Why buy Filecoin (FIL)
If you’re in the market for a cryptocurrency, Filecoin (FIL) should be on your radar. This project isn’t just about digital currency—it’s about securing humanity’s most crucial information. Protocol Labs, the brains behind Filecoin, have built a unique internal economy. Here, developers, customers, miners, and companies can all use the FIL token to trade their services and products.
Filecoin’s blockchain is fortified by two consensus mechanisms: proof-of-replication and proof-of-space-time. This unique setup encourages nodes to compete, ensuring users get the data they need in record time. As a reward for their efforts, FILs are distributed to storage miners, who play a crucial role in providing the necessary space and CPU for data storage.
Furthermore, to buy Filecoin (FIL), one must know that it has significantly expanded its ecosystem in the last period. For example, it has developed the Filecoin Virtual Machine (FVM), which facilitates integration with smart contracts and programmability of the entire protocol. The introduction of the FVM has led to an increase in the total value locked (TVL) to $280 million and an incredible growth in the number of users.
What it is and how it came into being
When deciding whether to buy in Filecoin (FIL), it’s important to understand that it’s a distributed, powerful, and dynamic cloud storage network. The main aim behind the project was to create a decentralised, peer-to-peer cloud infrastructure as an alternative to centralized services like Amazon Web Services, Dropbox, iCloud, and Google Drive. The Filecoin token (FIL) incentivizes participation in the IPFS (InterPlanetary File System) storage network.
Filecoin has a rich history. It was founded by Juan Benet, the mastermind behind the InterPlanetary File System. The project gained significant traction after a successful Initial Coin Offering in 2017, raising a staggering $205 million. The mainnet was launched in 2020, marking a major milestone for the project. Today, it’s managed by Protocol Labs, a company with a solid track record since its establishment in May 2014.
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