Twice In Two Weeks: What Is Filecoin?

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Filecoin (FIL) continues to maintain its monthly increase momentum on the weekly chart. So what are Filecoin and FIL tokens?

Filecoin (FIL) price; It gained 53 percent on the monthly chart, 90 percent on the two-week chart and 73 percent on the weekly chart. The FIL token rose 34 percent on a daily basis. The token is far from the $ 208.95 ATH it saw on October 15, 2020.

FIL ranks 22nd with a market value of $ 4.1 billion. The daily trading volume of the token is $ 2.1 billion.

What are Filecoin and FIL tokens?

Open source and decentralized Filecoin; is a blockchain network that serves as a data storage and marketplace. Users; It finds the opportunity to store many data such as video, dApps, personal data, podcast, company information on the Filecoin network. For example, it is stated that a copy of the Wikipedia database will be stored on the Filecoin network.

Using the IPFS protocol, Filecoin aims to store data more securely and efficiently. The network also consists of a large number of storage areas and developers.

Using a different system than proof-of-work, Filecoin takes storage space from its miners instead of processing power. Miners earn rewards such as FIL tokens for their transactions.

The FIL token is designed for network participants to use in products and services. FIL is also used for community-based transactions and payments. The total supply of the FIL token is stated as 2 billion, while the circulating supply is 57 million. Among the exchanges listing FIL tokens; Bitexen, Huobi, Binance, Coinbase Pro, OKEx, BKEK, Digifinex, Coinlist, Bitcoin.com, Kraken, Gemini, Bitfinex, Gate.io, KuCoin.

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