Filecoin (FIL) Live Price

Filecoin is the native digital token of a system that aims to store humanity's most important information in a decentralized manner. The storage data network token has raised over $205 million with an initial coin offering in 2017. Although the project is still in testnet phase and the launch date for the mainnet has been delayed, significant token trading is going on and many transactions made using FIL are taking place right now on the free market. 

Filecoin Price

Filecoin (FIL) reached an all-time high of $ 236.84 on Apr 1, 2021 just months after hitting rock bottom on Dec 16, 2022 with a price of $ 2.64 each. 

A Brief History on Filecoin

In 2014, Juan Benet started the Interplanetary File System project under the name Protocol Labs. The goal was to create a peer-to-peer storage network with Filecoin (FIL) as its native currency and means of on-chain governance. The Filecoin storage data network uses proof-of-replication and proof-of-spacetime to confirm and keep track of transactions conducted. 

Over 357 venture capital firms have invested in the project to date, including Boost VC, RRE Ventures, LombardStreet.io Ventures, Carnaby Capital, and Pantera Capital. 

In April 2021, the Filecoin Foundation donated 50,000 Filecoins worth $10 million to the Internet Archive. In return, Brewster Kahle and Wendy Hanamura, creator and director of partnerships, respectively, joined Filecoin’s board of advisors.

What Makes Filecoin Unique?

The Filecoin system aims to store data in a decentralized way. The Filecoin project (FIL) uses its decentralized structure to secure all data hosted on the network and make it as transparent and hard to censor as possible. 

By using the Filecoin data storage network, users can stay in control of their own data and distribute it to people across the globe. As the Filecoin data storage network uses mining as a way to validate new transactions on its blockchain, it incentives users to conduct honest transactions and store as much data on the network as possible. 

How does Filecoin work?

Filecoin (FIL) offers a decentralized solution to the storage of data. Instead of using a cloud data storage service network such as Amazon Web Services or Google Drive, users of the Filecoin data storage network pay fees to miners to store their files on the network. Storage miners are computers and other devices with hard drives that store the data of other users. 

Filecoin participants can choose with which miner to host their data with and find a balance between costs, speed, and redundancy. Once a user has selected a miner to host his or her files with, the user can store his or her files at this so-called retrieval miner and verify the actual storage data on the blockchain. 

How is the Filecoin Network Secured?

The Filecoin storage network is secured through a combination of proof-of-replication and proof-of-spacetime mechanisms. In addition, retrieval miners act as nodes that compete to host client data as fast as possible. In return, these miners receive a share of the FIL transaction fees, which incentives the miners to save as much files as possible. 

Where Can You Buy Filecoin (FIL)?

You can buy Filecoin at Gemini, Kraken, Huobi, and other cryptocurrency exchanges. Note that some crypto exchanges will only list Filecoin (FIL) as soon as the mainnet goes live.