Filecoin Review: Here’s The Lowdown On FIL!! 📁

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– TIMESTAMPS –
0:00 Intro
2:26 What is Filecoin?
5:39 How does Filecoin work?
9:43 Storing data on Filecoin
12:20 Filecoin vs. Competition
15:11 FIL Tokenomics
17:24 The Future of Filecoin
18:55 Final Thoughts

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⛓️ 🔗 Useful Links 🔗 ⛓️
►IPFS Explained: https://www.youtube.com/watch?v=5Uj6uR3fp-U
► Filecoin Mining Hardware Requirements: https://docs.filecoin.io/mine/hardware-requirements/#general-hardware-requirements
► Decentralized Storage Applications on Filecoin: https://docs.filecoin.io/store/
► Filecoin’s 3 Economic Stages: https://spec.filecoin.io/#section-systems.filecoin_token
► Filecoin’s “Roadmap”: https://app.instagantt.com/shared/s/1152992274307505/latest
► Filecoin Improvement Proposals Github: https://github.com/filecoin-project/FIPs

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❓What is Filecoin ❓

Filecoin is a decentralized storage blockchain built on IPFS. Its role is to function as the incentive layer to support and grow the IPFS by rewarding those who help in the storage and retrieval of files with Filecoin’s native FIL token.

IPFS allows anyone to receive and host web content in a manner like BitTorrent. It was designed to function like the internet we are all used to, meaning that the front end of an IPFS website looks and feels like a regular HTTP website. Over 5 billion files were on the IPFS at the start of 2020.
Protocol Labs was founded by Juan Benet in 2014.

It is the company responsible for creating the IPFS in 2015 and launched the Filecoin blockchain this year. Filecoin’s main net launch has been greatly anticipated ever since it raised over a quarter of a million dollars in 2017.

🤓 How does Filecoin work?🤓

The Filecoin blockchain is built on top of IPFS. The blockchain itself doesn’t store any files. It acts as the ledger for FIL transactions and Filecoin wallet address balances. The Filecoin blockchain also stores the agreements made between the miners which store client data and the clients which requested said data to be stored.

The Filecoin blockchain uses two consensus mechanisms. The first consensus mechanism is called ‘Proof-of-Replication’, which involves proving that a given piece of data is being stored by a miner.

The second consensus mechanism is called ‘Proof-of-Spacetime’, which involves proving that a miner is still storing a piece of data. A miner must write this proof to the Filecoin blockchain every time a client or other network participant asks to see if they are still storing that data. Unlike other cryptocurrency blockchains, the only requirements to become a Filecoin miner is a stake in FIL tokens, a solid internet connection, and lots of hard drive space.

🗃Storing data on Filecoin🗃

Storing files on Filecoin involve using one of many decentralized storage applications. These function similarly to decentralized applications on Ethereum. They let you set the terms for your data storage contract. This includes the duration of the contract, how many times you want the data to be replicated when its stored, and how much you are willing to pay, in FIL tokens, for those conditions.

🏋️‍♀‍ Filecoin vs. Competition 🏋️‍♀‍

Competitors to Filecoin like Sia and Storj are simply looking to store user data in a decentralized manner and market their projects as a way to make money from extra hard drive space you might have lying around.

Filecoin also already has nearly double the amount of active storage providers than Sia. It also currently has a storage capacity that is 300 times larger

💸FIL Tokenomics 💸

FIL has a maximum supply of 2 billion with an initial supply of 600 million. Of this total supply, 70% has been set aside for Filecoin miners, 15% will go to Protocol Labs, 7.5% was sold during the 2017 ICO, which was limited to accredited investors. 2.5% has been allocated to future fundraising and ecosystem development, and the last 5% was reserved for the Filecoin Foundation.

The FIL tokens allocated to Protocol Labs and the Filecoin Foundation have a 6 year linear vesting schedule, whereas the tokens sold during the ICO are gradually vested with every Filecoin block that is mined and may last anywhere between 6 months to 3 years.

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📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Filecoin #FIL #crypto #storage #blockchain #IPFS

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