Filecoin FIL

A decentralized storage network that turns cloud storage into an algorithmic market
Profile

Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data. As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards, but Filecoin mining power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin mining, whose usefulness is limited to maintaining blockchain consensus). This creates a powerful incentive for miners to amass as much storage as they can, and rent it out to clients. The protocol weaves these amassed resources into a self-healing storage network that anybody in the world can rely on. The network achieves robustness by replicating and dispersing content, while automatically detecting and failures. Clients can select replication parameters to protect against different threat models. The protocol’s cloud storage network also provides security, as content is encrypted end-to-end at the client, while storage providers do not have access to decryption keys. Filecoin works as an incentive layer on top of IPFS, which can provide storage infrastructure for any data. It is especially useful for decentralizing data, building and running distributed applications, and implementing smart contracts.

Recent News
REN price rallies 60%, hitting a new high after recent DeFi integration
Feb 20 · Coin Telegraph · Data from Cointelegraph Markets and TradingView shows that REN rose from $0.99 on Feb. 18 to establish a new all-time high of $1.84 on Feb. 19.
12 Shares
Bison Trails launches Global Blockchain Sync to enhance node operations, reduce lag times
Feb 16 · Coin Telegraph · Bison Trails, a leading blockchain infrastructure company, has launched a new protocol that allows customers to scale their node operations without the lag times that normally accompany such functions.
10 Shares
5 Takeaways From Chia Network's New White Paper
Feb 12 · CoinDesk · It will take 21 years for the rest of the world to mine as much of the Chia (XCH) cryptocurrency as the company behind it will have on the day its mainnet launches next month.
5 Shares
Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
Feb 09 · Coin Telegraph · Growing institutional interest in Bitcoin (BTC) helped elevate the top cryptocurrency to a new record high on Feb. 9 and led to a total market cap value higher than the market cap of the Russian ruble.
9 Shares
Devs ditching old ‘Ethereum killers’ for DeFi, NFTs and newer chains: Report
Feb 04 · Coin Telegraph · The report noted that while some new platforms such as Polkadot, Cosmos, and Avalanche are seeing an increase in developer activity, many of the traditional Ethereum competitors are seeing a decline in core development.
12 Shares
Other Assets On CoinList