What is Filecoin crypto?
Filecoin is an open-source blockchain-based cryptocurrency and file-transferring network that aims to provide decentralized digital storage and data retrieval services. The Filecoin protocol uses a unique consensus mechanism called Proof-of-Replication (PoR) that is used to ensure whether or not the stored data file is a unique copy or just a replica.
The network also includes a marketplace where storage providers can bid on storage contracts with clients who need to store data. The Filecoin network is designed to be highly decentralized, with a large number of storage providers participating to ensure that data is stored redundantly across the network.
Who created the Filecoin coin?
Filecoin was co-founded by Juan Benet, a computer scientist and inventor of the Interplanetary File System or IPFS short, which is a web-based protocol that has the potential to offer much faster and safer browsing than our current traditional centralized systems. Currently, a team of professionals that includes experienced engineers and researchers who have worked on a wide range of projects related to distributed systems, peer-to-peer networks, and cryptography, in general, are tirelessly working on Filecoin protocol under the parent company name Protocol Labs to enhance users experience and make network globally accessible more secure for all.
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Filecoin Comparison
Filecoin vs Storj
Filecoin and Storj are both decentralized storage networks, but there are some key differences between the two. One of the main differences is the consensus algorithm they use. Filecoin uses a Proof-of-Replication algorithm, which requires storage providers to prove they are storing data by regularly producing cryptographic proofs of their storage commitments. Storj, on the other hand, uses a distributed hash table (DHT) and a peer-to-peer network to manage storage.
Another difference is the type of data storage they offer. Filecoin offers both long-term storage and retrieval, and Storj mainly focuses on storage. Filecoin is also designed to be more scalable than Storj. At the same time, Filecoin features a built-in marketplace for storage providers and clients to interact and negotiate storage contracts. In contrast, Storjβs marketplace is more of an external service that can be built on top of it.
Filecoin vs Siacoin
Filecoin and Siacoin are both decentralized storage networks that utilize blockchain technology to offer storage solutions. However, they have some key differences.
One of the main differences is the consensus algorithm they use. Filecoin uses a Proof-of-Replication algorithm, which requires storage providers to prove they are storing data by regularly producing cryptographic proofs of their storage commitments. Siacoin uses a unique consensus mechanism called Proof-of-Storage, which uses smart contracts to ensure that storage providers are keeping their promises.
Another difference is the type of data storage they offer. Filecoin offers both long-term storage and retrieval, and Siacoin mainly focuses on archival storage. Siacoin runs on a more decentralized basis, and the market is established by the customers and the hosts, making a lot more individuals capable of joining the network as a host. Filecoin seeks to provide a built-in marketplace for storage providers and consumers to communicate and negotiate storage contracts.
Price Prediction (2025-2030)
As with any cryptocurrency, making a long-term price prediction for Filecoin is a highly speculative endeavor. The crypto market is inherently volatile and subject to a wide range of factors that can change rapidly, so any predictions should be taken with a grain of salt.
With that being said, there are some analyses and predictions available online, like the one from Beincrypto, which suggests that Filecoin’s market capitalization could reach $16 billion by 2025 and $70 billion by 2030. Another one from priceprediction.net predicts that Filecoin’s price could reach $2.97 in 2025 and $4.20 in 2030. It is important to note that these predictions should be taken with caution and that they are not guaranteed. They are based on certain assumptions and are subject to change depending on the market conditions.
It is important to conduct your research and consult with a financial advisor before making any investment decisions.
Where to buy Filecoin?
Filecoin can be purchased on a variety of cryptocurrency exchanges. Some popular exchanges that offer Filecoin include CoinBase, Binance, Huobi Global, and OKX.
Before purchasing, it is important to do your research and ensure that the exchange you choose is reputable and meets your needs. Also, you need to check if the exchange is listing Filecoin or not, and it is advisable to store the Filecoin in a reputable wallet once you have bought it.
It’s also worth noting that the availability of Filecoin can vary depending on your country and location and the regulations that apply.
How to buy Filecoin
1. Choosing a cryptocurrency exchange:
Select a reputable cryptocurrency exchange that supports Filecoin and create an account. Some popular exchanges that offer Filecoin include Binance, and Huobi Global.
2. Verify your identity:
Before you can buy Filecoin, you will likely need to verify your identity with the exchange by submitting personal information such as your name, address, and government-issued ID.
3. Add payment method:
Add a payment method to your account, such as a bank account or credit card, so you can purchase Filecoin.
4. Place an order:
Navigate to the Filecoin trading pair on the exchange and place an order to buy Filecoin. You can choose between a market order or a limit order. A market order will buy Filecoin at the current market price, while a limit order allows you to specify the price at which you want to buy.
5. Store the Filecoin:
Once your purchase is complete, the Filecoin will be credited to your account on the exchange. It’s highly recommended to withdraw the Filecoin into a personal wallet where you control the private key. This provides an extra layer of security and gives you more control over your assets.
How to stake Filecoin
To stake Filecoin, one needs to have a minimum threshold of FIL tokens and lock them into the network to provide storage and bandwidth resources. By doing so, they can earn a return on their stake and also participate in the network’s consensus. The staking process can be done using a software client or staking pool, which allows many smallholders to combine their stakes to form a larger one and participate in the network’s consensus.
