Filecoin (FIL) is a cryptocurrency that powers the Filecoin network, a decentralized peer-to-peer (P2P) file storage network that allows anyone to store, retrieve, and host digital information. FIL tokens are used for payment for these services and as an economic incentive to ensure reliable long-term file storage.
Filecoin is a decentralized market for data storage and retrieval. Anyone can join Filecoin by providing storage hardware to the network or by using the network to access and store data.
On the Filecoin network, users can choose from a decentralized marketplace of storage providers and choose the one that best meets their price, performance and location requirements.
Unlike traditional networks which retrieve data based on location, Filecoin network data is identified based on its content, ensuring that it remains accessible and unaltered.
However, a problem exposed in a recent analysis of the site Glassnode on the subject. This is to try to answer the crucial question: is Filecoin's business model viable?
Although the launch of the network was technically successful, some stakeholders pointed to a flaw in Filecoin's mining economy. (…) Filecoin undoubtedly faces immense challenges due to its business model, which makes participation difficult, if not completely impossible. - Glassnode
Filecoin is currently ranked 25th, and it is imposed as a heavyweight in the cloud resource exchange.
Altcoin seems to have a bright future, the Filecoin network being supported in particular by major miners based in China. They participated massively in the various testnets of the project and would represent more than 85% of the storage space of the network.
As the 5th largest ICO in history, the expectation around the functionality of the Filecoin network is high. The FIL token serving as an engine for the storage of files with third parties, this one is a real utility. It remains to be seen whether or not Filecoin will find its audience.
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