Filecoin: A Name Synonymous to Reliance & Transparency
Today the internet is the ultimate king. World over a mammoth exchange of data transpires on various servers and the exchange of information solely relies on the data presented. However, if the source of the data is not genuine or the data is not stored appropriately, the entire world could come to a catastrophe.
Realizing the significance of a network that could be fully trusted for security and storage, Filecoin was developed by Protocol Labs. Combining the principles of decentralized finance and blockchain, this unique platform provides users with the privilege of all sorts of science and technology benefits by mining them on mathematical algorithms.
Filecoin: The Vision
As an open-source, public, cryptocurrency Filecoin is a digital roadmap created with the primary objective of blockchain-founded data storage and retrieval. The credit of genesis of Filecoin goes to Protocol Labs and builds on top of the InterPlanetary File System, which facilitates users worldwide to free up and rent the unutilized space in hard drive. Filecoin network has specially created its cryptocurrency FIL for traders and investors as well as institutions allowing them the facility of trading on multiple exchanges and benefiting them from price escalations.
Filecoin monetizes user information and the unique characteristic of Filecoin is that it is entirely decontrolled with no regulation in the backdrop.
Filecoin Features: What Stands Apart
The entire ecosystem of Filecoin moves around three pillars that happen to harness the digital asset FIL:
The first entity is the clients who are accountable to tend to share data of a specific file and storage along with a fee.
Then, there are miners who are liable to store the aforementioned data and also relate details on how much space is available on the hard drive which they can further offer to customers for utilization.
However, in order to benefit from the optimum utilization of hard disk space, becoming a miner, it is a prerequisite that you reserve your slot.
Once the miner has left the files sent by the client secured on the blockchain, it will not be encrypted. This is one of the most crucial operations of the Filecoin platform.
Vantage: Filecoin: What is in it for me?
The most important question that emerges here is: how to ensure that data is appropriately and securely stored? Here comes the role of PoR (Proof-of-Replication). This is a nodal factor that enumerates the specifics of data transmission. The Filecoin network has compensated for this purpose: FIL the native token that not only caters to the storage of files but also ensures their safe recovery.
Microsoft, Bill Gates had coined the statement: [email protected] of Thought.
The same is true with FIL’s pace of implementation.
Since the entire ecosystem of Filecoin revolves around the decentralized protocol, the entire process works expeditiously, and being universal, Filecoin can be used by any entity willing to share part of a hard drive with other users.
How does FIL Ensure Privacy?
Being a genesis of a decentralized network that enables encryption of data, files are not just safe, they are secure too. Even the files originating from different geographies pose no threats as they can be accessed by any user. Simultaneously complete privacy is guaranteed via encryption.
The authorized personnel supervises the fragmentation of data, even though on another server, leakages of all kinds are so prevented. Unlike the PoS (Proof-of-Stake) wherein the team is penalized for pilferage of data on a hard drive.
Filecoin: The Price Chronicle
Filecoin was launched in August 2017 by Protocol Labs and Juan Benet. It has been very active in raising more than $200 million just within 30 minutes of launch.
January 2018 witnessed the highest escalation in Filecoin price to $10.30. But this trend did not last long and fell to $10.04. By November 2018, the price of Filecoin (FIL) reached a lower $09.20 and till June 2020, the FIL price only showed a marginal recovery of $12.10. However, the performance of Filecoin in the year 2019 was surprisingly a blessing for investors as the FIL price shot to $19.35.
The technical analysis of Filecoin price shows a major surge boosted by Filecoin growth despite the adverse market trends. Competing with counterparts like Stellar and Ethereum, the Filecoin (FIL) price has clearly marched ahead to $20.10. with the market cap at $1,027,418,396.
At the time of writing this article, the FIL/USD stands around $21!!
Filecoin Price Predictions: Follow Master’s Advice
“By end of 2021, the price of Filecoin shall be $40.10 with optimism looming large in coming few years between $40.50-55.05.”- Trading Beasts
“Time is not ripe to invest in Filecoin now. The year 2021 may push it down further to $20.02.”-WalletInvestor.com
“A great time to buy Filecoin as it may cross $55.55 in next 5 years !”-CoinTaker
“Starting 2021, Filecoin (FIL) price should show a great potential and could cross $40.56.”- CoinSwitch
Hence in the long-term, the token may have a large fan following bringing the Filecoin (FIL) price to $50.50 by 2025.
