- Filecoin is a decentralized storage network that serves as an incentivization layer on top of the InterPlanetary File System (IPFS).
- Filecoin utilizes idle hard drive space and bandwidth to provide data storage and retrieval services in an open market, allowing anyone to participate as a storage provider and to monetize spare hard drive capacity.
- The Filecoin network uses the FIL token to incentivize various node types to contribute to the network. Node types include:
- Chain Verifier Node: Synchronizes the Filecoin blockchain and validates the latest blocks to reach a consensus state.
- Client Node: Builds on top of a Chain Verifier Node and must be implemented by any application that is building on the Filecoin network.
- Storage Miner Node: Forms contracts with clients to store data for a period of time. Storage Miner Nodes can earn FIL whenever new blocks are created, and by completing storage contracts and adding new messages to blocks.
- Retrieval Miner Node: Forms contracts with clients to retrieve a particular set of data. Retrieval Miner Nodes earn FIL by completing data retrieval contracts. Retrieval Miner Nodes situated in a well-placed locations would earn more as they facilitate more transfers, and provide a better service due to lower latency.
- FIL will also be used as a collateral for miners to participate in the Filecoin ecosystem. The collateral required will be proportional to the storage space provided by miners. Filecoin has three different collateral mechanisms:
- Inital Pledge Collateral: Direct upfront collateral to participate in the economy. This collateral will be slashed if the miner is found to have acted maliciously.
- Block Reward Collateral: To reduce upfront collateral, block rewards are also used as collateral, block rewards for miners are subject to slashing in the event that a sector is terminated before its expiration.
- Storage Deal Collateral: Storage provided by the storage provider to collateralize deals.
- Filecoin uses two proof systems to verify secure data storage:
- Proof-of-Replication (PoRep): To verify that storage nodes have stored data on their hard drives.
- Proof-of-Spacetime (PoSt): To prove that the storage nodes are able to authenticate the sequential PoRep over a period of time.
- FIL tokens are capped at 2 billion maximum supply, with new FIL tokens being released via block rewards.
Ranking 17 FIL Price $155.30 Price Change 24h $7.88 24h Low / 24h High $148.64 / $158.48 24 Hour Trading Vol $1,801,916,998.14 Market Cap $10,514,688,839.15 Max Supply 2,000,000,000 Circulating Supply 67,584,596 FIL Price History 7d Low / 7d High $134.50 / $195.7330d Low / 30d High $74.19 / $237.2490d Low / 90d High $20.91 / $235.2052 Week Low / 52 Week High $3.35 / $237.24 All Time High $237.24 Website https://filecoin.io/ About FIL Technical Analysis FIL/USDT