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What is Filecoin (FIL) and How does it Work

With the advent of blockchain technology, new avenues for technology and innovation have opened. One of these innovations is the storage of files over the internet. But nobody would want to store someone else’s files through their own goodwill. So in comes Filecoin, a peer-to-peer network that stores files on the internet, with built-in economic incentives to ensure files are stored reliably over time.

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Since the whole procedure is done through blockchain technology, this suggests that the available storage and pricing is not controlled by any single company or corporation but is open for anyone to participate in.

In Filecoin, users pay to store their files on storage miners. These miners are computers that are responsible for storing files and proving they have stored the files correctly over time. Anyone can get their data stored and others can get paid for storing the data through Filecoin. The native coin of the protocol is FIL which is earned through the storage of the coin by the storage miners.

Web3 does all of this by constructing its system on the web3.

Filecoin works through its network in which peers communicate over safe channels that they are to employ to distribute information to the network and transfer the data among themselves. The Filecoin clients or nodes are to verify the Filecoin blockchain and validate the messages in every block. Nodes are able to manage Filecoin wallets and receive FIL on them. Nodes can also propose storage (an agreement between clients and storage miners to store some data) and retrieval (agreements between clients and retrieval miners to extract data that is stored in the network) deal to the Filecoin miners and pay for them as they are executed. The miners here provide the service of executing different “deals” and adding new blocks.

Current Price Movement – Filecoin (FIL)

At the time when this article is being put down into words, the current value of FIL, the utility token of Filecoin, has a value of $62.09 with a trading volume of $816,600,165. There is no maximum supply for the coin. Currently, there are 122.531 FILs currently in supply. The coin is currently facing a downward slump. This is mainly due to Bitcoin taking a major hit of 5k after reaching its all-time value. Altcoins are closely tied to the value of the King of the Market. But the prospect of the coins is still good. It’s going to catch its pace once again. With sound fundamentals, Digital Coin Price predicts that FIL shall have a value of $97.17 by the end of the year and will cross the $200 mark by 2026.

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