What is Filecoin? Information about the Filecoin project and the FIL token token

• Filecoin Overview
• What is Filecoin?
• Highlights of Filecoin
• Disadvantages of Filecoin
• Filecoin Ecosystem
• Filecoin Launchpad Accelerator II
• Development team
• Investors
• Overview of the FIL . token
• What is the FIL token?
• Allocate FIL token tokens
• Functions of FIL
• The potential of the Filecoin project
• summary

Filecoin Overview

What is Filecoin?

Filecoin is a decentralized storage network, based on the Interplanetary File Storage (IPFS) protocol. It is a file system and peer-to-peer storage protocol developed by Protocol Labs. When a file is uploaded to the IPFS network, the file is assigned a unique signature and multiple nodes can store all or part of it. 

These files can be requested by any user with access to the address through a unique signature. Since any node can store a copy of the file, so provides the ability to recover the file on the Internet. Many people consider IPFS as important as the Bittorrent protocol created by Bram Cohen. 

Filecoin is designed to leverage unused global storage into an efficient storage marketplace, from which users can pay for low-cost storage. The goal is to make sure the file storage is permanent and distributed across the web. This is in contrast to a centralized cloud storage solution like Amazon Web Services, Google Cloud or Dropbox, where data is stored in servers, owned by these private corporations. 

The problem Filecoin is trying to solve, is that Filecoin is looking to provide an alternative to traditional online storage providers and protocols. The platform's technology acts as an incentive layer for the IPFS (Inter Planetary File System) peer-to-peer file transfer system. This is aimed at reducing redundancy, increasing permanence and improving efficiency.

In Filecoin, users pay to store their files on storage miners. Storage miners are computers that are responsible for storing files and proving that they have stored files correctly over time. Anyone who wants to store their files or get paid to host other users' files can join Filecoin. The amount of storage available and the price of that storage is not controlled by any company. Instead, Filecoin facilitates open markets for storing and retrieving files that anyone can participate in.

Filecoin's vision is to build a decentralized storage system that will store "humanity's most important information". Due to the decentralized nature of the blockchain network, the information stored on Filecoin is privacy protected. The owners of the files are the sole custodians of their data. No one can change or censor the stored data. At the same time, this data can be retrieved as needed. 

Highlights of Filecoin

• Verifiable Storage: Filecoin has built-in processes to check the history of files and verify that they have been stored correctly over time. Customers can efficiently scan this history to confirm that their files have been stored correctly. 
• Open Market: Anyone can join the Filecoin network without permission. By reducing barriers to entry, Filecoin enables a thriving ecosystem of many independent hosting providers.
• Competitive pricing: Storage and retrieval prices are determined by supply and demand, not by the company's pricing department. 
• Trusted Storage: Users can monitor the profiles of hosting providers to verify their reliability.
• Provide storage for other blockchains: Filecoin's blockchain is designed to store large files, while other blockchains can typically only store small amounts of data, which results in a lot of money. Filecoin can provide storage to other blockchains, allowing them to store large files. In the future, mechanisms will be added to Filecoin, allowing the Filecoin blockchain to interact with transactions on other blockchains.

Benefits of Filecoin for users 

Users can choose a preference between cost, redundancy, and speed, by choosing the miner with the storage offer that best suits their needs. Filecoin allows users to store their files at super competitive prices and verify that their files are being stored correctly.

Benefits of Filecoin for Hosting Providers

Hosting providers can be individuals or organizations, responsible for running operators. In return, they earn FIL tokens.

Filecoin allows hosting providers to sell their storage on the open market. After the provider implements the Filecoin protocol, they gain access to the entire market of Filecoin users. 

Vendors do not need to design their own storage API or advertise their products themselves as this is handled by the Filecoin protocol and network. Filecoin enables a thriving, decentralized ecosystem of independent storage providers by removing barriers to entry.

Benefits of using Fillecoin

• Save on data storage costs: Filecoin has the potential to create a marketplace that can take advantage of the unused storage space in data centers that are operated for free. This significantly reduces usage costs compared to current hosting services.
• File storage problem: Amazon and Google are the two leading data storage solution providers in the world. However, their system is still too centralized, leading to a state of vulnerability. Filecoin was born and solved this problem through blockchain technology, coordinating the network with peer-to-peer storage nodes. 
• No size limit: The Filecoin protocol brings together millions of computers around the world, creating a massive network of storage. Basically, the data storage network that Filecoin provides is unlimited in size.
• Economic benefits: Instead of building new computers and storage systems, Filecoin uses the available resources of users. 
• Ensure safety, good security: Current data storage platforms such as Dropbox, iCloud have experienced attacks. For digital data, security is always a top priority in the industry. Filecoin stands out as a decentralized network that is very difficult to hack, a much higher level of security than centralized networks.

