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What is Filecoin (FIL)?
Filecoin is a decentralized file storage protocol that allows users to rent out disk space and earn money in the Filecoin (FIL) cryptocurrency. People who buy storage space can get it at a very competitive price compared to centralized cloud services. This technology should create a global disk space market.
Unlike cloud storage, where storage companies can control stored information and act as an intermediary, Filecoin uses a decentralized architecture that returns control of data to users, protecting the integrity of data and making it easier to retrieve and prevent censorship.
Examples of data you can use to store Filecoin:
- Personal files
- Company files
- personal information
- Application files
- Website hosting
- Protected databases
Origin of file coins
The development of the Filecoin project began in 2014. In the fall of 2017, the project raised $257 million through an Initial Coin Offering (ICO), one of the largest in the history of the crypto market.
Filecoin was created by Protocol Labs, an American software company whose goal is to develop technologies for Web 3.0, the next generation of the decentralized internet. Other important Protocol Labs projects are the Interplanetary File System (IPFS) and the libp2p protocols. Juan Benet, an American computer scientist, is the founder and CEO of Protocol Labs.
Initially, the launch of the Filecoins mainnet was planned for the beginning of 2019, but was postponed several times due to development difficulties. It was finally launched on October 15, 2020, and the project coin was immediately listed on the largest cryptocurrency exchanges.
Features of the file coin
Filecoin is a decentralized storage marketplace – think of it like Airbnb’s cloud storage – where anyone with extra hard drive space can sell it online. “Juan Bennett.”
The Filecoin network is built on IPFS, a distributed storage system that connects a network of peers. Each node, in turn, stores only a subset of the shared files of the entire system. Thus, IPFS provides data storage, and the Filecoin network allows users to rent out available space on a computer’s hard drive in exchange for rewards in the FIL cryptocurrency.
Miners play a key role in keeping the Filecoin network running. Decentralized storage users pay Filecoin miners to store, retrieve, and distribute data. The size of the miners’ commission is determined by the supply and demand for data storage and the transfer speed chosen by the user.
There are two types of miners on the Filecoin network:
- Storage miners provide their hard drives for user data. The probability of receiving a block reward depends on the amount of disk space that the miner provides to the network, and not on the hash power.
- Extraction miners extract and provide files to users outside of the Filecoin blockchain.
This is how the Filecoin network works. Clients place an order for storage at a specified price with a certain replication factor in the storage market. There, they agree to a deal with storage miners and transfer their hashed data to these miners. Storage miners place files on their storage space, which is recorded on the blockchain. The private keys to the files are then provided to the client. To ensure a higher level of security, user files are stored simultaneously by several miners. Miners add a deposit to the system, which they can lose if the Internet connection is interrupted or they cannot confirm the storage of data.
To get the data back, the client places an order on the Retrieval Market and makes a deal with the recipient miner, who returns the data for a fee.
Filecoin uses two unique consensus algorithms to ensure that miners abide by the rules of the network:
- Proof-of-Spacetime is what happens when a block is generated: the network checks if the miner actually keeps the data for the required amount of time.
- Proof-of-Replication confirms that miners keep the specified number of file copies.
Filecoin is a token with fundamental value. Filecoin is similar to bitcoin, but miners accumulate hard drives instead of hashing computers. — FIL tokens by Juan Benet
is the native cryptocurrency of the Filecoin network. Network members use them to make payments and receive rewards.
Filecoin (FIL) Price Analysis
At the time of writing, the FIL token ranked 24th among cryptocurrencies by market capitalization of $4,458,776,981.57.
FIL price statistics (as of 07/16/21)
FIL current price
Daily trading volume
The highest ever
FIL price history
Although the token has been around since the fall of 2017, it was only listed on major exchanges after the mainnet launched in October 2020. Thus, prior to the launch date of the main network, trading volumes were negligible. For most of this period, the price remained between $2 and $10. It was only in the summer of 2020 that the price crossed the $10 threshold, after which it continued to rise until the launch of the main network.
Filecoin Price Prediction for 2020
After listing on major crypto exchanges, the price of tokens rose sharply, but quickly corrected and then moved sideways in the range of $27.30 to $35.00. This continued until December 21, when the price broke through the support level. After that, it fluctuated in the range of 20-25 dollars. By the end of the year, the price was $24.33.
FIL/USDT hourly chart in 2020
FIL technical analysis
The current FIL price trend is bearish. Despite the recent breakout of the falling wedge, it is too early to talk about a change in trend. However, the indicators show uncertainty, and there is a possibility that the price will move into the accumulation phase.
The nearest horizontal support levels are at $44.00 and $40.00. Horizontal resistance levels are located at $55.00, $65.00 and $77.00.
Filecoin (FIL) Price Prediction for 2021, 2022, 2023, 2025, 2030
Well-known crypto experts could not ignore such a popular cryptocurrency as Filecoin. Let’s see what they think of his future.
Trading Beasts FIL Price Prediction for 2021, 2022, 2023, 2025, 2030
Trading Beasts predicts a slow decline in the price of FIL until November 2021. After that, it will begin to grow steadily, and by the end of the year the price will reach $51.56. This growth will continue in subsequent years. They estimate that the coin will be worth $111.81 by the end of 2022 and $160.90 by the end of 2024.
WalletInvestor FIL Price Prediction for 2021, 2022, 2023, 2025, 2030
WalletInvestor is even more optimistic about FIL prospects. They estimate that the token will be worth $93.71 by the end of this year. They expect this trend to continue into the future as the price reaches $188.46 by the end of 2022, $281.84 by the end of 2023 and $470.63 by the end of 2025.
of the year. WalletInvestors FIL price forecast for 2021-2022.
LongForecast FIL Price Prediction for 2021, 2022, 2023, 2025, 2030
LongForecast agrees with Trading Beasts that the price will decline until November and then start to rise. However, their predictions for the more distant future diverge radically. According to LongForecast, by the end of 2021, the price will be $34.81. The uptrend will continue next year, and by the end of 2022, the price will reach $65.62. In 2023, the token will have a fairly positive year, hitting $96.40 for the year. the end. However, the price in 2024 will decrease almost throughout the year and will fall to $56.67 by the end of the year.
DigitalCoinPrice FIL Price Prediction for 2021, 2022, 2023, 2025, 2030
DigitalCoinPrice also predicts an increase in the value of coins, but is more cautious in its optimism than LongForecast. According to their forecast, the token will be worth $80.74 in a year, $115.41 in 2 years, $183.20 in 5 years, and $239.63 in 7 years.
DigitalCoinPrices FIL Price Forecast
General forecasts of the future value of Filecoin (FIL) in general
Data storage is a promising and growing market, and Filecoin has many advantages over its competitors in the industry. In addition, experienced developers are working on the project, and quite large investors have invested in it.
However, do not forget that the project has serious competitors, both centralized and decentralized, who entered this market early and are unlikely to sit idly by. Unfavorable circumstances in the crypto market can lead to a drop in the value of tokens, even if the project itself is doing well.
Will Filecoin grow?
We believe that this is quite possible. Most crypto experts also believe that the token will increase in value in the future.
How high can FIL go?
With a favorable development of events, $ 130 is the real price. In even more optimistic scenarios, we may see the price rise to $195 and possibly even exceed the all-time high.
Filecoin Price Prediction Today
Now the price of tokens is in a downtrend, but there are signs of a possible reversal. The accumulation phase is likely to start now.
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