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Filecoin Cryptocurrency Overview

Filecoin Cryptocurrency Overview

Filecoin is a decentralized storage network created to break the monopoly of centralized cloud services like Google Cloud or AWS.

 A storage network is not a complete definition. Unlike its competitors, there is a third party besides customers and storage miners — those who store customer data on their disks for a fee. Its name is Recipient Miners or Retrieval Nodes.

 Retirement miners make money by providing the client with information and materials as requested. Whoever gets the job done first gets the money. You can deliver data not only on the Filecoin network but also to IPFS clients. You can even get the content from the Retrieval-node for free, but it depends on how you agree with the sellers — the platform supports the free market.

 InterPlanetary File System — blockchain-based peer-to-peer content delivery network, an analog of torrent. Intended to become a replacement for CDN — content delivery networks and even HTTP — hypertext transfer protocol and the basis of the World Wide Web.


Filecoin price charts: How and where you can use the cryptocurrency

Filecoin, according to the company’s vision, is not a replacement for the InterPlanetary File System. Nevertheless, it will be interesting to follow the growth of Filecoin price charts. Both solutions will continue to evolve in parallel. The team members say — the proliferation of Filecoin will help combat fake news (the data is stored in an unchanged form) and will lead to completely new types of applications.

 To participate as a miner, the user must first send some FIL tokens to the stack. This makes sure that the miner — recipient or custodian — behaves honestly. Blackmail is a great power.

 Rewards are distributed proportionally. If a miner gets 1% of the network’s total disk space, he gets 1% of the rewards per block. The network itself doesn’t store any files, miners do that, but it records transaction terms and transactions themselves into blocks.

 Filecoin coin news: how does the project work?

If you follow Filecoin coin news, you know that there are three parties involved in the system: clients, custodian miners, and recipient miners. Customers place an order for storage at a specified price with a certain replication factor on the Storage Market. There, they make a deal with the custodian miners and provide them with their hashed data for a fee.

The custodian miners place the files in free sectors of the hard drive, which are recorded in the allocation table with the provision of private keys to the files to the client. The miners put a deposit in the system, which they can lose if the Internet connection is severed if they are unable to confirm the storage of the data.

 To get the data back, the client places a bid on the Off-chain Retrieval Market and makes a deal with the recipient miner, who returns the data for a fee. letizo.com

 Retrieval miners can also be custodians of miners at the same time. Also, they can not only deliver data in the Filecoin network: the Receiving Market is allowed to place offers for free or paid delivery of data from IPFS.

 Filecoin works on not one, but two protocols at once: 

1.PoST — Proof of Space and Time;

2. PoRep — Proof of Replication.

 The first one confirms that the miner has enough space for media storage. The second removes unnecessary copies of the same files.

 How to mine

By storing the data or giving away the right ones at the client’s request. The advantage of the FIL token is its deflationary model. Coins are burned when network fees are paid or fines are imposed on unscrupulous participants. And exchanging FIL for USD today is no problem.

 If you’re considering investing, we recommend looking at the Terra live price chart. Experts are promising Terra token price growth. Search Terra price prediction online to make an informed investment decision.


The team hasn’t stopped actively working on developing the project since its official launch. In 2020, it attracted Live Peer to create a collaborative video streaming service on blockchain. And at the same time, it attracted $10,000,000 in investment from Huobi.

 In 2021, Filecoin itself already invested in Internet Archive, and its founders joined the startup. The developers are following trends — in April they announced a decentralized storage NFT. The technology is a long way from mass adoption, but it’s moving in the right direction. In the meantime, you can also follow the Cegh coin price chart. Experts note that Cegh price charts have a positive outlook, and the cryptocurrency will grow in price.

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