I. What is Filecoin?
Filecoin is a blockchain solution that provides a decentralized data storage solution. With built-in economic incentives to guarantee files are reliably stored over time, Filecoin is a peer-to-peer network that keeps files online. No company has control over the pricing or the amount of storage available.
Instead, Filecoin enables public file markets where anybody can store and retrieve data.
Users in Filecoin pay to have their data stored on storage miners. Computers called storage miners are in charge of keeping files safe and providing evidence that they have done so over time. Anyone can join Filecoin if they want to store their files or get paid to host files for other users. No company has any influence over the amount of storage that is offered or the cost of that storage. Instead, Filecoin enables public file markets where anybody can store and retrieve data.
II. History of Filecoin
Filecoin was developed by Juan Benet – computer scientist, founder and operator of Protocol Labs.
In order for Filecoin to achieve great success as it is now, it is impossible not to mention the contributions of other characters such as:
- Colin Evran: Filecoin Ecosystem and Protocol Labs Team Leader.
- ZX Zhang: Team Leader of CryptoEconLab and Protocol Labs.
- Stefaan Vervaet: Filecoin, Miner & Client Solutions, Protocol Labs.
- Isaac Kato: CEO.
- Sarah Studer: Platform Director.
- Erica Lane: Program Manager.
Filecoin raised a record-breaking ICO in 2017 of over $250 million. This shows the attractiveness that this decentralized storage network brings. 3 years later, in October 2020, Filecoin mainnet was launched.
III. Striking Features of Filecoin
Verifiable Memory
Filecoin has mechanisms built in to examine the file history and ensure that it has been correctly storing files over time. Even without an Internet connection, consumers can review this history to ensure that their data have been preserved correctly. Anyone can verify a hosting provider’s track record (Miner), which will show if the provider has ever crashed or gone offline.
Open market
The Filecoin network is open to everybody, and no one needs to give their consent. All you need to become a miner is an internet connection and some free disk space. A robust ecosystem of numerous independent hosting providers is made possible by Filecoin by lowering entrance barriers.
Competitive price
Prices for storage and retrieval are set by supply and demand, not by the pricing division of a business. Filecoin provides dependable hosting at a very low cost. Miners compete on speed, dependability, and storage capacity rather than on user lock-down or marketing strategies.
Free software
Both the software running on the client computer and the hosting company are open source. It’s not necessary for hosting providers to create their own software to manage their infrastructure. The enhancements made to Filecoin’s code are advantageous to everyone.
IV. Core Technology of Filecoin
How Filecoin Works & Consensus Mechanism
Users must pay a little charge to have their upload request transmitted to the Filecoin exchange in order to submit files to Filecoin. The storage nodes will compete here for the privilege of hosting the submitted file. The goal of this bidding procedure is to minimize the costs for uploaders. The file is subsequently divided into several shards and encrypted using Filecoin.
For file storage, these segments are delivered to various locations on the bidding network. Every file segment’s precise location is documented on the Filecoin Blockchain. To locate, reconstruct, and decrypt the file, the private key is only accessible to the file’s owner.
Proof of Work (POW) and Proof of Stake are two popular consensus mechanisms (POS). The team behind the project has designed a special consensus mechanism for Filecoin. The novel approach taken by Filecoin is to reward storage space rather than processing power (POW) or stake (POS). The copy proof consensus mechanism is what is meant by it. The network’s security and dependability are improved by this approach. Additionally, it encourages storage nodes to expand the network’s storage capacity. The proof-of-copy consensus algorithm for Filecoin has not yet received official announcement. Therefore, it is impossible to assess the specifics and efficiency of the protocol’s operation.
Algorithms that Filecoin is using
To develop its technology, Filecoin has used advanced algorithms such as:
- Expected Consensus: Expected Consensus, is a probabilistic Byzantine fault tolerant consensus protocol
- Proof-of-Storage: Proof-of-Storage, miners storing in the Filecoin network must prove that they hold a copy of the data at any given time.
