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Filecoin Review: Here’s The Lowdown On FIL!! 📁

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0:00 Intro
2:26 What’s Filecoin?
5:39 How does Filecoin work?
9:43 Storing information on Filecoin
12:20 Filecoin vs. Competitors
15:11 FIL Tokenomics
17:24 The Way forward for Filecoin
18:55 Last Ideas


⛓️ 🔗 Helpful Hyperlinks 🔗 ⛓️
►IPFS Defined:
► Filecoin Mining {Hardware} Necessities:
► Decentralized Storage Purposes on Filecoin:
► Filecoin’s 3 Financial Levels:
► Filecoin’s “Roadmap”:
► Filecoin Enchancment Proposals Github:


❓What’s Filecoin ❓

Filecoin is a decentralized storage blockchain constructed on IPFS. Its function is to perform as the motivation layer to assist and develop the IPFS by rewarding those that assist in the storage and retrieval of information with Filecoin’s native FIL token.

IPFS permits anybody to obtain and host net content material in a fashion like BitTorrent. It was designed to perform just like the web we’re all used to, which means that the entrance finish of an IPFS web site appears and appears like a daily HTTP web site. Over 5 billion information had been on the IPFS firstly of 2020.
Protocol Labs was based by Juan Benet in 2014.

It’s the firm chargeable for creating the IPFS in 2015 and launched the Filecoin blockchain this yr. Filecoin’s predominant web launch has been vastly anticipated ever because it raised over 1 / 4 of 1,000,000 {dollars} in 2017.

🤓 How does Filecoin work?🤓

The Filecoin blockchain is constructed on high of IPFS. The blockchain itself doesn’t retailer any information. It acts because the ledger for FIL transactions and Filecoin pockets deal with balances. The Filecoin blockchain additionally shops the agreements made between the miners which retailer shopper information and the shoppers which requested stated information to be saved.

The Filecoin blockchain makes use of two consensus mechanisms. The primary consensus mechanism known as ‘Proof-of-Replication’, which includes proving {that a} given piece of knowledge is being saved by a miner.

The second consensus mechanism known as ‘Proof-of-Spacetime’, which includes proving {that a} miner continues to be storing a bit of knowledge. A miner should write this proof to the Filecoin blockchain each time a shopper or different community participant asks to see if they’re nonetheless storing that information. Not like different cryptocurrency blockchains, the one necessities to turn into a Filecoin miner is a stake in FIL tokens, a stable web connection, and plenty of exhausting drive house.

🗃Storing information on Filecoin🗃

Storing information on Filecoin contain utilizing considered one of many decentralized storage functions. These perform equally to decentralized functions on Ethereum. They allow you to set the phrases on your information storage contract. This contains the period of the contract, what number of instances you need the info to be replicated when its saved, and the way a lot you might be prepared to pay, in FIL tokens, for these situations.

🏋️‍♀‍ Filecoin vs. Competitors 🏋️‍♀‍

Opponents to Filecoin like Sia and Storj are merely seeking to retailer consumer information in a decentralized method and market their tasks as a approach to generate profits from further exhausting drive house you may need mendacity round.

Filecoin additionally already has almost double the quantity of energetic storage suppliers than Sia. It additionally presently has a storage capability that’s 300 instances bigger

💸FIL Tokenomics 💸

FIL has a most provide of two billion with an preliminary provide of 600 million. Of this complete provide, 70% has been put aside for Filecoin miners, 15% will go to Protocol Labs, 7.5% was bought throughout the 2017 ICO, which was restricted to accredited buyers. 2.5% has been allotted to future fundraising and ecosystem growth, and the final 5% was reserved for the Filecoin Basis.

The FIL tokens allotted to Protocol Labs and the Filecoin Basis have a 6 yr linear vesting schedule, whereas the tokens bought throughout the ICO are progressively vested with each Filecoin block that’s mined and will final wherever between 6 months to three years.


📜 Disclaimer 📜

The data contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who shouldn’t be a licensed monetary advisor or registered funding advisor. Buying and selling cryptocurrencies poses appreciable danger of loss. The speaker doesn’t assure any specific final result.

#Filecoin #FIL #crypto #storage #blockchain #IPFS

Source: Coin Bureau

47 Responses

  1. Man, those hardware requirements are insane. You basically need a storage server to even get started. This feels like it's designed for IT workers with access to disposed last gen storage servers.

  2. An increase in the explosion will soon have the cryptocurrency 🚀🚀🚀 FILECOIN 🚀🚀🚀, it will be an explosion in price so for those who want in time to enter this project now is the time! The price will fly due to the new improvements made and very high demands so catch the train in time, it is a very valuable information inside the project, God help us all, I wish you good health! 🚀🚀 FILECOIN 🚀🚀BOOM….. 500% 🌏🌎🌍……

  3. At the time this video was made he was bang on… You would have made a fortune as it rocketed. No it's having a bit of a difficult time for anyone who has invested recently. The question is; can it recover and carry on?

