Introduction of Filecoin
Filecoin is a decentralized system that allows anyone to rent the storage space on their computer. Similarly, anyone can buy network security. By allowing everyone in the world to access the network, it can create a huge database.
As the computer system increases, it will be necessary to meet this increasing need. It was developed by Protocol Labs, directed by Juan Benet, a computer scientist and engineer.
Who and when Filecoin was created
Filecoin was developed by Protocol Labs and its CEO Juan Benet who founded Protocol Labs and started the Filecoin project in 2014. However, the Filecoin network started working recently with the release of its mainnet on October 15, 2020. Protocol Labs is a software company dedicated to building the next generation of the Internet. Its goal is to build infrastructure for Web3, which is an advanced software architecture that decompresses.
Since its inception, Protocol Labs has developed IPFS, lib p2p, Filecoin and other systems, tools and services aimed at significantly improving Internet speeds. The company has more than 100 members working in the country. Juan Benet, CEO of Protocol Labs and founder of Filecoin is an experienced technologist who received an MS and BS in Computer Science from Stanford University and has extensive work experience in software engineering and computer science research.
Before starting Protocol Labs and Filecoin, Benet founded two technology companies, Athena and Loki Studios, and worked as a computer scientist at Stanford University. While establishing Protocol Labs, Benet joined the startup Y Combinator to get his business off the ground. Since then, Protocol Labs has received funding from well-known investors such as
Digital Currency Group, StartX, Stanford University startup accelerator, Coinbase co-founder Fred Erhsam, and AngelList founder, Naval Ravikant. Other funds received by Benet and his company came from the initial offering of Filecoin (ICO), which was from August to September 2017. They raised $ 257 million from investors in these companies and names include Sequoia Capital, Andreessen Horowitz and Union Square Ventures.
How does Filecoin work?
Users or customers of the Filecoin network who want to store data on the network will find and pay miners to do so. Miners will compete for the lowest price for storage services in the open market, meaning that Filecoin could be cheaper than centralized data storage providers such as Amazon Web Services.
In the meantime, miners are encouraged to provide security. They will be paid with Filecoin tokens through the Filecoin network. In other words, the more the miners keep in the network, the more they will be rewarded. However, miners are required to perform a few mathematical processes, or proofs, to prove to the network that they are saving data and doing so consistently over time.
If so, miners will be rewarded for adding new blocks to the Filecoin blockchain. Filecoin users pay to store their files with miners. Memory loggers are computers that are responsible for storing files and proving that they have been properly stored over time. Anyone who wants to save their files or get paid to support other users’ files is welcome to join Filecoin. No company controls the amount of securities available or the price of the securities. Instead, Filecoin allows anyone to participate in an open market to store and retrieve files.
What makes Filecoin (FIL) unique?
The ultimate goal of Filecoin (FIL) is to store information in a decentralized manner. There are cloud security companies like Cloudflare, Amazon Web Services and many others in the market. These companies are vulnerable to the difficulties of centralization. Thank you Filecoin (FIL)
Filecoin (FIL) makes its nature hard to protect and preserve the integrity of the database. On the other hand, Filecoin makes it easy to recover and difficult to analyze. “Market space” is one of the nice features that Filecoin (FIL) offers. Anyone can save or retrieve their files from the open market. No license is required to become a member of the Filecoin network. The miner only requires a strong internet connection and some disk space. Filecoin offers competitive pricing. Users do not need to burn their wallets to save their files on Filecoin (FIL). Since there is no enterprise pricing, the cost of storing or retrieving files is driven by supply and demand.
Trust security is another unique feature of Filecoin. Because the user has to pay to save their files. Filecoin (FIL) provides a convenient solution to keep user files available around the clock. User files are stored in a reliable, online office or computer.
How to buy Filecoin (FIL)
Filecoin (FIL) is available on the following exchanges:
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 employees and over $207 billion in quarterly business volume.
Kraken Exchange allows trading in over 190 countries, including Australia, Canada, and Europe, and is our most recommended exchange for US residents. (Except New York and Washington State)
Hold – This is one of the best exchanges for US and UK residents that offers a lot of cryptocurrencies. Banned in Germany and the Netherlands. Binance – Best for Australia, Canada, Singapore, UK, and many countries around the world. US residents are prohibited from purchasing multiple tokens. Use coupon code: EE59L0QP to get 10% off all merchandise.
KuCoin – This exchange offers cryptocurrency trading over 300 popular tokens. It is usually the first to offer the opportunity to buy new tokens. This exchange is now open to foreign residents of the US. WazirX – This exchange is part of the Binance group, which guarantees high levels. This is the best change for people living in India.