Disadvantages of Filecoin

• Speed: Instead of focusing on one server, Filecoin's system needs to access multiple servers at the same time to concatenate documents together when required. This makes Filecoin's processing speed suffer due to its dependence on servers and Internet speed.
• Create many barriers for users: Transactions processed with Filecoin virtual currency can become a barrier to use. That is, users are required to buy another coin and exchange it for Filecoin to be able to use the service of this protocol.

Filecoin Ecosystem

Filecoin is getting stronger and stronger and the Filecoin ecosystem is thriving. Protocol Labs recently released a comprehensive picture of the Filecoin ecosystem, including “applications and clients, Protocol Labs, development tools, infrastructure, and ecological capital.” This is a huge and great ecosystem for Filecoin to grow on the mainnet. Although the mainnet has been running for less than 6 months, the Filecoin network already has one of the most active developer ecosystems in Web 3.0 .

Filecoin's ecological support projects:

Filecoin Launchpad Accelerator II

Dev infrastructure and tools

CID Gravity

What is CID Gravity?

With the massive amount of digital storage needed by the world in the coming decades, Filecoin offers a viable product for everyday users. However, more work can be done to meet the needs and expectations of enterprise-class users. CID Gravity is building a system to bring Filecoin to the level of enterprise responsiveness.

What problem does CID Gravity solve?

• Better customer identification: It is difficult to know who a business is dealing with in a decentralized environment. CID Gravity provides a simple way for companies to be aware of their partners.
• Untrusted Client Control: Clients that are not part of a trusted network designed by CID Gravity's protocol can be blacklisted to keep them away from legitimate businesses.
• Stay in control of data: Businesses need to have control over their data, so they can use and apply it as they see fit. It is difficult for international businesses to adopt decentralized storage and processing because they often do not maintain KYC data. Furthermore, many decentralized systems may not follow KYS (Know Your Provider) data. Both of these are core concerns in enterprise-grade data storage. CID Gravity provides services that help address the shortcomings of decentralized storage networks and allow for simpler estimates of the price of network storage.

Project link: CID gravity

SkillWallet

What is SkillWallet?

At the heart of all Web 3.0 interactions and decentralized communities in general is the decentralized autonomous organization, or DAO. However, DAOs face an uphill battle when it comes to managing entire communities without the right set of tools and features. SkillWallet hopes to make the Web 3.0 community more secure through Web 3.0 NFT. NFTs are non-transferable and help define a DAO member's role in the community.

What problems does SkillWallet solve?

• Scattered Community: When a newcomer joins the DAO, chances are they don't know where all the information is, or who to turn to for help.
• Potential Shared Actions by Members: A member could potentially change the way the DAO works by creating new accounts and then using them as leverage to influence votes. for public policy. It is equivalent to buying votes on the DAO.

DAOs are designed to be autonomous, but the crux of the matter is that they need mapped roles to get things done. A collection of individuals who are fans of something, without any natural division of roles, can start several projects but will not be able to complete them. SkillWallet allows the creation and assignment of roles associated with a non-transferable NFT, identifying each individual but without affecting their individual identity or data. This innovation could be a turning point for how Web 3.0 communities define users and assign tasks.

Project link: SkillWallet

The Convo Space

What is The Convo Space?

With so many social platforms available, people can easily experience platform overload. However, if there was an overall social framework to which anyone could be seamlessly linked and from anywhere on the Internet, things might be a little better. The Convo Space makes it possible for any Web 3.0 platform to grow a social class and achieve the above.

What problem does The Convo Space solve?

• Lost messages or discussions: It can be a challenge to find the location of a chat or message with people connected on some social networks.
• Disconnect: These days, conversations often take place in a confined space like on a particular social platform's app. Performing an action, such as clicking on a link, will cause the user to exit the platform. We've all been through this and it's really frustrating.

The Convo Space hopes to avoid this annoyance by building a framework that seamlessly connects Web 3.0 platforms, allowing users to stay connected, no matter where they are on the Internet. The aim is to eliminate the inconvenience of being kicked out of channels and make chats a smoother experience. 

