Filecoin (fil) Price Index

Filecoin is a decentralized storage system with the goal of "storing humanity's most vital information." In 2017, the project received $205 million through an initial coin offering (ICO) and had originally expected to debut in mid-2019. The launch of the Filecoin mainnet has been delayed until block 148,888, which is anticipated to occur in mid-October 2020.

The project was initially announced in 2014 as an incentive layer for the peer-to-peer storage network Interplanetary File System (IPFS). Filecoin is an open system supported by a blockchain that records network participants' promises, with FIL serving as the blockchain's native currency. Proof-of-replication and proof-of-spacetime are the two fundamental building blocks of the blockchain.

Who Are the Filecoin Founders?

Juan Benet, who also designed the Interplanetary File System, launched Filecoin. Benet is a computer scientist from the United States who attended Stanford University. In the summer of 2014, after establishing Protocol Labs in May 2014, he attended Y Combinator with the purpose of promoting IPFS, Filecoin, and other initiatives.

What Makes Filecoin Unique?

Filecoin seeks to store data in a decentralized manner. In contrast to cloud storage providers like Amazon Web Services or Cloudflare, which are susceptible to centralization difficulties, Filecoin uses its decentralized nature to safeguard the integrity of a data's location, making it retrievable and difficult to censor.

Decentralized storage solutions, such as Filecoin, enable users to be the only custodians of their data and increase global online accessibility. Since participation in the Filecoin network by mining and storing is directly proportional to earning additional block rewards, Filecoin incentivizes players to act honestly and save as much data as possible.