  4. The problem with those videos is the beginning is SO lengthy: Hi my name is, subscribe the channel (after 30sec into a video i NEVER subsribed to a channel why would i). Then comes stuff for 10 years olds (You know there is google and Amazon) till 6min into the video I would love a channel that drops ALL of that and just starts with "Filecoin is a decentralized storage based on the IPFS…." Or mark the videos like: "contains very beginner explanations"

  5. Data, the word itself, converts unique resources into resources of equal value, without regard to the unique values of those unique resources. It's like saying, after the houses were built, that they are all worth the same amount, regardless, that some are mansions and some are hovels.

    Not all data is the same. Filecoin's vision of a decentralized internet, is far too heavily rooted in tired old paradigms. A decentralized internet is critical, but this is not it. In fact it is still essentially centralized, as I'm sure most of the major nodes will yet be rack mounted in the same data centers that host the web today.

    If your stake can be slashed because your power goes out, then it is more sensible to have your nodes in a data center. Can you tell how often a miner has had their stake slashed, in order to choose reliable storage nodes? If not, then that is a problem, and if so, then people will store their stuff with those most reliable nodes, and you have centralization again.

    It seems like it is structured to capitalize on people who have important private data to store, while not being structured to incentive a decentralized internet at all. As far as a decentralized internet goes, the actual content therein will have a negative value. It will make your unique, valuable resources into a liability, which you will pay others to hold for you.

    For a purely commercially driven internet, maybe that could work, provided you can monetise your content. The decentralized internet of the future, must be more than just a platform for business though.

    Filecoin fails to deliver engaging content to the actual consumers of the internet, instead capitalizing on people's need to store data. Unfortunately for Filecoin, digital storage is cheap and readily available. Thus Filecoin is providing a service that no one needs, and as such, is really just an investment instrument, and most it's users are not actually building a decentralized internet, but rather, are just crypto-investors.

    We can do better.

  6. FIL's current state with it's 250M ICO is a disappointment compared to Siacoin. Siacoin is already with an advanced and better technology without a big fat ICO.. if you already got 250M to spend upfront, the motivation is different. The comparison of FIL vs SC is a lazy comparison, it's more like an advertisement in favor of FIL against SC..

  7. Nice video. But a little biased.

    For example "all you need to mine filecoin is a good computer, a reliable internet connection, and plenty of hard drive space". Not true. But don't believe me, read the warning right on filecoins own website that says "Running a successful mining operation on Filecoin has high hardware requirements and, apart from a strong familiarity with Filecoin, requires experience in systems deployment and administration." I know this because I bought a bunch of hard drives years ago in preparation for mining launch, but it turned out the requirements were insane. Contrast this with Storj where you can literally participate with a raspberry pi, a thumb drive, and downloading an executable. So I mine with Storj.

    I think governance is another place where Storj wins. They have the former CEO of docker running it. And if you've ever seen one of their quarterly reports on youtube, it's more professional than some fortune 500 companies' quarterly reports I've seen. Incredibly transparent.

    It may seem like I'm biased to Storj. I'm not. I actually have an equal amount of my own money invested in both Storj and FIL. I think they're both promising for different reasons. This video makes it seem like Storj is some inferior hacker project. Both have their place in the world, for now at least.

  8. I remember trying out IPFS once it was new. It was a pretty painless experience, despite how new the tech was. So when I saw that there's a crypto project dedicated to it also, then, naturally, I bought! 🙂

  9. You put a smile on my face when you said, “one that some day may be used on other planet” Thats how i vision this too. Our species is evolving super fast. Mining in spaceship its not far off in a distant future. All the dots connect with each other.

  10. Love the vid! A lil disappointed a T2 Skynet reference wasn’t made #missedopportunity.

    Life truly imitates art. Filecoin linked to Skynet and projects like Decentraland remind me of the early stages of Oasis from Ready Player One. The future is frfr here. Judgement Day around the corner?? Thanks for the content CB! Been on a mad binge bender 🤖👾🦾

  11. where is the decentralized ISP coin? the internet isn't as centralized as this. a lot of this stuff already exists. we have nodes, sharding, cdns, and a ton of other goodies that make the web fast. some of this stuff is sounds too rosy. i hope this is just a phase.

    great content as always, though.

  12. So you can only look at your data after paying instead of a subscription model? How about just looking at the files instead of downloading them? I think people prefer to be able to keep the files in storage when taking a look at it and paying a monthly fee instead of paying when you want to see it, and paying more if it's urgent.

  13. Wow dude, I feel like I just went to Filecoin University. New to the channel, I appreciate the info. I need to figure out how to start earning passive rewards with some of these cryptos I own. I'll sell some more of my GRT which pumped to get some more Filecoin tomorrow.

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