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Filecoin- The Next Big Thing in Crypto World
Nov 23, 2022
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Filecoin- The Next Big Thing in Crypto World
Baba Nadeem
Baba Nadeem
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The global cryptocurrency industry has seen significant growth over the past few years. So far in 2020 alone, crypto industry players have closed several nine-figure deals. However, amidst all the volatility and hype surrounding crypto coins like bitcoin and Ethereum, one of the newest entries in the cryptocurrency sector is gaining some traction these days. 


Filecoin is a decentralized platform that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called "Filecoin"), which miners earn by providing storage to clients.


The Filecoin network incentivizes users, hosts, and miners by issuing new tokens for storing data and processing transactions on the network. The more you contribute to the system, the more you get rewarded when it comes time to settle your monthly payment!


Statistics

Filecoin is one of those currencies that have kept investors on their toes because its price has constantly fluctuated between $10-$20 since its launch in 2017. Still, lately, it has started soaring up to $50 per token due to some good news from this project.


New Trends

The first block, a unique transaction containing information about who mined it and where they did so, was mined by Filecoin itself on May 17th at 14:00 UTC (12:00 PM PST). 


Filecoin has been trending in the past few months, with its value going up by more than 400% since the beginning of 2018. This cryptocurrency is also one of the most reliable currencies to date because it has been able to maintain its value even during market crashes.


The trend of Filecoin seems to be growing exponentially, and it still has not reached its peak. The company is constantly working on new partnerships and collaborations to grow its user base and increase the number of transactions.


Latest Surge in Filecoin Price Response after Drop

Filecoin is one of those projects that have been around for a long time but are still under-the-radar until now. The price of Filecoin surged over 300 percent on Wednesday as the cryptocurrency's long-awaited testnet went live after three years in development.


Big investors in Filecoin

  • Filecoin is one of the best investments if you seek long-term gains with a high-risk tolerance. it is a decentralized platform that turns cloud storage into an algorithmic market. 
  • Filecoin is a decentralized storage network with an associated cryptocurrency.
  • The Filecoin token sale was the first ever Initial Coin Offering (ICO) to take place in the United States.
  • Filecoin has raised $257 million from venture capitalists and other investors, including Andreesen Horowitz and Sequoia Capital.
  • Filecoin's advisory board includes people such as Vinod Khosla, founder of Sun Microsystems; Nick Szabo, inventor of smart contracts; David Mazières, professor at Stanford University; and Juan Benet, founder of Protocol Labs.
  • Investors who have participated in Filecoin ICO include Andreesen Horowitz, Sequoia Capital, Union Square Ventures (USV), Winklevoss Capital Management LLC., Digital Currency Group (DCG), and Pantera Capital. 


Filecoin Competitors

Filecoin is an open-source project, meaning anyone can participate and contribute to the project's development by creating new features and improvements. There are several competitors of Filecoin cryptocurrency: Siacoin, Storj, Maidsafe, Interplanetary File System (IPFS), Ethereum, and Bitcoin.


Future of Filecoin

The Filecoin project is one of the best investments now if you are looking for long-term gains with a high-risk tolerance. The testnet is a crucial step towards Filecoin becoming an independent source of value, said CEO Brendan Eich. However, it's still unclear how much demand there will be for such a new asset class and what role miners will play in driving its price up or down by hoarding or selling their coins.


Though, the launch of the testnet came after months of delays and a few technical hiccups that caused some early investors to give up on Filecoin entirely. Still, there seems to be no stopping this project now as it has proven its worthiness by reaching such great heights with only two months old token (Filecoin).


Final Thoughts

We believe that Filecoin is a promising cryptocurrency with a bright future. It has the potential to disrupt cloud storage and become one of the top five cryptocurrencies by market cap in the coming years. So if you're looking for high-quality long-term gains with a low-risk tolerance, this might be an ideal stock for you!

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