Filecoin: A Decentralized Storage System and the Rise of FIL Coin - Latest cryptocurrency news

Filecoin: A Decentralized Storage System and the Rise of FIL Coin

Filecoin is a decentralized storage system that aims to store humanity’s most important data. The project raised $205 million in its 2017 ICO and was initially planned to launch in mid-2019. However, the launch of Filecoin’s mainnet was delayed to the middle of 2020, to occur on the 148,888th block.

Filecoin is an open protocol supported by a blockchain that records commitments made by network participants, and it utilizes the native cryptocurrency called FIL.

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Despite its ICO in 2017, FIL coin was launched on October 15, 2020. Filecoin combines with the InterPlanetary File System (IPFS), a peer-to-peer distributed network protocol, to create a more efficient, secure, and independent web.

Anyone can participate as a storage provider on the Filecoin platform, allowing businesses to find their place in a competitive market. The platform is designed for those who want to store data on the internet and is built to prove the correct and secure storage of data over time.

Filecoin consists of various storage providers and developers who create a strong and reliable service. The platform offers global, open-source storage opportunities and is an ecosystem owned and created by everyone.

Filecoin is also tailored to individual needs, allowing users to adjust their access speed and cost strategies. The platform also provides a rapidly growing ecosystem that includes tools, libraries, integrations, and providers.

The founders of Filecoin are noteworthy as well. Juan Benet, the founder of Filecoin, also created the InterPlanetary File System. Benet is an American computer scientist who studied at Stanford University. He founded Protocol Labs in May 2014 and joined Y Combinator in the summer of 2014 to support projects like IPFS and Filecoin.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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