Filecoin – a decentralized system for data exchange and cloud storage. Developed by Protocol Labs, a research and development company that specializes in Web 3.0 solutions. Filecoin is a blockchain based on IPFS (Interplanetary File System). FIL Is the network’s own cryptocurrency, serving as a payment instrument connecting buyers and sellers in the IPFS ecosystem.
In 2017, Filecoin raised $ 206 million on ICO, which attracted the attention of thematic media. Today the project declares itself again – its cost has grown by 120% in a week, and capitalization has made it possible to enter the top ten. The system is actively developing and provides users with new opportunities, for example, from March 31, users can create NFT galleries thanks to the partnership between Filecoin and the Truffle Suite platform.
The Bitcoinminershashrate.com editors will talk about the FIL cryptocurrency, the Filecoin platform in general, and what value they carry in the modern technological space.
The content of the article
FIL / USDT chart on Binance:
The point of Filecoin’s peer-to-peer network is to enable distributed file storage on the Internet and provide economic incentives for providing free hard disk space. No one centrally controls the storage and pricing processes. The markets are completely open and anyone can participate.
Members who need storage space pay so-called miners – people providing free space on their computers. Opportunities for ordinary users and miners (“storage providers”):
An important feature of the protocol is the concept of a “useful blockchain”. While in PoW systems, miners are forced to perform high-cost calculations and buy equipment that is suitable exclusively for mining, in Filecoin blockchain protection is carried out through two proofs: the duration of the file storage and its safety (replication). For the fulfillment of these two conditions, the miner receives a reward in the FIL cryptocurrency.
FIL is a means of payment for storage on the Filecoin Network… When the miner launches lotus-devnet (opens a new local node through the Lotus wallet), the node’s balance gets 500,000 FIL to work on the testnet. In the future, in this cryptocurrency, he receives payment for the space provided to him on the hard disk. FIL can be used to make transactions with other members of the Filecoin network. For mining, you need to install the Lotus wallet (more about it below).
You can buy FIL on many centralized cryptocurrency exchanges:
The official Lotus wallet is an implementation of Filecoin written by Protocol Labs. It is a collection of command line applications:
Management of sending, receiving, storing funds is carried out through the command line. Commissions for transactions are set automatically, but they can be edited.
If you are not going to mine and are looking for an easier option for comfortable storage, then you can use the following wallets:
In the future, Filecoin will enable the launch of complex smart contracts that handle large amounts of information and valuable information transactions. This will be a step towards creating a new economy around data. Decentralized applications will be able to programmatically use smart contracts that manage storage. Already, the protocol provides the basic concepts that form a truly reliable decentralized storage area network. These concepts and functions include publicly verifiable cryptographic evidence of storage, cryptoeconomic mechanisms, public blockchain. This direction solves many of the existing problems in the field of cloud storage.
Mining on RTX 3070. Overclocking, tuning, profitability, consumption: If you are interested in finding more…
Mining with GTX 1660, 1660 Ti, 1660 Super. Overclocking, settings, consumption, profitability, comparisons - If…
Mining with RTX 2070 and 2070 Super. Overclocking, profitability, consumption, comparison What the RTX 2070…
Mining with RTX 3060, 3060 Ti. Limitations, overclocking, settings, consumption, profitability, comparison Let's look at…
Alphacool Eisblock Aurora Acryl GPX-A (2022) with Sapphire Radeon RX 6950 XT Nitro+ Pure in…
In the ever-evolving landscape of business strategy, Bitcoin has emerged as a pivotal asset. With…
This website uses cookies.