The current price of Filecoin is $4.9540. Over the last 24 hours, Filecoin has decreased by -5.94%. It currently has a circulating supply of 614,814,396 FIL and a maximum supply of 1,959,718,477 FIL, giving it a fully diluted market cap of $3.06B. At present, the Filecoin coin holds the 38 position in market cap rankings. The Filecoin/USD price is updated in real-time.
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Filecoin, founded in 2014, is a peer-to-peer (P2P), open-source data storage network that uses blockchain technology to store files reliably and verifiably. Anyone needing to store their files or with storage space to spare can join and participate in the network. Consider it a cold storage, but instead of being owned by a single entity such as Google or Amazon, it is owned by everyone.
Data storage on Filecoin is entirely private; it is fully encrypted and secured, meaning no one, not even your storage provider, can read it. Additionally, Filecoin users do not need to worry about storage space because the network has a capacity of 2.5 billion gigabytes, 40 times the size of the internet.
Filecoin employs Proof of Replication (PoRep) and Proof of Spacetime (PoSt) rather than Proof of Stake (PoS). According to PoRep, miners will be compensated with FIL tokens if they can demonstrate that they received the cryptographically encoded data from the client. On the other hand, PoSt ensures that the data is kept for the time period specified in the client's contract.
Users typically pay with FIL tokens to store their files with storage providers. The price of storage on Filecoin is determined by the network's demand and supply for storage, and anyone can participate. Users are not limited to a small and defined set of storage providers but can store their files with any storage provider offering any deal available on the network. This enables users to store and access their files at extremely low prices.
Filecoin's native cryptocurrency, FIL, serves as a payment medium. Users pay FIL for storage services, and storage providers earn FIL units for staking storage space. The Filecoin blockchain immutably records FIL transactions as well as storage proofs generated by storage providers.
FIL price and tokenomics
Filecoin's ICO was one of the biggest successes in the blockchain industry, raising a total of $205.8 million. With an initial funding goal of $40 million, its initial token price was pegged at $5 when introduced into the market.
It has a maximum supply of 2 billion tokens with a market capitalization of $1.7 billion. In the fall of 2020, Filecoin organized Space Race to increase the network's data capacity by 400 pebibytes. 400 miners participated in the testnet phase and were awarded 3.5 million FIL tokens.
Filecoin is a deflationary asset with a certain amount of FIL burned with every transaction. The fees burned are sent to an irrevocable burn address to compensate for the network expenditure of resources. The idea is based on Ethereum's EIP1559.
About the founders
Juan Benet co-founded Filecoin in 2014 with the California-based company Protocol Labs, of which he is the CEO.
Benet is a Stanford University graduate with a master's degree in computer science. Before Filecoin, he was the co-founder and CTO of Loki Studios, a mobile gaming studio focused on developing location-aware games. He also founded Athena Academy, a non-profit private school in Palo Alto devoted to educating students with dyslexia.
According to official documents, Filecoin secured $205.8 million during one of the industry's largest funding rounds. The project even received backing from venture capitalists Sequoia and Andreessen Horowitz.
Filecoin highlights
First, the popular browser Brave added Filecoin to their wallet, exposing Filecoin to over 56 million Brave users. This integration helped in creating awareness among Brave users about Filecoin.
Second, instead of temporary file storage, Filecoin partnered with Lighthouse to offer their users permanent file storage within the Filecoin ecosystem, coming at a one-time cost. On Filecoin, files are removed if clients stop paying storage fees, so offering permanent file storage is essential for the most important files or irrefutable information, such as NFTs.
Next, the Filecoin Foundation recently donated $10 million worth of Filecoins (50,000 FIL tokens) to the Internet Archive after its founder joined the Filecoin Foundations board of advisors. The donation is aimed at broadening the Internet Archive's reach to help more people across the globe educate themselves.
Finally, Filecoin had a v16 network upgrade, codenamed Skyr, and switched to using the Wasm-based Filecoin Virtual Machine to operate its basic functionality. This upgrade is the first step toward enabling user programmability on Filecoin and is the network's most significant change since its launch almost two years ago.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 2.8K new posts about Filecoin, driven by 494 contributors, and total online engagement reached 301K social interactions. The sentiment score for Filecoin currently stands at 90%. Compared to all cryptocurrencies, post volume for Filecoin currently ranks at 2256. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Filecoin.
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Posts
2,804
Contributors
494
Interactions
300,545
Sentiment
90%
Volume rank
#2256
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Posts
2,708
Interactions
297,393
Sentiment
91%
FIL FAQ
How to mine FIL?
In the Filecoin network, there are two different forms of mining: storage and retrieval. In storage mining, users generate FIL by storing data for customers and performing cryptographic proofs to continuously verify the data's integrity and ensure that the miner has not altered the data. In retrieval mining, users acquire FIL by winning bids and mining fees for a specific file, which are exclusively based on the file size's market value.
How can I start using Filecoin?
To begin using Filecoin, go to their website and look for a storage provider that meets your requirements. You must know what type of data you intend to store, how long you intend to keep it, and how much you are willing to pay. Filfix, the Filecoin explorer, displays prices, stability, and a variety of other statistics. You can also apply to become one of the 4,000 storage providers here.
What is the FIL price prediction?
While it’s challenging to predict the exact future price of FIL, you can combine various methods like technical analysis, market trends, and historical data to make informed decisions.
How much is Filecoin worth today?
Currently, one Filecoin is worth $4.9540. For answers and insight into Filecoin's price action, you're in the right place. Explore the latest Filecoin charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Filecoin, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Filecoin have been created as well.
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