#About Filecoin#
What is Filecoin (FIL)?
Filecoin is a decentralized storage system that aims to "store mankind's most important information." The project raised $205 million in initial coin offerings (ICOs) in 2017, and originally planned a launch date for mid-2019. However, Filecoin's mainnet launch date was pushed back to block 148,888, which was expected to be mid-October 2020.
The project was first described in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open and blockchain-powered protocol that records commitments made by network participants, with transactions made using FIL, the blockchain's native currency. Blockchain is based on replication proof and spacetime proof.
Who is the Founder of Filecoin?
Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist studying at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the aim of supporting IPFS and Filecoin, as well as other projects.
mining FILECOIN crytocurency
What Makes Filecoin Unique?
Filecoin aims to store data in a decentralized way. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to centralization issues, Filecoin leverages its decentralized nature to protect the integrity of data locations, making them easy to retrieve and difficult to censor.
Decentralized storage systems like Filecoin allow people to be the custodians of their own data, as well as make the web more accessible to people around the world. Because participating in the Filecoin network by mining and storing is directly linked to winning more block prizes, Filecoin incentivizes participants to act honestly and store as much data as possible.
How Many Filecoin (FIL) Coins Are In Circulation?
Protocol Labs describes Filecoin's tokenomic, or economic model, as a "market for data" where users can sell their storage space to other users, who want to rent it. Five stakeholders will be able to trade tokens: developers, clients, miners, token holders and ecosystem partners. There will also be three Filecoin markets, according to Protocol Labs: file storage, file retrieval, and token trading on exchanges.
total FIL supply: 2 Melliyar
In fall 2020, 400 miners participate in the so-called "Space Race" testnet phase, increasing the data capacity of the Filecoin network by more than 325 pebibytes; approximately 3.5 million FIL tokens will be released to Space Race participants.
How is the Filecoin Network Secured?
Filecoin is secured through replication proof and spacetime proof. On the Filecoin network, nodes also known as fetch miners compete to serve clients with data as quickly as possible. They are then rewarded with a FIL fee, which drives a network of nodes wishing to replicate and store files.
Storage mining nodes are constantly competing for contracts to provide storage to clients for a certain period of time. When a storage miner and their client agree on a deal, the storage miner stores client data in a sector and "seales" it to create a unique copy of that sector data. Storage miners are rewarded with FIL by the client as a deal fee, and these miners can also mine blocks and receive block rewards.
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This technology is present as a data storage solution that is more secure than the centralized data storage currently available.
Unlike internet technology Hypertext Transfer Protocol (HTTP) and Hypertext Transfer Protocol Security (HTTPS) whose data is stored on a centralized server and accessed based on the address of the data location, Inter Planetary File System (IPFS) based on blockchain network technology can store decentralized and of course more secure with the accompanying encryption technology.
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