The Convo Space strives to bring aggregation to the Web 3.0 space. If the user wants to change the community, all their chats can go with them and not limit the discussion to a single site. Users will never have to start over. Every single data point is connected to the blockchain. Artists and developers can connect with their audience and take them anywhere.

Project link: The Convo Space

Autonomy Network

What is Autonomy Network?

Autonomy in the decentralized web is inevitable and the autonomous network provides a framework for autonomy for decentralized exchanges.

What problem does Autonomy Network solve?

• Better risk management for users: Cryptocurrency trading, profit farming…, requires constant monitoring. However, users cannot be constantly alert.
• App Accessibility: Dapps currently require large investments to create their own automation solutions that match their applications directly. These can be expensive and take a long time to build.

Cryptocurrency traders, decentralized exchanges, and Dapp developers have struggled with implementing risk management. Autonomy Network provides a simple way to access risk management, such as limits and stops, that can be integrated into any project. 

Autonomy Network is also not limited to automating DeFi as it can be used to automate almost any on-chain action. Automation on Web3 is only a matter of time. Autonomy Network is a framework that allows bots to grow rapidly across the entire decentralized web.

Project link: Autonomy Network

DeFi

Hedgey Finance

What is hedgey finance?

Hedgey Finance is a protocol for adding options markets to any token.

Hedgey Finance offers options contracts for all markets. Options are marketable agreements that give the holder the right to buy or sell a commodity (in this case, a token) at a specific price. Some options expire and are therefore limited to a specific period of time. Options open up the potential for a much more flexible market movement.

What problem does Hedgey Finance solve?

• Offer DeFi Options: The DeFi space is capital rich but cash poor. It's a crisis in protocol treasury management. Options allow traders to take a long trading position without leverage through options.
• Conditional Agreement for Any Token: If a person wants to invest in a token, they can set a price at which they will automatically buy or sell a particular token. Hedgey Finance is building the infrastructure for over 9,000 tokens.

Hedgey's dashboard makes it easy for users to view available bids and calls (options) on any market. The dashboard also provides a handy way to manage trading portfolios. 

To date, no one else in the world has offered options trading for crypto assets, so this is a revolutionary step to add leverage to crypto traders. It's a uniquely scalable product that creates an optional framework for the DeFi space. Hedgey Finance acts as both a treasury management infrastructure and an options trading platform.

Project link: Hedgey

Tamago Finance

What is Tamago Finance?

Tamago Finance is a DeFi protocol that creates synthetic tokens for wide distribution on real world markets in Asia.

Tamago Finance helps to make the Asian market more accessible through its protocol. Asia offers a ready market for synthetic tokens, mainly because the United States has expressed concerns about trading them. Tamago Finance seeks to make this synthetic token available to Asian markets to enable them to trade more easily and have a wider selection of assets through the token.

What problem does Tamago Finance solve?

• Flexible Trading for Asia Markets: Tamago Finance is a method that allows Asian markets to trade seamlessly with each other through the use of synthetic tokens.
• Adding stability to stablecoins: Tamago Finance adopts a hybrid token model to adapt to both bull and bear markets. They achieve this through a combination of stablecoins and their native token.
• Tamago Finance is a unique company that helps provide traders around the world with the opportunity to participate in emerging markets. Using their token as an investment, anyone can access emerging markets like Singapore and Indonesia without having to register for a trading account there. In contrast, companies there can benefit from Western investments without setting up their own businesses on exchanges there.

Project link: Tamago Finance

SmartFunds

What are SmartFunds?

Startup funds often have major barriers to entry, such as capital requirements or a narrow investment strategy. SmartFunds seeks to help funds overcome these barriers. Hedge funds typically spend $3 billion on management. SmartFunds simplifies this process and reduces costs significantly by adopting smart contracts .

What problems does SmartFunds solve?

• Huge startup and administration costs for hedging funding: No admin feeds needed, thanks to the automated processing of smart contracts, the price of startup governance is significantly lower .
• Complicated procedure: SmartFunds can have a hedge fund up and running in just a few minutes.
• Transparency and Accountability: No human is involved in the management of these funds, so there is no chance of fraud from human factors. Blockchain allows for a transparent investigation of the fund's progress and holdings.

SmartFunds has registered the first US compliant investment fund that has no human administrators but relies on smart contracts to perform its actions. Yield Farming Fund (YFF token) remains the only US hedge fund with no human administrator and no bank account for its own benefit.

Project link: SmartFunds

NFT

Nftfy

What is Nftfy?

