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Filecoin is a decentralized storage system that aims to store the world's most important information. It's a unique cryptocurrency that uses its blockchain technology to run a network where users can pay for data storage and distribution services using its native currency, $FIL.
Filecoin was first described in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. The project is open-source and decentralized, meaning all governance is in the hands of the community. Developers have the opportunity to create cloud file storage services like Dropbox or iCloud on the Filecoin platform.
The native currency of Filecoin, $FIL, powers the entire network and all processes. Clients pay for transactions in FIL tokens. Miners place FIL as collateral, guaranteeing their services. The token supply is directly related to the amount of data stored on the network, incentivizing participants to store as much data as possible.
Filecoin can be purchased on various cryptocurrency exchanges. Prior to the Filecoin mainnet launch, Gemini and Kraken announced support for FIL. Huobi also listed FIL after the mainnet went live.
Filecoin is primarily used for data storage and retrieval. Unlike traditional cloud storage companies, Filecoin leverages its decentralized nature to protect the integrity of data's location, making it easily retrievable and hard to censor. Users can pay miners to store personal data and pay for placement in FIL tokens.
One of the latest developments in the Filecoin network is the "Space Race" testnet phase. In fall 2020, 400 miners participated in this phase, increasing Filecoin’s network data capacity by over 325 pebibytes. Approximately 3.5 million FIL tokens were released to the Space Race participants. This development shows the growing interest and participation in the Filecoin network.
Filecoin is also continuously working on improving its security. The network is secured through proof-of-replication and proof-of-spacetime. Nodes, also known as retrieval miners, compete to serve clients with data as quickly as they can and are rewarded with FIL fees. This encourages a network of nodes that want to replicate and preserve files.
As of September 2022, the network has united over 20,000 users and computers around the world, creating an extensive community with similar goals and requests. This shows the growing popularity and acceptance of Filecoin in the crypto community.
Filecoin has been making significant strides in its technology. The Filecoin v16 “Skyr” upgrade was completed successfully, marking the first step towards enabling on-chain user programmability on Filecoin. This upgrade introduces the Filecoin Virtual Machine (FVM), a WASM-based execution environment that will add smart contract deployment capabilities to the Filecoin network. Additionally, Filecoin has been integrated into the Brave wallet, allowing users to access and use Filecoin directly from the wallet.
Filecoin has been forming strategic partnerships to expand its reach. Lighthouse Storage, a permanent decentralized file storage protocol, is partnering with StackOS to build access control features on the StackOS DeCloud. Furthermore, Filecoin service provider RRMine Global is moving its headquarters to Singapore from China due to the latter's strict regulatory stance on crypto. This move signifies Singapore's growing prominence as a hub for crypto businesses.
Filecoin is playing a crucial role in the development of the Web3 ecosystem. The Web3 Infinity Hackathon, a sub-event of FIL-Singapore, offers participants the opportunity to contribute to the Web3.0 World and gain practical skills. Filecoin's decentralized storage system is also being leveraged by NFT.Storage, a platform that stores NFTs and their metadata in a fully decentralized manner.
In market developments, Filecoin is now available on Ledger Live, allowing users to send and receive FIL directly from Ledger devices. Also, Metal Pay has added FIL to its marketplace, expanding the number of cryptocurrencies available on the platform to 57. These developments make it easier for those wondering where to buy Filecoin.
Headlines are updated in real time. Click on a headline to the left to read the news.
Filecoin is a decentralized storage system that aims to store the world's most important information. It's a unique cryptocurrency that uses its blockchain technology to run a network where users can pay for data storage and distribution services using its native currency, $FIL.
Filecoin was first described in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. The project is open-source and decentralized, meaning all governance is in the hands of the community. Developers have the opportunity to create cloud file storage services like Dropbox or iCloud on the Filecoin platform.
The native currency of Filecoin, $FIL, powers the entire network and all processes. Clients pay for transactions in FIL tokens. Miners place FIL as collateral, guaranteeing their services. The token supply is directly related to the amount of data stored on the network, incentivizing participants to store as much data as possible.
Filecoin can be purchased on various cryptocurrency exchanges. Prior to the Filecoin mainnet launch, Gemini and Kraken announced support for FIL. Huobi also listed FIL after the mainnet went live.
Filecoin is primarily used for data storage and retrieval. Unlike traditional cloud storage companies, Filecoin leverages its decentralized nature to protect the integrity of data's location, making it easily retrievable and hard to censor. Users can pay miners to store personal data and pay for placement in FIL tokens.
One of the latest developments in the Filecoin network is the "Space Race" testnet phase. In fall 2020, 400 miners participated in this phase, increasing Filecoin’s network data capacity by over 325 pebibytes. Approximately 3.5 million FIL tokens were released to the Space Race participants. This development shows the growing interest and participation in the Filecoin network.
Filecoin is also continuously working on improving its security. The network is secured through proof-of-replication and proof-of-spacetime. Nodes, also known as retrieval miners, compete to serve clients with data as quickly as they can and are rewarded with FIL fees. This encourages a network of nodes that want to replicate and preserve files.
As of September 2022, the network has united over 20,000 users and computers around the world, creating an extensive community with similar goals and requests. This shows the growing popularity and acceptance of Filecoin in the crypto community.
Filecoin has been making significant strides in its technology. The Filecoin v16 “Skyr” upgrade was completed successfully, marking the first step towards enabling on-chain user programmability on Filecoin. This upgrade introduces the Filecoin Virtual Machine (FVM), a WASM-based execution environment that will add smart contract deployment capabilities to the Filecoin network. Additionally, Filecoin has been integrated into the Brave wallet, allowing users to access and use Filecoin directly from the wallet.
Filecoin has been forming strategic partnerships to expand its reach. Lighthouse Storage, a permanent decentralized file storage protocol, is partnering with StackOS to build access control features on the StackOS DeCloud. Furthermore, Filecoin service provider RRMine Global is moving its headquarters to Singapore from China due to the latter's strict regulatory stance on crypto. This move signifies Singapore's growing prominence as a hub for crypto businesses.
Filecoin is playing a crucial role in the development of the Web3 ecosystem. The Web3 Infinity Hackathon, a sub-event of FIL-Singapore, offers participants the opportunity to contribute to the Web3.0 World and gain practical skills. Filecoin's decentralized storage system is also being leveraged by NFT.Storage, a platform that stores NFTs and their metadata in a fully decentralized manner.
In market developments, Filecoin is now available on Ledger Live, allowing users to send and receive FIL directly from Ledger devices. Also, Metal Pay has added FIL to its marketplace, expanding the number of cryptocurrencies available on the platform to 57. These developments make it easier for those wondering where to buy Filecoin.