Filecoin has finally launched.
The Launch of Filecoin and the FIL Token
The decentralized file sharing protocol kicked into operation today when the miners of the blockchain started chipping away at block 148,888. Three years ago, Filecoin raised $200 million in an initial coin offering (ICO). Along the way, Filecoin has been beset by delays.
Investors could be willing to see where Filecoin’s token land values are located, but the market remains extremely unpredictable.
With the FIL token finally online, it is showing signs of extreme volatility as with most cryptocurrencies. Launching on exchanges including Huobi, Gemini, Binance, and Kucoin, FIL reached a high of $300 million in trading volume today.
The Basics of Filecoin
Filecoin originally set a launch date for mid-2019. The launch date for the Filecoin mainnet, however, was pushed back to block 148,888, which was expected to take place by mid-October 2020.
The project was first defined as an incentive layer for a peer-to-peer storage network, the Interplanetary File System (IPFS), back in 2014.
Filecoin is an open protocol that is supported by a blockchain that tracks contributions made by the members of the network, with transactions made using FIL, the native currency of the blockchain. Both evidence-of-replication and proof-of-spacetime are the foundation of the blockchain.
The Filecoin network purports itself as a new way to store and retrieve peer-to-peer data protected by cryptographic evidence to prove the data is stored and repeated uniquely over time.
The goal of Filecoin is for anyone to engage as a storage provider with Filecoin, monetize their open hard drive capacity, and help store the valuable pieces of data for the good of humanity.
One of Filecoin’s main goals is to improve the current Web3 storage infrastructure being used by thousands of projects and developers.