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Filecoin (FIL) is the 46th largest cryptocurrency in the world by market cap, valued at $1,947,293,379. The current price of Filecoin is $5.187, which is -0.575% lower than yesterday. Prices have ranged between $5.43 and $4.93 over the past 24 hours. All prices are listed in US dollars and accurate as of January 31, 2023 09:01 UTC.
Filecoin aims to decentralize web storage, providing an alternative to cloud computing services like Amazon Web Services as well as content delivery networks like Cloudflare. Filecoin allows almost anyone to provide storage in return for cryptocurrency.
This means the Filecoin network is made up of a wide range of storage providers, from dedicated companies with fully fledged data centres to home users offering up the spare space on their home PC.
Filecoin is essentially a network of miners who provide storage and retrieval services, and clients, who utilise the storage available. It runs on the InterPlanetary File System (IPFS) protocol which connects users in a peer-to-peer manner. For instance, a server farm might take advantage of the Filecoin network to make money off its unused storage space, while a video streaming platform might pay to store its content there. Payment is settled in FIL, the native token of the Filecoin platform.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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