Filecoin's 5.15% Price Drop to $4.41: All Key Takeaways for July 15, 2023

Filecoin, experiencing a 5.15% price drop in the last 24 hours, is currently trading at $4.41. With a 24-hour trading volume of $188,515,657.37, the past week has seen a slight decline of 0.31% in its price. The circulating supply of Filecoin, also known as FIL, is around 440 million, giving it a market cap of approximately $1,925,133,568.

What is Filecoin?

Filecoin is a decentralized storage network that utilizes the Interplanetary File Storage (IPFS) protocol. It aims to transform unused global storage into an efficient market where users can access low-cost storage. Unlike centralized cloud storage solutions such as Amazon Web Services, Google Cloud, or Dropbox, where data are stored in servers owned by these corporations, Filecoin's objective is to ensure file storage is permanent and distributed across the web. Filecoin (FIL or ⨎) is the currency of this decentralized storage network. Customers wanting to access storage will have to pay for storage in Filecoin, and nodes that provide storage to the network will be paid in Filecoin for their service.

Filecoin's ICO and Founders

The initial coin offering (ICO) price of Filecoin started at $1 and increased by $1 for every $40 million raised, capping at $6 per token. The ICO was conducted on August 10th, 2017, and the Filecoin team successfully raised over $200 million of funding. Protocol Labs, the company behind Filecoin, was founded by Juan Benet.

Filecoin's Competitors

Filecoin faces competition from other storage networks providing distributed file storage incentivized with cryptocurrencies such as Storj, Siacoin, BitTorrent, Arweave, and other storage sector coins.

Opinion Prediction

Given the current market conditions and the unique value proposition of Filecoin, it is likely that the coin will continue to hold a significant position in the decentralized storage market. However, the recent price drop indicates a period of market correction which is common in the volatile cryptocurrency market. Investors should keep an eye on the market trends and make informed decisions.

What Makes Filecoin Unique?

Filecoin's uniqueness lies in its decentralized storage network based on the IPFS protocol. Unlike traditional cloud storage solutions, Filecoin aims to create a global, efficient storage market by utilizing unused storage. This ensures that file storage is permanent and distributed across the web, providing resilience and accessibility.

How Does Filecoin Compare to Its Competitors?

Filecoin, like its competitors Storj, Siacoin, BitTorrent, and Arweave, offers distributed file storage incentivized with cryptocurrencies. However, Filecoin's use of the IPFS protocol and its focus on utilizing unused global storage to create an efficient market differentiates it from its competitors. It's also worth noting that Filecoin has its own blockchain network specialized at network storage, which is not the case for all its competitors.

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