Filecoin (FIL) is a token for the Filecoin network, a decentralized storage system built on IPFS technology. Launched in October 2020 by Protocol Labs, it lets users store and share data securely across the world, like a decentralized version of Dropbox. Here’s all about FIL in simple words:
What is FIL Used For?
Storage Fees: Pay storage providers to store your data.
Rewards: Earn FIL by offering your unused storage space.
Collateral: Miners lock FIL to prove they store data reliably.
Trading: Buy, sell, or trade FIL on Binance for profit.
Key Features:
Decentralized Storage: Data is spread across many computers, not one company.
IPFS Integration: Built on the InterPlanetary File System for efficient file sharing.
Proof Systems: Uses Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt) to ensure data is stored correctly and over time.
Open Market: Users set their own prices for storage or retrieval.
Token Details:
Total Supply: 2 billion FIL (max cap).
Circulating Supply: ~619.83 million (as of June 2025).
Market Cap: ~$3.72 billion, ranking ~#70 globally.
Price: ~$5.99 (check Binance for live prices).
Fun Facts:
Raised $200 million in a 2017 ICO in under 30 minutes!
Supports 400+ miners who added 325+ petabytes of storage in a 2020 test.
Listed on Binance, Coinbase, and many other exchanges.
Aims to store humanity’s important data safely.
FIL powers a new way to store data securely and earn rewards, making it a cool pick for tech and crypto fans!