Nftfy offers “stakes” in valuable NFTs, allowing smaller stakeholders to take ownership of a portion of profitable NFTs (these NFTs may be too expensive for them to own outright).

What problems does Nftfy solve?

• Affordability: Regular investors can invest in ERC-20 tokens related to part of the complete NFT.
• Availability: NFTs are usually sold as an entire project, but Nftfy allows holders to sell “stakes” in an NFT, each with their own ERC-20-enabled token.
• Decentralized sharding: NFTs are no longer held by a single entity, but shards are decentralized and distributed among holders.

Nftfy offers a unique way to approach buying and selling NFT works. NFT shards provide another method of exchanging value on-chain, with each part of the NFT having its own weight as a subset of the whole. It is easy to look at this as a company, where each fractional component of the NFT is a share, which can be traded independently of the company itself. Thus, NFT fractions can "discover" their own prices on the open market, demonstrating true free market principles.

Project link: Nftfy

Paras

What is Paras?

Paras is a comic book company that aims to take digital comic book ownership to the next level. Accessibility of physical comics is limited, whereas digital comics are hard to obtain but accessible from anywhere in the world. Paras wants to provide both accessibility and ownership.

What problem does Paras solve?

• Accessibility: Anyone anywhere in the world can access these digital comics, themed on digital comic accessibility.
• Ownership: Unlike traditional digital comics, these comics are published using NFT technology, allowing full ownership of digital assets.

The NFT nature of Paras allows comic book collectors to have an actual digital asset that they can lend or sell as they see fit. These NFTs have no maintenance costs and as a digital product, there is no need to worry about the comics getting damaged over time. Paras allows artists to sell complete comics or individual copies, with each purchase recorded on-chain. The project hopes to focus on meeting the needs of both cryptocurrency traders and comic book collectors.

Project link: Paras

Fractio

What is Fractio?

Fractio links real-world data to NFTs. It helps to maximize NFTs more than just representational bits. By linking real-world data to the NFT, it transforms the NFT into a growing digital canvas. Dynamic NFT is what Fratio helps create.

What problem does Fractio solve?

• Dynamic data: Dynamic data is constantly changing, and Fractio allows NFT creators to mine dynamic data sets to build their work.
• Usability: Natural data sets are difficult to break down into an understandable format. Fractio helps by allowing creators to filter datasets based on what they want to represent.
• Accessibility: There is a lot of overhead in setting up a dynamic data set. Fractio helps do a lot of that work so creators can focus on showing off their abilities.

Dynamic NFT will most likely be the next step in the evolution of the technology. Currently, NFTs are still images or dynamic videos that cannot be changed once they are created. However, with dynamic NFT, things are a lot different. The representations of specific objects may vary based on their real-world data. For example, baseball cards minted as NFTs can be updated to reflect current player data, keeping their information fresh.

Project link: Fractio

Games and metaverse

MoNA Gallery

What is MoNA Gallery?

This is a metaverse society devoted to the appreciation and exhibition of high-end 3D art.  

The world is rapidly moving towards a reality where people are spending more and more (probably most) of our lives in the virtual world instead of the real world. These worlds depended on 3D artists, and more and more talent landed on Web 3.0 as the metaverse took shape. However, today's Web 3.0 infrastructure can often force 3D artists to compromise the quality of their work to match the current bandwidth of decentralized technologies. MoNA Gallery believes that artists need not compromise and is building a solution to help.

What problem does The MoNA Gallery solve?

• High-quality art rendering: There's no need to reduce 3D models to 2D images or reduce the quality of 3D art to fit Dapp's current bandwidth. Art can be experienced the way the artist intended it to be.
• Shared Art Museum Space: With so many new NFT artists entering this space, there needs to be a space like this for artists to showcase their artwork. MoNA Gallery provides a dedicated aggregator space for artists to develop new works, host gallery views, and even link up with other galleries.
• MoNA helps creators monetize their NFT through viewing and appreciating artwork. MoNA Gallery's vision is to give these NFT artists a space for users to fully experience what their craft has to offer. Metaverse is a social experience and The MoNA Gallery is taking NFT mainstream while keeping that social interaction alive. 

Project link: MoNA Gallery

Blockbets Corp

What is Blockbets Corp?

Many games today are designed to serve game companies, not users. They have a lot of good mechanics, but don't always give the end user a way to monetize their skills. Blockbets hopes to give potential players the opportunity to earn money (P2E) through games.

What problem does Blockbets Corp solve?

