Friday, June 9, 2023

Filecoin Reaps on a Stagnant Day


Filecoin (FIL) is gaining popularity. The token’s value has soared in value by 14% during the last day and about 28% during the last week.

Filecoin is a decentralized technology that allows anyone to rent out their computer storage space. Similarly, anyone can purchase network storage.

It can generate a massive source of data storage by allowing everyone in the globe to join the network. While developers automate more and more systems, it will be necessary to handle the rising demand.

It’s dangerous to save your documents on someone else’s computer. Filecoin, on the other hand, shreds data so that no one can piece it back together. It does, however, understand how the data fits together and rearranges it when needed.

This means that the host can’t just hijack the file on their computer and acquire access to the user’s files. If they tried to break into it, all they got was a torrent of nonsensical data.

Protocol Labs, led by Juan Benet, a computer scientist and engineer, is developing it.

Filecoin’s Value

Filecoin is presently worth $95 per coin, with a total market cap of little more than $10 billion. Filecoin is the 21st most valuable cryptocurrency by market capitalization.

Filecoin’s growth today comes in the midst of other leading coins’ stagnation or modest decline.

Bitcoin is currently trading at $50,171, up 0.55 percent in the last 24 hours, while Ethereum is trading at $3,918, up 0.63 percent. Cardano has down 1.71 percent, while XRP has dropped 0.35 per cent.

When Filecoin began its ascent from $70 on Tuesday, it began to soar.

It had risen to $77 by Friday. Then, on Saturday morning, FIL jumped to $84, a significant gain.

The price stayed stable through Saturday afternoon, when Filecoin surged to $89 in a matter of seconds. Since that day, the coin has been steadily rising, reaching a high of $95.

Filecoin’s market is nothing near the all-time highs reached on March 31st, when it peaked at $191.

However, this is the highest price since mid-May, when Filecoin was on its way down from those dizzying heights.

Filecoin is built on IPFS, or the InterPlanetary File System, which is a decentralized web hosting service developed by Protocol Labs, the Filecoin’s founders.

Because IPFS is more decentralized than conventional domain name hosting systems, which could take down websites without warning, numerous NFT projects are beginning to host their JPEGs on it.

In May, Filecoin unveiled NFT.Storage, a free service that allows NFT developers to store their NFTs and any associated metadata on Filecoin.

The Filecoin protocol was only fully operational in October of 2020. The start-up generated $200 million in 30 minutes during an initial coin offering (ICO) in 2017, despite the launch being hampered by delays after delays.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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