How to mine Filecoin
In the Filecoin network, mining refers to the process of providing storage and bandwidth resources to the network in exchange for FIL tokens. To mine Filecoin, one needs to set up a storage miner, which is a specialized computer or server that runs the Filecoin software, and then connect it to the network.
The process also involves obtaining the necessary hardware and bandwidth and configuring the miner to store and manage data on the Filecoin network. The mining process is highly competitive, and the reward for mining is directly proportional to the amount of storage and bandwidth resources that are provided to the network.
Is Filecoin a Good Investment?
Filecoin is a relatively new cryptocurrency, and it has been through some ups and downs in the market since its launch. Like any other crypto asset, it is an inherently risky investment. The value of Filecoin, like any other cryptocurrency, is highly volatile and can change rapidly. There is no guarantee of returns, and investment in crypto assets should be made with caution.
However, it is worth noting that Filecoin has the backing of Protocol Labs, a well-established company in the decentralized storage industry that has also developed IPFS (Interplanetary File System), which has gained a lot of adoption.
Additionally, it uses a unique Proof-of-Replication (PoR) Consensus mechanism and offers a built-in marketplace to allow individuals to directly interact with the community making it the best option for investors looking for new ways to invest in the decentralized crypto industry.
Ultimately, whether or not Filecoin is a good investment will depend on an individual’s risk tolerance, financial goals, and overall market conditions. It is always recommended to do your research and consult a financial advisor before making any investment decision.
Is Filecoin safe?
Filecoin, like any other cryptocurrency, is subject to certain risks that should be taken into consideration when investing. However, the Filecoin network is built on top of the InterPlanetary File System (IPFS). This well-established decentralized storage protocol has been in development for several years and has been gaining traction in the industry. This gives the Filecoin network a solid technological foundation.
Furthermore, Filecoin utilizes a unique consensus algorithm called “Proof-of-Replication,” which is designed to ensure that the data stored on the network is secure and readily available. It is also worth noting that the Filecoin network is decentralized, meaning that no single entity has control over the network, which helps to prevent a single point of failure.
However, it is essential to note that no investment is entirely safe, including investing in Filecoin. It’s crucial to conduct your research, stay informed about the latest developments, and consult with a financial advisor before making any investment decisions. And also, keep in mind that the crypto market is highly speculative, and any predictions are uncertain. Invest only what you can afford to lose, and make sure you understand the risks associated with investing in crypto assets.
We Coin-Labs.com provides only objective information about Filecoin.
Therefore, we are not responsible for the investment decision in Filecoin and the resulting loss.
Filecoin Basics
Here are some factors that investors should consider before investing in Filecoin.
| Cryptocurrency Features | Filecoin (FIL) |
|---|---|
| Publisher or Developers | Protocol Labs |
| Headquarters (Registration Number) | |
| Symbol | FIL |
| Platform | |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Filecoin in 2024
These are indexes mesuring the investment reliability of Filecoin conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 9 Exchanges |
| Number of Available Pairs Worldwide | 534 Pairs |
| Market Cap of the Cryptocurrency | 2,521,109,071 USD (Rank #35) |
The table above shows the result of investment suitability evaluation for Filecoin.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Filecoin Price
Here are the price and recent trading volume of Filecoin. (Data of 2024-11-02 00:34:00)
| Price Items | Price and Trading Volume of Filecoin |
|---|---|
| Filecoin Price | 3.523 USD |
| Price Change 24h | -1.85% |
| Price Change 7d | -5.08% |
| Trading Volume 24h | 87,138,402 USD |
| Trading Volume Change 24h | -5.86% |
Cryptocurrency Metadata
You can check the development status and social media information of Filecoin through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | https://filecoin.io/ |
| π White Paper | https://docs.filecoin.io/ |
| π°οΈ Source Code (GitHub) | https://github.com/filecoin-project/ |
| π¦ Twitter | https://twitter.com/Filecoin |
| π€ Reddit | |
| πΊ Message Board | https://filecoin.io/blog |
Where to Buy Filecoin
Here are the top ten world crypto exchanges where traders can buy Filecoin in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/FIL_USDT |
| Coinbase | Listed | https://exchange.coinbase.com/trade/FIL-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/fil-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/FIL-USDT |
| Bitfinex | Listed | https://trading.bitfinex.com/t/FIL:USD?type=exchange |
| OKX | Listed | https://www.okx.com/trade-spot/fil-usdt |
| Huobi | Listed | https://www.htx.com/trade/fil_usdt |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/en/trade/spot/FIL/USDT |
| Gate.io | Listed | https://www.gate.io/trade/FIL_USDT |
Frequently Asked Questions
What is the current price of Filecoin?
Filecoin price today is 3.523 USD. Furthermore, the price of Filecoin has fluctuated by -1.85% from 24 hours ago, and by -5.08% from a week ago.
Where is Filecoin listed?
Currently, it is listed on a total of 9 among the world top 10 exchanges.
What is the market cap of Filecoin now?
Currently, Filecoin has a market cap of 2,521,109,071 USD, which is ranking 35 among cryptocurrencies worldwide.
How much is the trade volume of Filecoin?
Currently, 596,215,535 FIL coins are circulating through 534 market pairs. As a result, in the last 24 hours, 87,138,402 USD of FIL coins were traded in the market.