• Game Monetization: Instead of relying on a professional scene that only certain gamers can join, Blockbets offers multiple ways for users to earn through their skills. Betting between teams or individuals, motivation to play for money on some popular titles and fair resolution of problems with integrated automatic payments make for a convenient system for players.
• Power bet smart contracts: The system is built with autonomy in mind, and smart contracts govern the payment system, ensuring that winners are paid on time, every time.
• Online games are home to many good players, but the earning potential is limited to a handful of people who are active in a formal competitive scene. Blockbets brings competition and monetary rewards to all gamers without entering competitions. 

Project link: Blast

0xEssential

What is 0xEssential?

Web 3.0 gamers today can't easily play cross-platform. 0xEssential is building a platform where gamers' NFTs can function no matter what platform they come from. 0xEssential is building a place where NFTs can provide an alternative revenue stream for their creators.

What problem does 0xEssential solve?

• Increased NFT Life: The economic life of most NFTs is limited to speculative buying and selling. If the market stalls or drops, this one-way “life” of the NFT will be cut short. 0xEssential allows users to mint a derivative of their NFT on the Polygon network. They can then use that version of the derivative to "fight" other derivatives.
• Actual Gameplay: “Battle” is a JRPG-like turn-based game system based on statistics generated for an NFT after the derivative is minted.
• 0xEssential is introducing a game with randomly generated stats when minting. NFTs can fight against CPU-controlled opponents, but in the future, users can fight against others. 

Development team

Protocol Lab

Protocol Labs is an American company that builds Internet infrastructure technology. Founded in 2014 by Juan Benet, the company acts as a research, development, and implementation lab for network protocols. Protocol Labs leads groundbreaking Internet projects, such as IPFS (decentralized web protocol) and Libp2p (a network of stack modules for applications and peer-to-peer systems).

Team and community

Protocol Labs' core team consists of people with deep expertise in decentralized systems, cryptography, fintech, open source software development, and open source community management. More than 1,700 individuals and organizations globally have contributed to Protocol Lab-led open source projects.

Investors

The Filecoin ICO was the largest token sale in history, bringing in a whopping $257 million. The combined pre-sale and ICO represent 10% of the total token allocation. The mainnet launch was done in October 2020.

Overview of the FIL . token

What is the FIL token?

FIL is the utility token of the Filecoin network. 

• Total supply: 2 billion FIL token tokens
• Current circulating tokens: 160,663,576 tokens FIL
• Blockchain network: Filecoin

Allocate FIL token tokens

• 10.5% is allocated to Protocol Labs, vesting in turn for 6 years.
• 4.5% is allocated to the development team and Protocol Labs contributors, vesting for 6 years respectively.
• 7.5% is allocated to investors in 2017 SAFT, vesting within 06 months to 03 years respectively.
• 2.5% is allocated for future fundraising or ecosystem development.
• 5% is allocated to the Filecoin platform, vesting in turn for 6 years.

Functions of FIL 

Filecoin is used to pay for storage, retrieval and transactions in the network:

• Token holders can use FIL to participate and transact in the Filecoin network. In particular, users pay miners in the FIL to store or distribute their data and information.
• Hosting providers also post FIL as collateral to provide a minimum guarantee of their service. This level will be reduced if the agreement with the customer is approved.

Updated to the present time

• Filecoin's current marketcap is $3.23 billion.
• Current Marketcap Rank: 45

The potential of the Filecoin project

The official Filecoin network launched in October 2020, and since then, the storage capacity available on the platform has grown exponentially. That number recently crossed the 2.5 billion gigabyte (2.5EiB) threshold, enough space to hold more than 10,000 copies of Wikipedia.

Pricing for Filecoin storage services is established based on free competition and changes in supply and demand, but is generally considered to compete with centralized cloud storage services.

Cloud storage providers like Amazon and Google make a lot of money. This shows that the demand in the market is huge. If customers decide to trust decentralized services, they could find themselves saving a lot of money. This money will also go directly into the economy as it will go to individuals and small businesses, which can have a significant positive impact on people's lives.

summary

Filecoin is a public open source cryptocurrency and digital payment system that aims to be a collaborative digital data storage and retrieval method developed based on blockchain. This is a relatively potential project, promising to make a significant contribution to the data storage market.

If interested in the Filecoin project, readers can visit the project's social networks:

Project Information | Twitter | Blog | GitHub | Medium | Whitepaper

• Ahead of the launch of the virtual machine, Filecoin (FIL) increased by more than 30%
• Optimism project airdrop tokens for 249,000 wallets