Filecoin
FilecoinName
Filecoin
Summary
Filecoin is a decentralized storage network that sits atop the InterPlanetary File System as an incentive layer (IPFS).
-Filecoin was founded by Juan Benet in 2014
-It is secured through proof-of-replication and proof-of-spacetime.
Rating
Symbol
FIL
Overview
Filecoin is a decentralised storage system with the goal of "storing humanity's most vital data." In 2017, the project received $205 million through an initial coin offering (ICO), with a target launch date of mid-2019.
The project was first described in 2014 as an incentive layer for the peer-to-peer storage network Interplanetary File System (IPFS). Filecoin is an open protocol with a blockchain that records the network's participants' commitments and transactions in FIL, the blockchain's native currency. Proof-of-replication and proof-of-spacetime are both used in the blockchain.
Filecoin is a decentralised data storage system. Unlike centralised cloud storage providers like Amazon Web Services or Cloudflare, Filecoin uses its decentralised nature to maintain the integrity of a data's location, making it easily retrievable and difficult to censor.
Historical Price Movement (in INR)
Technology
Proof-of-replication and proof-of-spacetime are used to protect Filecoin. Nodes in the Filecoin network, also known as retrieval miners, compete to provide data to clients as rapidly as possible. They are subsequently compensated with FIL fees, which promotes a network of nodes to replicate and archive files.
Storage miner nodes are continually bidding for contracts to offer clients with storage for a set period of time. When a storage miner and a client reach an agreement, the storage miner places the client's data in a sector and "seals" it, creating a unique copy of the data in that sector. Clients reward storage miners with FIL as deal fees, and these miners may also mine blocks for a block reward.
Use of Native tokens in the ecosystem:
The FIL token is used by the Filecoin network to encourage various node types to contribute to the network.
Storage Mining allocation
55%
Mining reserve
15%
Filecoin Foundation
5%
PL team and contributors
4.5%
Protocol Labs
10.5%
Fund Raising Remainder
2.5%
Fund Raising SAFT 2017
7.5%
Volume (23rd April 2022)
$340,875,045
Total Supply
193576266
Circulating supply
193,576,266.00 FIL
Crowd Sales
Over the course of seven rounds of funding, Filecoin has raised a total of $258.2 million. Their most recent funding came from an Initial Coin Offering round on September 7, 2017.
Funding
7/09/2017: Initial Coin Offering- $205.8M
6/09/2017: Venture Round- NA
10/08/2017: Initial Coin Offering-$52M
8/08/2017: Seed Round-$300K
28/04/2017:Seed Round-NA
22/08/2014: Seed Round-NA
16/072014: Seed Round- $120K
Country
USA
Name of Organization
Protocol Labs, Inc.
Year Incorporated
2014
Registered Address
548 MARKET STREET, #51207, SAN FRANCISCO, CALIFORNIA
Dispute Resolution and Governing Law
USA
Country Risk Assessment
A1
Founding Team
| Name | Designation | Education | Experience |
| Juan Benet | Fiunder and CEO | Stanford University: M.S., Computer ScienceStanford University: B.S., Computer Science | 15 Yrs |
