Filecoin is outperforming Bitcoin right now. Filecoin is set to explode.
0:20 Bullish On Bitcoin $130K
1:05 Bitcoin Moonshot
4:26 Grayscale Filecoin Price
5:50 GIVE AWAY
#filecoin #fil #filecoinnews
WHAT ARE FILECOIN AND FIL?
In retrospect, Filecoin is a decentralized data storage network. The platform allows users to sell their excess digital space on an open platform. It enables its community to use FIL to participate and transact in the Filecoin network. In particular, users can pay mining fees in FIL to store or share data and retrieve their information.
Storage providers also use FIL as collateral to provide a minimum guarantee threshold to their services. As usual, the deal falls through should the FIL collateral decline below the decided level. Filecoin has attracted investments from prominent Bitcoin evangelists, including Civic CEO Vinny Lingham and Meltem Demirors, chief strategy officer at Coinshares.
Economically, FIL comes with a limited supply cap of 2 billion tokens. 600 million of those now stay in the wallets of Protocol Labs (with 6-year linear vesting) and its team members and investors (again, with a 6-month to 6-year linear vesting). About 2.5 percent of the total 600 million FIL fund Filecoin’s future fundraising or ecosystem development.
New York-based investment company Grayscale Investments launched a Filecoin trust, through which it expects to purchase FIL tokens and offers institutional investors the FIL-backed shares. Two weeks after its introduction, the trust attracted interest from mainstream investors, with ByBt.com data showing that “the Grayscale Filecoin Trust” added 45,550 FIL to its reserves.
Traders picked up on the FIL accumulation spree. They raised their FIL bids on the day that also saw Bitcoin prices stabilizing and the rest of the top crypto brass logging attractive profits. However, FIL took the cake for being the best performer, rising by almost 40 percent on a 24-hour adjusted timeframe.
The upswing also coincided with the news of The9. The Shanghai-based online game operator signed a $2 million Filecoin mining machine contract. It also agreed on a hosting agreement with a Filecoin mining service provider.
But the real question remains: could the FIL/USD exchange rate rise any further? Technically, the bias favors bears.
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