What is FIL coin? Introduction to the issue price, total amount and white paper of FIL coins

Filecoin (FIL) aims to revolutionize data storage through its decentralized Proof-of-Space and Proof-of-Replication architecture.

Oct 14, 2024 at 07:00 pm

1. Definition of FIL Coin

Filecoin (FIL) is a decentralized storage network that aims to provide secure, reliable, and cost-effective data storage solutions. It utilizes a Proof-of-Space (PoS) and Proof-of-Replication (PoRep) consensus mechanism to incentivize participants to store data on the network.

2. Issue Price of FIL Coin

The initial coin offering (ICO) of FIL took place on October 15, 2020, at a price of $1.67 per FIL coin.

3. Total Amount of FIL Coins

The total issuance of FIL coins is capped at 2 billion tokens. The initial circulating supply at the time of the ICO was 160 million FIL.

4. FIL Coin White Paper

The FIL coin white paper was released in 2017 and outlines the technical specifications, economic model, and roadmap for the Filecoin network. Key aspects include:

Decentralized Storage: Filecoin's distributed architecture eliminates the need for centralized storage providers, reducing data manipulation risks.
Proof-of-Space: Miners allocate a portion of their storage space to store data on the network, earning FIL rewards for verifying and storing files.
Proof-of-Replication: Miners provide evidence that they have replicated and stored multiple verifiable copies of data, ensuring reliability and data integrity.
Economic Incentives: The network encourages active participation through a reward system. Miners earn FIL coins for storing, validating, and retrieving data.

Conclusion:

Filecoin (FIL) is a revolutionary decentralized storage network that offers a secure, reliable, and cost-effective solution for data storage. Its initial coin offering price was $1.67 per FIL, with a maximum issuance of 2 billion tokens. The comprehensive white paper outlines the technical and economic aspects of the network.

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