Filecoin (Fil) –¬† The Decentralized File Storage System

ZEC coin

If we are bringing blockchain to the mainstream then there is probably one field that has its vast application that is probably going to help a lot of projects and users as well. It is a file storage system. A lot of people have a huge amount of data that needs to stored but the lack of hardware devices restricts them. People resort to an online storage system for this matter. As a matter of fact, companies have created a huge amount of data centers to tackle the problem of data storage problems. These storage systems are reliable but to what extent? Hackers can hack the systems and potentially the whole system probably crippling it (we know what happened with Facebook recently).

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So what if we bring blockchain to the file storage system and allow the data to become decentralized that removes the need for a central storage system and potentially making it nearly impossible to wipe off the data. This is where Filecoin comes in.

Filecoin (Fil) was first thought about back in2014. It was supposed to be an incentive layer for interplanetary file system (IPFS) (a peer to peer storage system). The project raised almost $205M in ICO (Initial coin offering).

As compared to other companies that offer cloud storage such as Google and Amazon which has centralization, Filecoin uses decentralizes the whole system. This increases the security of the whole system and brings it one step closer to the future. The platform also provides rewards to its users who allow the data to be stored.

Native Token

The native token of the platform is Fil which is used to carry out the transactions on the whole network. At the time of writing Fil is being traded at the price of $64.7. The price had a drop of almost 4.63% in the past 24 hours. The trading volume has increased by almost 5.98% in the past 24 hours. With the market dominance of almost 0.29%, Fil holds the 27th rank on coinmarketcap according to dominance. Filecoin created its ATH at the price of $182.74 in March 2021.

Long Term Investment

According to wallet investor, Fil is supposed to reach a price tag of almost $116 in a one-year plan. In 5 year plan, the price is to reach a level of $331. But the investors are extremely bullish on the project and think that the price will go to a much higher level than what is predicted here.