24H Price


About Filecoin

The Filecoin price is $4.42, a change of -5.23% over the past 24 hours as of 5:58 a.m. The recent price action in Filecoin left the tokens market capitalization at $2.53B. So far this year, Filecoin has a change of -35.32%. Filecoin is classified as a Computing under CoinDesks Digital Asset Classification Standard (DACS).

Filecoin token (FIL) is the native digital token offered by Filecoin, a peer-to-peer, decentralized network for file storage. The token is offered as an economic incentive to ensure the reliability of file storage. Filecoin was built on top of the decentralized file sharing network InterPlanetary File System (IPFS), and brought the economic incentive system and marketplace functionality to IPFS.

Filecoin price

FIL serves as the main component of Filecoin’s economic incentive system and community participation on the Filecoin network. Storage Providers receive FIL as payment for storing and distributing the user’s data on the Filecoin network.

FIL’s price jumped to an all-time high of $237.62 on April 21, 2021, from a record low of $19.95 on Dec. 30, 2020. It has a total circulating supply of $114.87 million with a max supply of $1.97 billion.

How does Filecoin work?

Filecoin aims to disrupt traditional, centralized data storage products and services like Amazon Web Services and Google Drive. Unlike the traditional data storage providers, it implements a publicly verifiable, trustless storage product that doesn’t rely on a single entity.

Filecoin users pay fees to storage miners for storing their files on the network. Storage miners are internet-connected computers responsible for storing files and offering proof of their continued storage. Users are able to customize their storage preferences for cost, redundancy and speed when selecting a miner. Once the user has selected a miner, they can store files and verify the storage by viewing the proofs on the Filecoin blockchain.

Storage providers are users who offer disk space on their storage miner system. Anyone can participate as a storage provider and receive the FIL rewards for offering their storage capabilities to others. Once a provider’s computer implements the Filecoin protocol, they gain access to an open market of storage users.

Network Security. Unlike proof-of-work (PoW) blockchains like Bitcoin, Filecoin ensures its data is verifiably stored through proof-of-replication (PoRep) and proof-of-spacetime (PoSt). Under PoRep, storage miners create a proof by showing that they have stored a unique copy of the data on their system, at the time when the data sector was sealed. PoRep only validates a proof once, making it a less intensive validation process compared to PoW.

Once PoRep is established, PoSt runs repeatedly to prove that the space being used by the storage provider has the user’s data. Storage miners are required to put up some collateral to enter the Filecoin ecosystem. The PoSt algorithm will penalize the miners if they fail to prove the continued storage of the data, ensuring good behavior from the participants.

The Filecoin ecosystem. The Filecoin protocol has been utilized by several layer 2 solutions, including Powergate and Textile Hub, to enable new functionalities on the Filecoin blockchain. Filecoin can also host IPFS apps.

Key events and management

Filecoin and IFPS were developed by Juan Benet and his team at Protocol Labs. In 2017, Protocol Labs raised over $250 million through a combination of a private and public sale. Protocol Labs would use 5% of the total for the development of the Filecoin Foundation, an independent organization dedicated to the development of Filecoin and related technology. Since Filecoin does not offer on-chain governance, Protocol Labs remained responsible for governance functionalities until the creation of the Filecoin Foundation.

The Filecoin mainnet officially went live on October 15, 2020.

On October 13, 2021, Filecoin became the official storage collaborator for Flow blockchain.

Read less...
Sponsor LogoBuy & sell crypto Hassle-Free
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Latest About Filecoin

View All
Grayscale ad (Grayscale)
Grayscale Launches Artificial Intelligence-Focused Crypto Fund; AI Tokens Gain

The Grayscale Decentralized AI Fund includes the native tokens of AI-focused blockchain protocols such as Near (NEAR), Render (RNDR), Bittensor (TAO), Filecoin (FIL) and Live...

Grayscale ad (Grayscale)
Top Weekly Gainers (CoinMarketCap)
First Mover Americas: Worldcoin, The Graph and Filecoin Finish the Week on Top

The latest price moves in crypto markets in context for Feb. 23, 2024.

Top Weekly Gainers (CoinMarketCap)
Crypto storage tokens were the biggest gainers for the week. (Shutterstock)
Storj, Filecoin and Solana Lead First Week of July Crypto Market Gains

STORJ, the native token of the crypto-backed, cloud storage platform, rose 15% on the week, outdistancing bitcoin and ether, among other digital assets.

Crypto storage tokens were the biggest gainers for the week. (Shutterstock)
Bakkt leadership (Bakkt)
Bakkt Mass Delists Tokens Including Aave, Avalanche, Compound, Filecoin, MakerDAO and Uniswap

Intercontinental Exchange-owned Bakkt discontinued its consumer-facing app in February as it shifts away from retail

Bakkt leadership (Bakkt)

CoinDesk Indices

View All
Top Indices including Filecoin
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 07/23/24 5:58 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.