- Stacked DRG PoRep: Stacked DRG Replication Proof
- BlockSync: is a simple request/response protocol that allows Filecoin nodes to request Tipsets from each other, when they are out of sync, such as during downtime.
- GossipSub: The message and block headers along with the message references are transmitted using the libp2p GossipSub router. To ensure interoperability between different implementations, all filecoin full Nodes must implement and use this protocol.
- Cryptographic Primitives: primitive cryptography,
- Verified Clients: verify clients
- Filecoin CryptoEconomics: Filecoin’s crypto-economy, mechanisms and system parameters contribute to overall network-level goals.
V. What is FIL?
1. Detailed Information about FIL
Surely you already know about the Bitcoin mining mechanism, right? If Bitcoin mining is solving the algorithm of miners, with Filecoin, Filecoin mining is providing your computer as a place to store and retrieve customer information. The Filecoin network operates on agreements made between customers and miners for information storage/retrieval ‘contracts’In a storage transaction, when a customer selects a particular Miner to store his information files, the selection will be based on that miner’s capacity, duration, and storage fee (fee) the higher the better the security). The client will be charged a fee from a wallet containing the FIL coin corresponding to the contract amount. Once the miner accepts the agreement, the storage contract is published. The client then prepares the data for storage and passes it on to the miners. The miner will pack the data into an area, seal it, and proceed to send the proofs to the chain. The client receives the first confirmation with assurance that the data has been correctly stored, and the transaction has officially commenced. During the lifetime of the contract, the miner sends proofs continuously to the chain. If evidence is lacking or delayed, miners will be penalized. If the proof is correct, at the end of the contract, the miner will receive a reward of FIL tokens. In a retrieval transaction, the client pays FIL for a contract with the miner in charge of retrieval to extract data from the Filecoin network (the miner in charge of data retrieval can be the miner who stores the data. store or not). These transactions are done “off-chain” – the network will use micropayment channels to reward miners with FIL coins for successful data retrieval.
FIL token or FIL coin is a native token created by Filecoin, which has the function of paying fees when users want to store/retrieve their data on Filecoin or as a reward for storage/retrieval service providers. information (Miner).
- Key Metric
- Token Name: Filecoin.
- Ticker: FIL.
- Blockchain: Filecoin.
- Token Standard: Updating…
- Contract: Updating…
- Token Type: Utility, Governance.
- Total Supply: 1,970,978,207 FIL.
- Circulating Supply: 139,485,002 FIL.
2. FIL Allocation
- Filecoin Miners: 70%
- Protocol Labs: 15%
- Investors: 10%
- Filecoin Foundation: 5%
3. FIL Noticeable Milestones
Token Sale
Filecoin opened ICO on September 7, 2017, with a total raised of $257M from the sale of 200M FIL. Investors contributed $205M to this ICO.
Token Release Schedule
- Investors: Minimum 1 year (advisor from Pre-sale), minimum 6 months (public sale).
- Protocol Labs: 6 years, vesting.
- Foundation: 6 years, vesting.
- Miners: Release half in 6 years.
About the biggest ICO of 2017
Filecoin (FIL) received $257 million in August 2017 through an ICO. This was a record amount at the time of 2017 but then the project was delayed for up to 36 months. In August 2020, Filecoin officially announced the mainnet launch. This is the 6th largest ICO ever in the industry in terms of raised funds. Filecoin is also backed by major venture capital funds including Sequoia Capital and Andreessen Horowitz.
4. Use Cases of FIL
Purpose of the FIL:
- Customers pay a fee to save their data using FIL.
- Storage For hardware contributions to data storage, miners are compensated in FIL.
- Data retrieval miners are compensated in FIL for their efforts.
VI. How to earn & own FIL?
Users can own FIL in the following ways:
- Buy FIL on supported exchanges.
- Become a Miners in the FIL network to receive a reward of FIL.
FIL transaction
Users can buy and sell FIL on exchanges like Binance, Huobi, Coinbase, etc.
