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What Is Filecoin (FIL)?
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020.
The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
Who Are the Founders of Filecoin?
Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting both IPFS and Filecoin, as well as other projects.
What Makes Filecoin Unique?
Filecoin aims to store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor.
Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as makes the web more accessible to people worldwide. Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible
How Many Filecoin (FIL) Coins Are There in Circulation?
Protocol Labs describes Filecoin’s tokenomics, or economic model, as a “market for data” where users can sell their storage space to other users, who are looking to rent. Five stakeholders will be able to trade tokens: developers, clients, miners, token holders and ecosystem partners. There will also be three Filecoin markets, according to Protocol Labs: file storage, file retrieval and on-exchange token trading.
In fall 2020, 400 miners participated in what was called the “Space Race” testnet phase, increasing Filecoin’s network data capacity by over 325 pebibytes; approximately 3.5 million FIL tokens will be released to the Space Race participants.
How Is the Filecoin Network Secured?
Filecoin is secured through proof-of-replication and proof-of-spacetime. In the Filecoin network, nodes that are also known as retrieval miners are in competition to serve clients with data as quickly as they can. They are then rewarded with FIL fees, which encourages a network of nodes that want to replicate and preserve files.
Storage miner nodes are constantly competing for contracts to provide storage to clients to a specific length of time. When a storage miner and their client agree on a deal, the storage miner holds the client’s data in a sector and “seals” it to create a unique copy of that sector’s data. Storage miners are rewarded with FIL by clients as deal fees, and these miners can also mine blocks and receive a block reward.
Where Can You Buy Filecoin (FIL)?
Elastos price today is $1.50 USD with a 24-hour trading volume of $3,96,815 USD. Elastos is down 1.35% in the last 24 hours. The current CoinMarketCap ranking is #342, with a market cap of $2,57,87,245 USD. It has a circulating supply of 1,72,44,540 ELA coins and the max. supply is not available. The top exchanges for trading in Elastos are currently Huobi Global, BitZ, Binance JEX, LBank, and ProBit Exchange. You can find others listed on our crypto exchanges page.
Founded by Rong Chen, Elastos aims to build the blockchain industry’s most comprehensive and interoperable open-source platform. Using a hybrid consensus that combines the secure hash power of Bitcoin and the democratic ideals of Delegated-Proof-of-Stake, the SmartWeb of Elastos is a suite of software for a decentralized internet. Elastos employs not only blockchain technology, but a peer-to-peer network for communication, decentralized data storage services, and a decentralized ID (DID) system for all digital assets. With sidechains like Ethereum, Elastos is not merely the foundation for securing truly decentralized applications that can scale, it is the foundation for true data ownership.
elastOS, the flagship product of the Elastos Smartweb, brings the entire decentralized ecosystem into a single App, currently available for Android and in development for both iOS and desktop.
Elastos is also actively searching for both new and existing dApp projects through its Cyber Republic initiative. Cyber Republic possesses a community-governed grant fund designed to help startups and existing businesses explore blockchain. You can read more about Cyber Republic at (https://www.cyberrepublic.org)
Can You Buy from
Siacoin price today is $0.003197 USD with a 24-hour trading volume of $17,66,824 USD. Siacoin is down 2.37% in the last 24 hours. The current CoinMarketCap ranking is #87, with a market cap of $14,44,33,825 USD. It has a circulating supply of 45,17,38,12,992 SC coins and the max. supply is not available. The top exchanges for trading in Siacoin are currently Binance, Huobi Global, OKEx, VCC Exchange, and HitBTC. You can find others listed on our crypto exchanges page.
What Is Siacoin (SC)?
Siacoin (SC) is the native utility token of Sia, a blockchain-based distributed, decentralized cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet.”
Who Are the Founders of Siacoin?
Sia was first conceived in mid-2013 by David Vorick while studying computer science at Rensselaer Polytechnic Institute. He discussed the idea over email with Luke Champine, a college friend, who joined the project’s development shortly after Vorick presented the concept at a HackMIT hackathon in September 2013. The project was officially named Sia in early 2014, a reference to the Egyptian god of perception.
Vorick and Champine were introduced through their college’s entrepreneurial center to Jim Pallotta, a billionaire investor and founder of Raptor Group, who invested in the project. Shortly before graduating from college, the two incorporated the company Nebulous Inc. — which has since been rebranded to Skynet — to formally handle the development of Sia.
What Makes Siacoin Unique?
According to its whitepaper, the long-term goal of Sia is to compete with existing storage solutions. It sees itself as being in direct competition with major cloud storage providers such as Amazon, Google and Microsoft. Because of its decentralized nature, Sia is able to offer competitive storage rates.
Files stored on the Sia network are divided into 30 encrypted segments, with each segment uploaded to a unique host for redundancy. The agreements between uploaders and hosts are recorded on Sia’s blockchain and enforced using smart contracts. Siacoin acts as the method of payment on the network, with renters paying hosts using SC, and hosts locking SC in smart contracts as collateral.
Skynet, the company behind Sia and Siacoin, has announced several products built on top of the Sia network, including SiaStream — a cloud-based media streaming application — and the Skynet network — its flagship content delivery and file sharing network.
The company has received several rounds of funding and grants, including from Bain Capital Ventures, Paradigm and INBlockchain. In addition, each storage-related transaction on the Sia network is subject to a 3.9% fee, which is distributed to holders of the company’s second cryptocurrency, Siafund — with Skynet holding approximately 85% of all Siafund.
Can You Buy from
Storj price today is $0.364580 USD with a 24-hour trading volume of $1,09,07,143 USD. Storj is up 4.46% in the last 24 hours. The current CoinMarketCap ranking is #120, with a market cap of $7,87,05,020 USD. It has a circulating supply of 21,58,78,432 STORJ coins and the max. supply is not available. The top exchanges for trading in Storj are currently Binance, Huobi Global, HBTC, Dsdaq, and OKEx. You can find others listed on our crypto exchanges page.
The Storj Network (STORJ) aims to provide secure, affordable distributed cloud storage that gives data ownership back to the user. The distributed architecture and end-to-end encryption on every file protects against attacks, improves reliability, increases download/upload speeds, and enhances performance when compared to centralized cloud storage options.
The STORJ token enables the coordination between different parties within the network to transfer value at scale, in a way that aligns with the goals of the wider network, including immutability, security, and third-party verifiability.
Storj Labs operates Tardigrade, a developer tool that delivers durability, performance, and security that it claims to be better or on par with all other major cloud providers (S3, Google, Microsoft). At a fraction of the cost, it could potentially save companies millions on their cloud storage. Through the Tardigrade Open Source Partner Program, any open source projects that enable users to store data on Tardigrade via connectors will receive a portion of the revenue generated by those users.
Tardigrade users are incentivized to pay using STORJ token, instead of a credit card, by receiving a bonus on any STORJ token deposit they make. This allows users to lower their cloud storage bills even further. Any third party operating a Satellite must also accept STORJ as a means of payment for storage and bandwidth.
You can get started with Storj and Tardigrade here:
Can You Buy from
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