$1.16
+0.0852 (+7.96%)24H
Filecoin price, last 12 months
3.391.160.6320
Filecoin market data
- 24H High
- $1.20
- 24H Low
- $1.07
- 24H Volume
- 22.00M FIL
- All Time High
- $430.00
- All Time Low
- $0.3200
- Correlation with BTC
- 0.45
- Return on Investment
- -88.45%
- Market Cap
- $969.30M
About Filecoin
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020.The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network where users pay for data storage and distribution services in $FIL. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.Filecoin is open-source and decentralized, which means that all governance is in the hands of the community. On the Filecoin platform, developers have the opportunity to create cloud file storage services like Dropbox or iCloud. Anyone can join Filecoin and start storing their data or earn money by providing space for someone else's funds. The creators of Filecoin opted for their blockchain technology to run the network and their token with their own consensus.$FIL is the native currency of Filecoin that powers the entire network and all processes. Clients pay for transactions in FIL tokens. Miners place FIL as collateral, guaranteeing their services.The developers claim that Filecoin solves the problem of inefficient file storage and retrieval. Customers can find the right solution with an efficient set of tools and its core development, IPFS.
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Filecoin whitepaper summary
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market.
It enables users to store and retrieve data through a peer-to-peer network, with built-in economic incentives ensuring files remain reliably stored over time.
Think of it like Airbnb for data storage - anyone can participate as a storage provider or client, with prices determined by supply and demand.
As of 2024, the network has grown to store over 1 exabyte of data across thousands of providers worldwide.
At its core, Filecoin works like a digital marketplace where storage providers (called miners) and clients can make deals to store data.
The network uses some really clever technology to make sure files are actually being stored properly.
Storage providers have to regularly prove they're still keeping the files safe and sound - kind of like showing timestamped photos to prove you still have something.
When you want to store files on Filecoin, they first get split up into pieces and each piece gets a unique fingerprint (called a CID).
This helps track where all the pieces are and makes sure nothing gets lost or tampered with.
The network also has something called 'InterPlanetary Consensus' that helps it scale really well.
Think of it like having multiple smaller networks (called subnets) that can work together, similar to how different branches of a bank can serve their local customers while still being part of the same system.
One of the coolest parts is how Filecoin works with IPFS (InterPlanetary File System).
While IPFS helps find and move files around quickly, Filecoin adds the economic incentives to make sure files stick around long-term - like combining a super-efficient delivery service with a secure storage facility.
Recent technological improvements have introduced features like Filecoin Virtual Machine (FVM) which enables smart contracts and programmable storage, significantly expanding the network's capabilities beyond basic storage.
The FIL token is what makes the whole system work - it's like the currency of this storage marketplace.
Storage providers earn FIL tokens by storing data and proving they're doing a good job of it.
They can earn more by storing more data, maintaining good uptime, and offering competitive prices.
Clients spend FIL to store their files on the network.
The amount they pay depends on factors like how much space they need, how long they want to store it, and current market rates.
There's also something special called 'Filecoin Plus' that gives bonuses to storage providers who store important or verified data.
It's like a rewards program that encourages storing valuable data rather than just random files.
The network also has built-in mechanisms to adjust storage costs based on supply and demand, helping keep prices competitive with traditional storage services.
As of 2024, the network has implemented several tokenomic improvements, including better staking mechanisms and enhanced rewards for long-term storage commitments.
Filecoin's development is focused on making the network more useful and accessible.
Key upcoming features include better integration with traditional web services, improved tools for developers, and expanded support for different types of storage deals.
The team is also working on making it easier for regular users to store their files on Filecoin without needing to understand all the technical details.
A major focus is on building more tools and services that help businesses and developers use Filecoin for real-world applications, like backing up important data or storing large datasets.
Recent developments include the expansion of the Filecoin Virtual Machine ecosystem, enhanced data retrieval systems, and new partnerships with major Web3 projects and traditional enterprises.
The network is also focusing on sustainability initiatives and improving its energy efficiency while maintaining robust decentralized storage capabilities.
Filecoin was created by Protocol Labs, the same team behind IPFS.
The project has a strong technical foundation with researchers and developers who have experience in distributed systems, cryptography, and blockchain technology.
The development is supported by a large community of contributors and storage providers around the world.
The project maintains transparency through open-source development and regular community updates.
Since launch, the team has expanded significantly, with dedicated groups working on core protocol development, ecosystem growth, and enterprise adoption.
Protocol Labs continues to lead development while fostering a growing ecosystem of independent teams building on the network.
Latest Filecoin news
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FIL Price Surges 14% to Five-Month High After Defending Key Support
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Filecoin Network's Six-Year Vesting Period Ends
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FIL's 99% Price Drop and Potential for Recovery
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Market Potential Analysis of Render, FLOKI, and Filecoin
Filecoin FAQ
Filecoin (FIL) is trading at $1.16, up 7.96% over the last 24 hours.
The market cap of Filecoin is $969.30M, ranking #67 among cryptocurrencies.
Our model's year-end 2026 target for FIL is $1.71.
Our model's 2030 target for FIL is $0.5684.
On the daily chart FIL currently shows 4 buy signals and 0 sell signals. This is not investment advice.
The all-time high of FIL is $430.00.
This page is for informational purposes only and is not investment advice. Cryptocurrency prices are highly volatile.