🔥 TOP Crypto TIPS In My Weekly Newsletter 👉
► Complete Review 👉
BTC Tipjar 🙏🏻: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL
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⏰ Time Stamps ⏰
1:15 Introduction
2:40 IPFS
5:13 Filecoin Blockchain
7:12 How Filecoin Works
9:07 Filecoin Token Overview
10:46 Team & Partners
11:24 Development & Roadmap
12:20 Filecoin Markets
13:00 Conclusion
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⛓️ 🔗 Helpful Links 🔗 ⛓️
► Website:
► IPFS:
► Protocol Labs:
► Coinlist Sale:
► GitHub:
► Join Testnet:
► Roadmap:
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📱️ Socials 📱
► Official Blog:
► Twitter:
► Discussion Forum:
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📝 Project Overview 📝
Filecoin is a project that is building a decentralised storage network on a blockchain. Essentially, they want to develop a distributed file storage protocol that is immutable, secure and transparent.
This network will allow users to buy storage directly from those who are providing it and pay for it with Filecoin’s native token. Conversely, it also wants to give storage providers the opportunity to earn additional income from unused storage space.
⚙️ Technology ⚙️
Filecoin is built on top of IPFS. IPFS is an open source Peer-to-Peer filesharing system that was initially released back in 2015.
With the IPFS, instead of having all the data stored on a singular server, user-operators on the network will hold a portion of all the data. Distributed hash tables or DHTs will spread the data across this network of computers.
The Filecoin blockchain takes IPFS and builds a storage marketplace on top of it. Here, you have users and you have miners.
Those miners who provide more storage and are able to provide the content to clients the quickest, get more mining rewards – essentially an incentive mechanism to minimize latency and maximise bandwidth.
When it comes to consensus, Filecoin uses a unique method called (QUOTE) Proof-of-Replication. This consensus method verifies that every copy of the file is stored independently.
💰️ Token 💰
Filecoin is the native cryptocurrency on the Filecoin network and it is used as a utility token for paying for storage, retrieval and transactions.
There will be a maximum supply of 2 billion Filecoin. That will be released according to a similar schedule as Bitcoin
Filecoin had a massive ICO in 2017 that saw them bring in a total of $205 million. This is even more impressive when you consider that they had taken in $52 million which was on top of $52 million they raised from accredited investors.
These tokens were sold in a SAFT sale which is a Soft Agreement for Future Tokens.
When the tokens are minted, 30% of this will be allocated to the Genesis block whereas the remaining 70% of it will be left as mining rewards.
👨💻️ Team, Partners & Development 👨💻
The company behind Filecoin are Protocol labs which is the same company that developed the IPFS.
The founder of Protocol labs is Juan Bennet. He studied computer science at Stanford and founded Protocol labs back in 2014.
The project has raised funding from the likes of Union Square Ventures and Andreesen Horowitz.
For development, there has been a great deal of activity which can be verified in their GitHub repositories. The Testnet was just launched and they are looking to a mainnet launch in March of 2020.
📈 Trading & Wallets 📈
The token has not been minted yet so it is not trading. You can buy futures on the open market although these are at less reputable exchanges.
When listed it is likely to get broad support given the potential demand.
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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 Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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