VII. Which Crypto Wallets are suitable for FIL?
FIL is a private blockchain, investors can store it on Filecoin Wallet’s wallet and wallets that support File tokens in the form of ERC-20 or BEP20 most of today like Metamask, Trust Wallet, Coinbase Wallet, etc. or store it directly on exchanges.
In addition to, You can currently store Filecoins on:
- imToken – A software wallet for mobile phones, a solution that provides safe and reliable digital asset management services to millions of users.
- Lotus Wallet – A Web Wallet for Receiving and Transferring FIL
- Ledger – The leading hardware wallet today, is an extremely secure crypto asset storage solution.
- Exchange wallets: All exchanges that support FIL have a wallet that stores this coin. But you should only choose reputable and secure platforms to use.
If only storing the FIL for the short term, move and trade often. You can use an exchange wallet, a software wallet, or a Web wallet. However, if you want to store Filecoin long-term, the best option is a hardware wallet.
These are wallets that you could use to own Filecoin
VIII. FIL Recent Development
Filecoin is updating this part….
IX. Teams, Funds & Partners of FIL
1. Team
Filecoin team
Protocol Lab
An American business called Protocol Labs, Inc. creates the infrastructure technologies for internet platforms. It is a network protocol research, development, and implementation lab that Juan Benet founded in 2014. Leading internet initiatives are managed by Platform Labs, including the decentralized web protocol IPFS. Libp2p is a peer-to-peer system and application network stack that is modular.
Team & Community
The core team at Protocol Labs has extensive knowledge of distributed systems, cryptography, fintech, open source software development, and managing open source communities. The open source initiatives run by Protocol Lab have received support from more than 1700 people and groups worldwide.
2. Investment Funds
Filecoin investment
3. Partners
Filecoin is updating this part….
X. Where can FIL information be updated?
Currently, Crypto users can fully consult, research, and analyze information about FILECOIN through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc. These media are constantly updated with useful information, new activities, outstanding events of FILECOIN and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about Filecoin
- How to earn Filecoin? There are storage miners who are responsible for storing data on the Filecoin network; access operators who are responsible for accessing files; and repair miners, who are still not done. Storage miners will earn Filecoin by storing customer data and providing proof of this storage over time. In contrast, retrieval miners earn Filecoins by setting bids and mining fees for a specific file, determined by market value.
- Is Filecoin safe? It’s dangerous to save your documents on another person’s computer. To prevent collective splitting, Filecoin separates the data, much like shredding it. It is aware of how the data fits together, though, and reorders as necessary. This means that the host cannot just hack into the user’s machine to view their files. They will only find a stream of worthless data if they attempt to hack.
- Who are Filecoin’s competitors? There are other businesses tackling the issue of decentralized file storage besides Filecoin. Competitors may consist of: Siacoin currently has more than 500 hosting companies with a total storage capacity of 3,900 terabytes, or 3.9 petabytes. At the moment, it may be traded on cryptocurrency exchanges. Or Storj has made its decentralized storage platform’s private alpha available. early in 2019; launched Also active is the STORJ coin.
- Is it too late to buy Filecoin?
Conclusion
Filecoin (FIL) is a decentralized data storage solution on the Filecoin network. Currently, Filecoin has become the largest decentralized storage network supporting many safe data storage platforms, minimizing storage costs and high security, the highest time Filecoin reached 230 USD. and a market capitalization of $23 billion. The success of Filecoin has demonstrated how crucial data storage becomes as the economy moves toward digitization, and how the data sharing solution helps to make the most of the storage devices’ capacity. There are too many reserves.
But Filecoin will also have to contend with rivals like Siacoin (SC), Storj (STORJ), Bluzelle (BLZ), and others. Names that stand out in particular are AMW, Google Drive, Dropbox, Onedrive, etc. Therefore, Filecoin must prove that it is better than its competitors and established data storage providers. We anticipate Filecoin will make a significant advancement to be used in practice after a promising start.
The above is Meta Lion’s comment on the Filecoin project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
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