On Thursday, Filecoin’s FIL token surged 42% to enter the top ten cryptocurrencies outperforming Litecoin, making it big news around the world. Recently, it fell 13.28% in 24 hours to hit $ 173.83.
Filecoin is a crypto project that was started by Protocol Labs in 2014 and has created p2p, IPES, and Filecoin since its launch. The FIL token is currently ranked 12th on the list of cryptocurrencies by market capitalization. It suddenly gained popularity to be among the top ten cryptocurrencies just yesterday, but today Litecoin surpassed it again to maintain its position.
The Filecoin protocol tends to be a storage network that allows its users to openly sell and buy unused storage. The Filecoin network is a decentralized exchange platform that allows its users to send and store information, and Filecoin, FIL is its native token. The network aims to provide an alternative to a centralized data storage device by introducing a blockchain-based network.
It is a peer-to-peer network developed for users to store their files safely and correctly by paying competitive prices to storage miners. Miners receive FIL tokens in Filecoin in exchange for computer storage, unlike miners of other cryptocurrencies. In particular, storage miners could be anyone who has additional disk space on any computer connected to the Internet. Filecoin aims to create an open market for the storage of various files.
There are three pillars around which the entire Filecoin network revolves. The first is that your clients are responsible for sharing specific file data along with a fee. The second is that miners are responsible for storing the data and can relate the details about the amount of space available on a hard drive. The third crucial operation is that once the miner has left the files sent by the client, they will not remain encrypted.
To ensure that your data is stored correctly and securely, your PoR plays an important role. Replication test is a nodal factor that lists the data transmission. Through this mechanism, the Filecoin token takes care of file storage and ensures their safe retrieval.
N I doubt that FIL price changes are highly unpredictable, being volatile for pattern recognition. The token is expected to show steady growth in 2021, and it will be profitable to buy Filecoin. In short, Filecoin price is likely to rise if it breaks above resistance levels. From its trend, crypto is predicted to experience an uptrend in the coming years.