
Filecoin Price Skyrockets amid Upbit Listing Announcement: What’s Next for FIL?
FIL witnessed a major price surge after its listing on Upbit exchange, along with a notable surge in development activity.
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FIL witnessed a major price surge after its listing on Upbit exchange, along with a notable surge in development activity.
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Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020.
The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. 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.
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The blockchain technology can simply be explained as a decentralized open ledger system of adding, verifying and then recording transactions between peers in a transparent, efficient and irreversible manner.