Filecoin (FIL) Price Prediction: Leaving Footprints on Exchange
Filecoin Price Prediction 2021
Like other cryptocurrencies, Filecoin too is largely dependent on historical data, volume, and market movement. This trait makes FIL token all the more volatile for pattern recognition to make appropriate investment decisions. Experts vary in their opinion over price forecasts about the promises Filecoin holds in the years to come. Hence the rate of Filecoin price change makes it highly unpredictable. However, it can not be totally ruled out that FIL may show consistent growth over time and it will be profitable to buy Filecoin for the long term.
Filecoin Price Prediction 2022
The Filecoin price is forecasted to reach $22 by the beginning of 2022. The expected maximum price on the upside is $31 and if the FIL token marks the downtrend, then it may trade around $21.
Filecoin Price Prediction 2023
As per the Filecoin (FIL) price forecast for 2023, the token might reach the maximum price of $38. And if it couldn’t manage to record an upside momentum, then as per support levels calculation, the currency might trade around the price of $28.
Filecoin Price Prediction 2024
As per the long term Filecoin price prediction, the FIL price will reach new highs and might cross the $40 price mark. However, on the downside, the Filecoin price may trade around its immediate support around $30.
Filecoin Price Prediction 2025
Filecoin price prediction and the technical analysis has been a herculean task for the best of experts. Vulnerable as it is to market sentiments, another hurdle is the tough competition headed its way in comparison to BTC and other giants. While on an optimistic scale, the price of Filecoin may reach $55 that is predicted by the end of 2025, the mass adoption by institutional investors and individual players may even push the price on an upward bullish trend taking it to $61.50 on the bright side.
The Filecoin team will need to expand its horizons by bringing more alliances. It would be a matter of great impact and motivation on the price predictions of Filecoin for the coming years 2021 and 2022. An encouraging cryptocurrency prediction for later years of 2023 and 2025 indicates that the price of Filecoin is poised for an amazing journey posting substantial growth by 2025.
Filecoin: Time to Rewrite History: Let Us Not Conclude
The vision of Filecoin stands tall and firm: following open-source decentralized protocol to give users the advantage of storage space on a hard drive. Leaving footprints on the technological and functional eco-space, Filecoin nurtures hope along with convenience making the lives of the users worldwide easy. A cynosure in the entire framework of Filecoin operation is “Privacy”. Having a firm foothold setting a benchmark for giants like Dell and Intel, it will have its own Epic Saga to leave behind.
FREQUENTLY ARGUED QUERIES
Is Filecoin a good investment?
As a matter of fact yes. With a well-thought roadmap and vision, Filecoin is set to make a radical difference to the entire cryptocurrency world. Filecoin shall break all barriers remaining a favorite token on the crypto exchange. On a pessimistic scale, this digital asset, even though may not blow the roof for the cryptocurrency price but will surely stand firm feet on the ground.
What are the Filecoin reward programs?
The milestones achieved and achievable by Filecoin make it an alluring buy. Naturally, investors and traders around the world get encouraged to invest in the bright prospects associated with it. Surrounded with lot many alliances, Filecoin also expands its base with promotional measures
I am unable to transfer my Filecoin to exchange in time?
With Filecoin you are assured of exchange supporting the migration of Filecoin. You would not suffer any losses. Wait for periodic migrations.
How beneficial is staking with Filecoin?
People are staking. Observe how it is done by both top holders (light blue), and less active wallets (dark green), are sending their tokens to “staking” (bottom right in orange). Simply put, staking is the act of locking your tokens to receive rewards.
Which exchange is FIL listed?
FIL gives you the advantage of trading in both fiat and cryptocurrencies depending on which exchange you trade. There are dedicated exchanges meant for this purpose. While Huobi and KuCoin are trading solely for crypto to cryptocurrencies. Exchanges like Binance, Coinlist, and Kraken are available for trading between Cryptocurrencies and fiat.
What kind of Wallets are available for FIL?
Plenty. Actually, these wallets are designed keeping in mind the browser and your convenience. Cold wallets like Mathwallet are in physical form and comparatively high priced. They may not be a suitable option for novices.
Hot wallets have multiple options. Exodus offers you to operate from the desktop of several operating systems like Windows, macOS, and Linux. Lotus wallet is ideal for browser wallets as these are basically free websites wherein you simply log in with your username and password registered from anytime anywhere. The maximum used wallets are Mathwallets and imToken as they facilitate mobile wallet access. Usually free, these are available on android and iOS devices.