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Filecoin(FIL) Mainnet was Launched

BitForex Editor
Oct 19, 2020

Remember Filecoin’s offering around 2017? Well, it's offering was the largest after its launch in 2017. Although there was a supposed launch in 2019, it failed. However, the end of September was indeed a revelation as the announcement of the Filecoin(FIL) mainnet launch came through.

The launch of the Filecoin(FIL) mainnet comes as a big relief to stakeholders of the cryptocurrencies. At last, those who have patiently waited would finally see some reward. According to protocol labs, the project promises to be better than most of its competitors. Filecoin has always been known for storage and the brains behind it promise faster and cheaper storage for its users.

There is a lot to benefit from the Filecoin(FIL) mainnet launch, one which we've already discussed is the promise that Filecoin will beat its competitors with a faster and cheaper way of storing data. In fact, it's most likely that the more people jump on Filecoin the cheaper it is going to be.

Yet, in this article, we'll be discussing some more about the launch of the Filecoin Mainnet, what the Filecoin token economy is and what it is about. Then at last the price of the Filecoin token. Apparently, it's not a coincidence that products of Stanford University are contributing to the cryptocurrency. How that is, is a mystery somewhat. Because there is an upcoming currency which is founded by Stanford protégés. And Filecoin comes through Juan Benet who of the aforementioned institutions.

Filecoin(FIL) Mainnet Launch

The idea behind Filecoin was a platform that would allow people to store their data in the cloud as well as share it. Like every other cryptocurrency, the token is run by miners who ensure that the system is running effectively. Meanwhile, to use the storage and file sharing service, one has to pay. On the other hand, there is the IPFS system that is free to use and doesn't profit miners despite the fact that it also operates on Filecoin's network.

Many users would have been disappointed at the failure to launch in 2019. It's barely another year and the Filecoin token is raring to go again. Pulling through would mean a lot to the token holders.

On the 15th of October, the Filecoin Mainnet went live, precisely around 3 PM, coordinated universal time. The success of this launch also means a $200 Million Initial Coin Offering in the Filecoin token. This means that Filecoin was able to raise that much to kick-start a new era in their cryptocurrency journey.

Despite its launch, the Filecoin is currently going through a monitoring phase to ensure that everything concerning the launch is running smoothly. As the Filecoin launched recently, the prices were selling at various prices on different platforms. And the token seems to be reaching outrageous prices since launching.

The Filecoin Token Economy

Asset

Not all blockchains are designed to use tokens, indeed it's not compulsory. But the Filecoin network does need one. The FIL token is the typical asset of the Filecoin network. It powers the primary function of the system which is data storage, sharing, and retrieval if one is to consider the sole purpose. Yet, The FIL token is not endless, there is a limit to what goes around.

Supply

Every cryptocurrency has a limited amount of supply. This is the case with the likes of Bitcoin and Ethereum. Filecoin is currently tied to a 2 billion FIL support. Although, the turn of events can affect the supply of the tokens. The blockchain is public, also the blockchain prevents unscrupulous activities from going on due to the secure nature of its peer to peer network.

Operations

The operation of the Filecoin economy is dependent on some factors.

1.Clients

2.Developers

3.Retrieval

4.Storage

5.Token holders

Clients play an important role in the economics of the Filecoin token. These are users who pay to have their data stored on the platform. Apparently, the value of the Filecoin system will be dependent on the clients in the long run.

To interact with the Filecoin system you would require bridges in the form of applications. This could also improve the usability of the platform as the easier it is for users to access, the value and impact the Filecoin has on its society.

This is the way retrieval works in the Filecoin economy. As files are stored on the platform, users should be able to access their data anytime. Indeed, this is also important. Clients would use payment systems to pay for retrieval.

In the case of storage, miners play a huge role. The payment of storage would go through the miners such that they can earn from this activity. Now, besides the payment for storage services, the miners can also benefit from the fact that they participate in making sure that Filecoin runs. These are more or less block rewards.

Just as all the aforementioned are important so are the token holders who make sure that the Filecoin economy is relevant in the general market. Token holders can exchange their token for other currencies.

Conclusion

In recap, Filecoin allows you to store data and share it using their network. It's not free, which is why it is a profitable means for miners and anyone who engages in its use. Following a collapse in 2019, the network succeeded in its launch with a $200 million ICO. Since it's Launch, the currency has been very volatile, with a low of $28 and a high of $114.

What you can take away is that Filecoin has so far proven to be a reliable cryptocurrency regardless of relative newness when compared to the likes of Bitcoin, Ethereum, and Ripple. From the get-go, Filecoin's mission has always been to help continue what humans have been doing for ages in a new way the crypto way — storing data. For miners, this means incentives for users, a secure, peer-to-peer network for storing files on the internet.

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