read more

News Article Image

The Block • May 23, 22

Filecoin Foundation and Lockheed Martin partner to bring decentralized storage to space

The collaboration aims to speed up communication and reduce storage costs.

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News Article Image

CoinDesk • Mar 25, 22

History That We Can Trust

Blockchain technology creates first record of events that can't be rewritten.

Read more

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CoinDesk • Feb 15, 22

What Are IPFS and Filecoin and How Can They Be Used for NFTs?

What are NFTs and how is their value measured

Read more

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FAQ

What is the current price of Filecoin?

The price of 1 Filecoin currently costs $4.37.

What is the market cap of Filecoin?

The current market cap of Filecoin is $1.43B. 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 $237.24. 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 $96.74M.

What other assets are similar to Filecoin?

Assets that have a similar market cap to Filecoin include Toncoin, Algorand, Crypto.com Coin, 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 328 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 18 days.

What is the relative popularity of Filecoin?

Filecoin ranks 61 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Filecoin?

Currently, 88% of Coinbase users are buying Filecoin. In other words, 88% of Coinbase customers have increased their net position in Filecoin over the past 24 hours through trading.