Filecoin ( FIL ) Price Live Chart

What is Filecoin (FIL)?

Filecoin is a decentralized storage system designed to "store humanity's most important information." In 2017, the project raised $205 million in an initial coin offering (ICO), with a target launch date of mid-2019. The Filecoin mainnet, on the other hand, has been delayed until block 148,888, which is due in mid-October 2020.

The project was initially announced in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network in which users pay in $FIL for data storage and distribution services. Filecoin is an open protocol supported by a blockchain that records the network's participants' commitments, with transactions conducted in FIL, the blockchain's native currency. The blockchain is built on both replication and spacetime proofs.

Because Filecoin is open-source and decentralized, all governance is in the hands of the community. Developers on the Filecoin platform can establish cloud file storage services similar to Dropbox or iCloud. Anyone may join Filecoin and begin saving their data or earning money by storing someone else's funds. The inventors of Filecoin chose their blockchain technology to power the network and their token.

Who is the founder of Filecoin?

Juan Benet, who also designed the Interplanetary File System, founded Filecoin. Benet is a computer scientist from the United States who attended Stanford University. After establishing Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 to help IPFS, Filecoin, and other initiatives.

What makes Filecoin unique?

Filecoin's goal is to store data in a decentralized fashion. Unlike cloud storage providers such as Amazon Web Services or Cloudflare, which are prone to centralization issues, Filecoin uses its decentralized nature to safeguard the integrity of a data's location, making it easily retrievable and difficult to censor.

Decentralized storage systems, such as Filecoin, let users be their own guardians of their data while also making the internet more accessible to people all over the world. Because participating in the Filecoin network by mining and storing is directly tied to receiving more block rewards, Filecoin encourages users to be honest and keep as much data as possible.

Explain the network security of Filecoin.

Proof-of-replication and proof-of-spacetime are used to protect Filecoin. Nodes in the Filecoin network, also known as retrieval miners, compete to serve data to clients as soon as possible. They are subsequently paid with FIL fees, which stimulate the formation of a network of nodes dedicated to file replication and preservation.

Storage miner nodes are continually fighting for contracts to offer customers storage for a set period of time. When a storage miner and a client reach an agreement, the storage miner places the client's data in a sector and "seals" it to make a unique copy of the data in that sector. Clients reward storage miners with FIL as deal fees, and these miners can also mine blocks and earn a block reward.

What are the recent developments of Filecoin?

On March 14, 2023, the EVM-compatible Filecoin Virtual Machine (FVM) was launched on mainnet. Prior to the launch, over 60 project teams were building with FVM on its Hyperspace testnet as part of the FVM Mainnet Pioneers cohort, which provided mentorship and resources to selected teams for six weeks.

The FVM Mainnet Pioneers cohort graduated on April 25, 2023, showcasing various storage-focused projects and successful pitches to the Filecoin community. Since then, 21 more FVM Mainnet Pioneer projects have launched on mainnet, with more expected after contract verification and security audits.

Following the cohort's graduation, 20+ teams have been accepted into accelerator programs with FVM-focused cohorts run by GraphPaperCapital, LongHash, and Outlier Ventures.

Several projects were introduced as part of the FVM Mainnet Pioneers cohort:

1. Creds Protocol - A decentralized identity and verification protocol that uses zero-knowledge proofs for privacy-preserving solutions, enabling verifiable credentials.

2. ShaleProtocol - Provides production-ready LLM inference APIs for open LLMs, aiming to support interoperable domain-specific LLMs by 2025.

3. Cookbook.dev - An open-source smart contract registry and marketplace for integrating Solidity smart contracts into applications.

4. Resolution - A decentralized justice and social platform using FVM for dispute resolution and IPFS for evidence management.

5. Filemarket - Offers a protocol for minting NFTs with encrypted files stored on Filecoin, protecting creators' intellectual property.

6. Trustified - A no-code platform for issuing tamper-proof, verifiable certificates on blockchains.

7. LYNC - Builds GameFi infrastructure for web3 games, supporting FVM and dynamic NFTs on Filecoin.

8. Clover - A decentralized collaboration tool for DAOs with FVM, IPFS, and Web3 storage integrations.

9. MomentSwap - A social media platform using FVM for image sharing and complete decentralization.

10. Collectif DAO - A non-custodial liquid leasing protocol optimizing FIL earning potential for Storage Providers.

11. STFIL - A Filecoin liquidity and leveraged farming protocol offering stable fees without a locking period.

12. Jackrabbit Finance - A decentralized bond exchange on the Filecoin Virtual Machine, supporting traditional finance's lending and borrowing methods in DeFi.

These projects demonstrate the diverse opportunities unlocked by FVM, including identity solutions, dataDAOs, decentralized computation frameworks, and more, contributing to the growth of the Protocol Labs network and the Filecoin ecosystem.

To read more information on Filecoin (FIL), visit Suncrypto Price Explorer.