Filecoin

FIL

Filecoin (FIL) is the token powering the decentralized storage network Filecoin, incentivizing users to store and retrieve data in a distributed manner.

Risk Rating
Best
What is Filecoin?
What we like
Filecoin (FIL) offers a decentralized storage solution, allowing users to rent out unused storage space, which promotes data redundancy and security. Its open market approach can lead to competitive pricing for storage services.
What we like less
FIL faces competition from centralized storage providers like AWS and Google Cloud, which offer established ecosystems and broader adoption. Additionally, Filecoin’s storage provider network has experienced challenges in balancing decentralized incentives with consistent service quality.
What it means for you
As a FIL holder, you participate in a network with real-world utility, leveraging blockchain for decentralized storage and retrieval of data.

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Information
Blockchain
  • Filecoin
Info
  • Asset Type: fil
Key Metrics
Risk Assessment
Best
Asset Strength

FIL is a mid-cap asset that represents the blockchain's native currency or monetary fee used to execute transactions on the network.

Dependencies

Filecoin has no dependencies.

Asset Tokenomics

FIL has a fixed supply. FIL is the native token of Filecoin, used to pay for decentralized data storage and retrieval.

Things to know about FIL

What is FIL?

FIL is the native cryptocurrency of Filecoin, a decentralized storage network launched in October 2020 by Protocol Labs. Filecoin aims to create a global marketplace for storage, allowing users to rent out unused storage space and securely store data without relying on centralized providers. FIL serves as the medium of exchange within this marketplace, rewarding storage providers and incentivizing efficient data storage and retrieval.

How does FIL work?

FIL operates within the Filecoin network, where users can pay for storage services, and providers earn rewards for offering space and maintaining data integrity. The network employs a proof-of-replication (PoRep) and proof-of-spacetime (PoSt) consensus mechanism to ensure data is securely stored and verifiable over time. Smart contracts facilitate interactions between clients and providers, and FIL is used to pay for storage deals and network transactions. By decentralizing storage, Filecoin enhances data security, privacy, and availability, making it a viable alternative to traditional cloud storage solutions.

How many FIL tokens are in circulation?

FIL has a maximum supply of 2 billion tokens, with approximately 450 million currently in circulation. New tokens are minted as block rewards for storage providers and are gradually released over time to incentivize network participation. This inflationary supply model supports the growth of the Filecoin ecosystem but requires ongoing demand from users and storage providers to sustain token value.

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