FIL (Filecoins)

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What is FIL(Filecoins)

Filecoin aims to establish and develop a decentralized storage market that releases massive amounts of unused storage spaces. As we all know, storage has already become one of the three component elements of today’s internet system (the three elements are storage, computing power and bandwidth). Considering the significance of storage and the hundred-billion market cap of Amazon, the giant of cloud storage today, Filecoin has huge potential to reconstruct the infrastructure of storage via the incentives of tokenomics and blockchain technology in the future. Known as the crowdfunding project of 2017, Filecoin has already raised USD$ 200 million on Coinlist, with its investors including Sequoia, Y-Combinator, Union Square Venture and Stanford University etc.

(I) Most of the currently existing storage resources have been wasted: Each year, human society creates massive amounts of information, and the speed that we create information far more exceeds the speed that information was created in the last thousands of years. However, over 50% of storage spaces today are misplaced. By connecting the whole storage market more efficiently, Filechain network allows more storage spaces -- no matter if they are idle hard disks at home or information centers -- to be released and utilized, and lower the cost of storage while catering for the rapidly growing demand of storage spaces.

(II) Construct a more mature network: Through IPFS (a peer to peer protocol), Filecoin makes the whole network to operate faster, more mature and more open. Each file stored on Filecoin will have its own fingerprint (also known as Hash), through which users are able to transfer massive amounts of files stored just as queries and indexes. The peer to peer network system of Filecoin enhances the security of flowing information during its storage and retrieval by balancing the storage and retrieval problems of various events through multiple nodes.

(III) Filecoin tokens have their inner values: The most well-known disadvantage of PoW consensus mechanism is its waste in computing power. The mining mechanism of Filecoin is similar to Bitcoin. However, the production mechanism of Filecoin does not rely on computing power, but storage spaces. The brand new consensus mechanism called Proof-of-Replication allows the overall mining process valuable (the provision and proof of storage). When users intend to store or retrieve information (users are required to pay Filecoin), the miners are actively incentivised. The more you store, the more tokens you are able to earn.

Token distribution

Maximum amount ：2,000,000,000 FIL

Useful Links

Website : https://filecoin.io/