What is Filecoin (FIL) Coin
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. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL coin, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
Filecoin is a decentralized storage network that serves as an incentivization layer on top of the InterPlanetary File System (IPFS). Filecoin utilizes idle hard drive space and bandwidth to provide data storage and retrieval services in an open market, allowing anyone to participate as a storage provider and to monetize spare hard drive capacity.The Filecoin blockchain has a built-in self-healing process where faulty storage nodes are detected and their stored files are redistributed to reliable nodes.The Filecoin network uses the FIL token to incentivize various node types to contribute to the network. Node types include:
- Chain Verifier Node: Synchronizes the Filecoin blockchain and validates the latest blocks to reach a consensus state.
- Client Node: Builds on top of a Chain Verifier Node and must be implemented by any application that is building on the Filecoin network.
- Storage Miner Node: Forms contracts with clients to store data for a period of time. Storage Miner Nodes can earn FIL whenever new blocks are created, and by completing storage contracts and adding new messages to blocks.
- Retrieval Miner Node: Forms contracts with clients to retrieve a particular set of data. Retrieval Miner Nodes earn FIL by completing data retrieval contracts. Retrieval Miner Nodes situated in a well-placed locations would earn more as they facilitate more transfers, and provide a better service due to lower latency.
FIL will also be used as a collateral for miners to participate in the Filecoin ecosystem. The collateral required will be proportional to the storage space provided by miners. Filecoin has three different collateral mechanisms:
- Inital Pledge Collateral: Direct upfront collateral to participate in the economy. This collateral will be slashed if the miner is found to have acted maliciously.
- Block Reward Collateral: To reduce upfront collateral, block rewards are also used as collateral, block rewards for miners are subject to slashing in the event that a sector is terminated before its expiration.
- Storage Deal Collateral: Storage provided by the storage provider to collateralize deals.
How To Buy Filecoin (FIL) Coin
1.Step: Everyone who is planning to invest in or benefit from the advantages of cryptocurrencies wonders the answer to Where to buy Fil coin question. First, you need an online wallet to buy cryptocurrencies. You need to sign up to Binance exchange from here, which is preferred globally to buy coins and you can buy coins with fiat currencies. You can quickly access many assets and trade types such as altcoins, future markets, and margin by creating a Binance account.
2.Step: Complete your registration by typing an email to the email section or typing your phone number on the section available on the mobile tab. Click/tap on the “Buy Crypto with Your Credit Card” option after the registration and verify your identity.
3.Step: Continue the process by typing the amount you would like to invest and your preferred cryptocurrency. Keep in mind that for security reasons, your credit card/debit cardholder information must match with the name available on your account. If you would like to buy cryptocurrencies with a wire transfer, you need to follow the Buy Crypto > Third-Party Payment options to pick your preferred fiat currency to buy cryptocurrencies.
4.Step: If the cryptocurrency you are planning to buy is not available on the list, buy USDT “You can always redeem 1 USDT Coin for US $1.00”. You can buy any coin you want with USDT by following Buy-Sell > Classic steps. We have provided the answer to How to buy Filecoin, now you can view the cryptocurrencies you bought by clicking on the wallet summary available on your Binance account. You can sell your assets when their value increases, or you can withdraw them to your bank account in desired fiat currency.
How Much is a Filecoin (FIL) Coin
Filecoin (FIL) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Filecoin (FIL) Coin Review
You can learn more about Filecoin (FIL) coin reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://filecoin.io/ Whitepaper https://filecoin.io/filecoin.pdf Github https://github.com/filecoin-project Documentation https://docs.filecoin.io/ Telegram https://t.me/filecoin