On Thursday, Filecoin’s FIL token suddenly rose 42%, reaching the top ten cryptos outperforming Litecoin. Recently, it fell 13.28% to $ 173.83 in a 24-hour period.
Filecoin is a crypto project started by Protocol Labs in 2014 and has created p2p, IPES and Filecoin since its inception. The FIL token is currently ranked 12th on the list of cryptocurrencies by market capitalization. It suddenly gained popularity to make it into the top ten cryptos yesterday, but today Litecoin topped it again to maintain its position.
The Filecoin protocol is typically a storage network that allows users to openly sell and buy unused storage. The Filecoin network is a decentralized exchange platform that allows users to send and store information. Filecoin, FIL is the native token. The network aims to provide an alternative to a central data storage device by introducing a blockchain-based network.
It is a peer-to-peer network designed for users to keep their files safe and correct by paying competitive prices to storage miners. In contrast to the miners of other cryptocurrencies, the miners receive FIL tokens on Filecoin in return for computer storage. In particular, storage miners can be anyone who has additional storage space on an Internet-connected computer. Filecoin aims to create an open market for storing various files.
There are three pillars around which the entire Filecoin network revolves. The first is that its customers are responsible for sharing data of certain files along with a fee. The second is that the miners are responsible for storing the data and can relate the details of how much space is available on a hard drive. The third important process is that the files sent by the client will not remain encrypted once the miner has exited them.
The PoR plays an important role in ensuring that the data is stored correctly and securely. Proof of replication is a nodal factor that lists the data transfer. Through this mechanism, the Filecoin token enables the storage of files and ensures their safe recovery.
There is no doubt that the FIL price changes are highly unpredictable and volatile for pattern recognition. The token is expected to see constant growth in 2021 and it will be profitable to buy Filecoin. In the near future, the price of Filecoin is likely to rise if it breaks resistance levels. Because of its trend, it is predicted that crypto will see an upward trend in the coming years.