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Overview of Filecoin (FIL) – What it is and how it works

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There is no need to be ashamed that you forgot about Filecoin, the $257 million mega ICO in 2017. However, this project is quietly making progress. Specialists are typically positive about the opportunities of this platform. Work on the Filecoin project was started in 2014, but Protocol Labs decided to do everything qualitatively before attracting donors. The idea of ​​the project is not original, as analogs are already functioning: Storj. What is the essence of storj vs filecoin?

Comparison

The Storj team introduced the main blockchain in 2020. They have had a working cryptocurrency (STORJ) since 2017, which is ranked 133rd and has a market capitalization of over $200 million.

Also, remember that centralized cloud computing players will not give up easily. The world’s largest file storage platform is Amazon S3, but other companies, such as Microsoft and Alphabet, are also working hard to increase their market share.

It will be extremely difficult for decentralized projects like Filecoin to overtake these centralized giants, which are highly connected, offer a reliable service, and scale easily. It’s also an excellent choice for developers looking to integrate with other Amazon (or Microsoft or Alphabet, depending on the platform) services.

Where to buy Filecoin cryptocurrency

Due to its huge popularity, you can buy Filecoin on most cryptocurrency exchanges.

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Step 1: Create an exchange account that supports Filecoin 

To register, you will need to enter basic information such as your email address, password, and full name, and in some cases, you may also be asked to enter a phone number or address.

Step 2: Deposit your account

Many cryptocurrency exchanges will allow you to purchase Filecoin (FIL) with fiat currencies such as EUR, USD, AUD, and more. In addition, they will also provide you with several deposit methods through which you can fund your fiat accounts, such as credit and debit cards, e-wallets, or direct bank transfers. You can use converter to all transactions, like tron converter to usd.

Step 3: Buy Filecoin 

This process is the same on almost all cryptocurrency exchanges. All you have to do is find the navigation bar or search bar and trading pairs.

Advantages and disadvantages of Filecoin

The benefits of the project include:

  • the presence of control by the national regulator;
  • pre-encryption (before sending data);
  • the possibility of earning through mining, for which most of the tokens are allocated;
  • low cost of storage and a choice of conditions;
  • transferring and accessing files is similar to operations on a physical disk;
  • unlimited growth of supported space and traffic.

Flaws:

  • at the moment, low liquidity and the possibility of exchange only on 2 sites;
  • network improvements are ongoing, which may lead to the disruption of stable operations.

In addition to blockchain-based competitors, there are giants Google, Amazon, and many others services that offer cloud storage services. They will not simply give up their positions, which can delay the process of becoming decentralized counterparts.

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