Filecoin Live Price

What is Filecoin?

Filecoin is a cloud-based Decentralized Storage Network (DSN) created to maximize data retrieval and storage. It is an open-source network that leverages different mechanisms in mining and storage. Customers use the token to retrieve data, while miners are incentivized with FIL tokens when they provide services within the network. The Filecoin DSN uses specialized cryptographic proofs to safeguard files from alteration. Its goal is to connect customers to an astounding number of storage providers to meet their needs. Some of the promising benefits of Filecoin include increased retrieval speed, lower costs, and data storage redundancy. FIL is the native digital asset of the Filecoin blockchain that powers the data markets. The protocol gives it as an incentive to providers based on mining power that is directly proportional to their active storage space. Filecoin caps its coin supply at 2 billion released over the subsequent decades via block rewards. About 70% is given to miners for providing services like data storage and blockchain maintenance. 15% of it goes to Protocol Labs for the development of Filecoin. The remaining 10% are allocated to investors, while 5% are allotted for the Filecoin Foundation. The protocol's current market cap is at $4.58 billion, with a circulating supply of 81.4 million FIL.

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How much is Filecoin worth?

Filecoin (FIL) is worth 17.21 USD as of March 15, 2022, 2:18 am UTC time. View the interactive graph to see how much Filecoin has changed in the last hour or historically. Filecoin (FIL) is a cryptocurrency that powers the Filecoin network, a decentralized peer-to-peer file storage network that aims to let anyone store, retrieve, and host digital information. FIL tokens are used as payment for these services and as an economic incentive to ensure files are stored reliably over time.