Name: How to Buy Filecoin (FIL) on Crypto.com Crypto Exchange Trading App
Item: FangWallet
Rating: 5
Author: FangWallet

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Summary

What is Filecoin (FIL)?
How to buy Filecoin (FIL)?
Best no-fee crypto app for free mobile trading?
How does Filecoin work?

What is Filecoin (FIL)?

Filecoin is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. It is made by Protocol Labs and builds on top of InterPlanetary File System, allowing users to rent unused hard drive space. A blockchain mechanism is used to register the deals. According Filecoin’s authors, it is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

Contrary to centralized storage methodology, Filecoin aims to store data in a decentralized manner, which is resistant to problems that occur in centralized storage. Due to Filecoin’s decentralized nature, it protects the integrity of data’s location making it easily retrievable and hard to censor. It also allows people on their network to be their own custodians of the data that they store. Additionally, Filecoin also rewards the network nodes that mine and store data on their blockchain network.

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How to buy Filecoin (FIL)?

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How does Filecoin work?

Filecoin is a decentralized storage network (DSN) and marketplace built on a blockchain. It turns cloud storage into an algorithmic market. It is a distributed, peer-to-peer network based on InterPlanetary File System (IPFS) technology with built-in economic incentives to ensure files are stored reliably over time.

Anyone who wants to store their files or get paid for storing other users’ files can be part of Filecoin network. The users/clients pay to store their files on storage miners. Storage miners are computers responsible for storing files and proving they have stored the files correctly and securely over time. This storage network is a blockchain based decentralized network and so available storage, and the price of that storage, is not controlled by any single company. Instead, Filecoin facilitates open markets for storing and retrieving files that anyone can participate in. The FIL is native cryptocurrency of the Filecoin network and it is used to pay miners and transaction purpose. All the transactions along with proofs from miners that they are storing files correctly are recorded on the Filecoin blockchain.

Filecoin benefits both users and storage providers. It allows users to store their files at aggressive prices and verify that their files are being stored correctly. They can have many options to choose the miner whose storage offer is best suited for their needs. Applications that implement Filecoin can negotiate storage with any miner on the network. which is not possible with centralized storage systems. It also eliminates need to implement a different API for each provider. The users can verify that their files are being stored correctly by looking at proofs on Filecoin’s blockchain explorer anytime they want. The storage providers can easily sell their storage on an open market and they run miners to earn FIL tokens. Filecoin’s blockchain rewards miners for contributing useful storage to the internet as compared high energy consuming proof-of-work computations.

The Filecoin initial release was occurred in July 2014 and its Mainnet was launched on October 15, 2020.

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