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On Thursday, Filecoin’s FIL token suddenly surged by 42% to enter the top ten cryptos surpassing Litecoin, making it big news around the world. Recently, it dropped by 13.28% in 24-hours to reach $173.83.
Filecoin is a crypto project that was started by Protocol labs in 2014 and has created p2p, IPES, and Filecoin since its launch. The FIL token is currently listed 12th in the list of cryptocurrencies by market capitalization. It has suddenly gained popularity to come under the top ten cryptos yesterday itself, but today Litecoin again surpassed it to retain its position.
Filecoin protocol tends to be a storage network that allows its users to sell and buy unused storage openly. Filecoin network is a decentralized exchange platform that allows its users to send and store information, and Filecoin, FIL is its native token. The network aims to provide an alternative to a centralized data storage device by introducing a blockchain-based network.
It is a peer-to-peer network developed for the users to store their files safely and correctly by paying competitive prices to storage miners. The miners receive FIL tokens on Filecoin in exchange for computer storage, unlike other cryptocurrencies' miners. Notably, storage miners could be any individual having extra disk space on any internet-connected computer. Filecoin aims to create an open market for the storage of various files.
There are three pillars around which the entire Filecoin network revolves. The first is that its clients are responsible for sharing data of specific files along with a fee. The second is that the miners are accountable for storing the data, and they can relate the details on how much space is available on a hard disk. The third crucial operation is that once the miner has left the files sent by the client, they will not remain encrypted.
For ensuring that its data is stored correctly and securely, its PoR plays an important role. Proof-of-Replication is a nodal factor that enumerates data transmission. By this mechanism, Filecoin’s token caters to the storage of files and ensures their safe recovery.
N doubt that the price changes of the FIL are highly unpredictable, being volatile for pattern recognition. It is expected that the token might show consistent growth in the year 2021, and it will be profitable to buy Filecoin. Shortly, Filecoin’s price is likely to rise if it breaks through the resistance levels. It is predicted from its trend that the crypto will experience a bullish trend in the coming few years.