By What is Filecoin?
Founded in 2014 by Juan Benet, Filecoin is the renowned sub-organization of Protocol Labs. It is a Blockchain-driven digital currency like Bitcoin that also acts as a data storage network with its headquarters in California. To put it in layman’s terms, Filecoin is the Airbnb of data storage. The decentralized protocol of Filecoin allows the user to put his data storage space in their computer on rent. This way, the ICO of Filecoin has raised around $257 million in 2017. If you seek to know more about Filecoin data storage and invest in Filecoin assets, then read on to gain a deeper insight into the decentralized storage system that is also a cryptocurrency.
History of Filecoin
Developed by Protocol Labs, Filecoin is an alternative to conventional online data storage providers and protocols. The technology of Filecoin serves as the incentive layer for the InterPlanetary File System. Filecoin consists of a hash-based content structure (instead of IP addresses and centralized servers) to store data with decreased redundancy, improved efficiency, and increased permanence.
Filecoin had been developed to serve as a fundamental data infrastructure layer to be used by traditional and Blockchain-based storage providers. It was the developers of Filecoin to provide every user in the marketplace to connect to the network to get access to storage space.
Growth of Filecoin price so far
At present, there are almost 67 million Filecoins in circulation. The total circulating supply is expected to reach 1.977 billion if the network manages to accommodate a Yottabyte of data storage capacity. The growth of Filecoin is depicted in the recent developments, as given below:
Grayscale decided to offer Filecoin, making the token surge from $60 to $220 in only a couple of weeks.
According to the report of the Cointelegraph, the production cut in Filecoin on 15th April by almost 43.2% led to a spike in the price of the cryptocurrency token.
Currently, Filecoin and IPFS seek to be a part of the community of Decentralized Applications (dApps).
The renowned Blockchain-driven platform, Chainlink, is entering into a partnership with FileCoin to enable a bi-directional linkage between Ethereum and Filecoin.
Lastly, Filecoin is seeking to launch Filehive that will serve as an open-source market for the exchange of datasets to incentivize the licensing and storage of datasets at the network of the IPFS.
Is it reasonable to invest in Filecoin?
The versatile Filecoin tokens make for a lucrative investment choice. It is available for trading and investment at several reputed exchanges. Invest in Filecoin by signing up with Binance or any other platform like Kraken, BitPanda, and more. Use the Ledger Nano X wallet to store the Filecoin tokens. One of the reasons why Filecoin is suitable for investment is the ever-expanding market of the token. Moreover, the price of Filecoin has skyrocketed by almost 250% of what it had been at the time of its introduction in the market a few years ago. Traders must conduct trading in Filecoin assets through contracts for difference to rake in decent returns from the investment.
Filecoin price prediction for upcoming years
As per the Filecoin price prediction report of Digital Coin Price, Filecoin shall attain $346.32 in the year 2021. The report also adds that the price will increase to around $800 within the next five years. The Filecoin prediction for January 2022 is approximately $253, and experts anticipate that the price of Filecoin may become $327 in 2023. As of today, the exchange rate between Filecoin and USD is 0.6055 FIL for every $100.
Conclusion
Filecoin is working on integrating millions of computers to create a data storage space that can be rented out to the users. The vast, decentralized data storage network shall not only reduce the carbon footprint by doing away with the need to purchase bulky hardware. Still, it will also enhance the security of storing voluminous datasets.
Moreover, the token of Filecoin is witnessing a sharp surge in price as well, getting ahead of Litecoin and maintaining a bullish trend in the market. Check out crypto price prediction by CryptoNewsZ to get an idea about the future market.
