At the beginning of April, according to the Ouyi OKEx market,FilecoinThe price has skyrocketed, and the unit price has exceeded 200 US dollars, pouring into the top ten of the encrypted asset list. According to CoinMarketCap, the market value of Filecoin is as high as 13.68 billion US dollars. In this article, we will discuss the development of Filecoin through three aspects, and explore the value of FIL?
Filecoin review
The establishment of Filecoin aims to stimulate the development of IPFS and allow more people to store data in it. At that time, 5 billion files had been stored on the IPFS network, and it had initially gained fame, so IPFS needed the Filecoin incentive mechanism to speed up this process, and Filecoin took on this important task.
One month after its establishment, the Filecoin project has been favored by many top international venture capitalists, and finally completed an investment of 257 million US dollars. This fund is still the largest record in the industry, and no one has been able to break it in three years. So far, Filecoin has attracted more people's attention and has maintained a long-term popularity.
Filecoin isIPFS distributed storageThe incentive layer on the network attracts people to contribute storage resources, retrieval services, and broadband resources to the IPFS network by issuing FIL tokens to build a strong and new Internet, which we call Web3.0.
IPFS is a point-to-point, versioned, content-addressable hypermedia transport protocol, which is benchmarked against traditional HTTP. Through the underlying protocol, the files stored on the IPFS system can be quickly obtained anywhere in the world, allowing us to access data quickly, securely and openly.
The storage provider provides a publicly verifiable proof that it has allocated a unique space resource for a data file copy, and the stored data is retrievable, which is called Proof of Replication (PoR).
Since storage miners can simply delete data after submitting an initial proof, storage miners are periodically required to submit additional proofs that they are still storing the relevant data. This is called Proof of Space-Time (PoST).
If Storage Miners fail to submit an initial proof of data storage or any subsequent proofs, their FIL rewards for declaring participation in the Filecoin network will also be slashed.
In addition to fees from storage transactions, storage miners earn block rewards proportional to the amount of hard drive space they have committed to the Filecoin Network. When a user wants to receive a file from Filecoin. They have to pay the retrieval miners who extract the files.
Filecoin ecological promotion
1. In November last year, the storage capacity of Filecoin reached 1eb, which exceeded the estimated storage space of the video website Netflix. In comparison, Twitter generates about 4.3 petabytes of data per year, or 0.0043 exabytes. It is estimated that Netflix stores 60 petabytes of movies and TV shows, which is only 6% of Filecoin's current capacity.
At the beginning of 2.1, the Chinese investment company Fenbushi Capital promised to inject another 20 million US dollars to promote the rapid growth of Filecoin.
3. In mid-January, Brave became the first desktop browser to support the IPFS protocol
4. In February, Filecoin had more than 2 billion gigabytes of storage space provided by more than 1,000 storage miners.
In May, Grayscale Fund, the largest holder of Bitcoin, launched five new trust products, and FIL is one of them. According to the data, Grayscale has been increasing its holdings of FIL.
6. In the same month, Filecoin announced that it will integrate the Chainlink oracle machine to achieve a two-way connection between the Filecoin network and blockchains that support smart contracts such as Ethereum. At this point, Web 3.0 will usher in a complete infrastructure stack.
7. In April, VideoCoin Network announced the integration with Filecoin to build the first platform specially designed for creating and trading Video NFT. Filecoin's Proof of Ownership will enable a whole new class of applications for NFTs, as well as digital collectibles, including video provenance verification.
Filecoin market volatility
With the continuous rise of FIL, the current market value of FIL exceeds 100 billion US dollars. The factors behind this rise are inseparable from two aspects:
1. Capital institutions led by Grayscale Fund entered the market one after another. In mid-March this year, since Grayscale Fund launched FIL-related trust products, many capital institutions have entered the market one after another, which has played a strong role in promoting the market, and this round of skyrocketing FIL is closely related to the entry of capital into the market.
2. The increase in the supply of Filecoin will decrease, and the relationship between supply and demand will become more tense.
final thoughts
final thoughts
The emergence of Filecoin is one of the few cryptocurrency projects that really try to change the world and fight for it. Its basic value proposition is easy to understand, and when it comes to issues such as data storage and censorship, we see Filecoin and IPFS's distributed data storage is even more valuable.
And with the continuous development and ecological construction of IPFS, the value of Filecoin will continue to increase, and the number of capital institutions entering the market will also increase. From Grayscale announcing the launch of FIL coin-related trust products, continuously increasing its holdings of FIL coins and locking positions; to Fenbushi Capital launching a special fund for FIL; The entry of capital has promoted the steady rise of the price of Filecoin.
Filecoin is an excellent player with all-round development. Not only can it win the favor of investors, the trust of miners, and the support of the market, but Filecoin also has an increasingly large ecological circle, more and more ecological users, and unparalleled technology Advantage.
