$22.51
1H
-0.35%$-0.0791
24H
-0.49%$-0.1108
7D
-4.91%$-1.16
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.
As digital currencies begin to gain more recognition in the global financial market, the WEF is focusing more on blockchain technology and the crypto space at large.
In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which is less than 7% of the current capacity of Filecoin.
The latest Lotus 1.1.0 network software upgrade enables Filecoin miners to access 25% of mining rewards immediately with no vesting.
Filecoin miners have protested the unfavorable business model of the Filecoin project from Protocol Labs in what appears to be an industrial action strike.
In a few hours of going live, the FIL Futures contracts processed around $150 million in total trading volumes. With massive listing gains, FIL became the fastest token to hit $1 billion in valuations.