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What supports the strong rise of fil?

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At the beginning of April, the price of filecoin soared rapidly. The unit price has exceeded $200, and it has poured into the top ten encryption assets. According to the coinmarketcap, the market value of filecoin is as high as $13.68 billion. In this article, we will discuss the development process of filecoin and explore the value of fil from three aspects?

Review of filecoin

The purpose of filecoin is to encourage the development of IPFs and let more people store data in it. At that time, there were 5 billion files stored on the network of IPFs, and the initial reputation rose. Therefore, IPFs needed the incentive mechanism of filecoin to speed up the process, and filecoin took on the heavy responsibility.

One month after its establishment, the filecoin project was favored by many top international venture capitalists, and eventually completed an investment of US $257 million. The fund is still the largest record in the industry, and no one can break it in the past three years. So far, filecoin has attracted more attention and maintained a long-term popularity.

long-term popularity

Filecoin is the incentive layer of IPFs distributed storage network. By issuing token fil, people are attracted to contribute storage resources, retrieval services and broadband resources to IPFs network to build a strong and new Internet, which we call Web3.0.

IPFs is a point-to-point, versioned, content addressable hypermedia transport protocol, benchmarking traditional http. Through the underlying protocol, the files stored in the IPFs system can be quickly obtained anywhere in the world, so that we can access the data quickly, safely and openly.

IPFs is a point-to-point

A publicly verifiable certificate provided by a storage provider indicates that it allocates unique space resources for a copy of a data file and that the stored data is retrievable, which is called replication proof (POR).

Since the storage miner can simply delete the data after submitting the initial certificate, the storage miner will be required to submit other certificates periodically to prove that they are still storing the relevant data. This is called the spatiotemporal proof (PEST).

PEST

If the storage miner fails to submit the initial certificate of data storage or any subsequent certificate, the fil reward for participating in the filecoin network will also be reduced.

In addition to the costs from storage transactions, storage miners can also receive block rewards that are proportional to the hard disk space they promised for the filecoin network. When a user wants to receive a file from filecoin. They have to pay the miners who retrieve the documents.

documents

Filecoin ecological promotion

1. In November last year, the storage capacity of filecoin reached 1eb, which exceeded the estimated storage space of Netflix. By contrast, twitter generates about 4.3 Pb of data a year, or 0.0043 EB. It is estimated that Netflix stores 60 Pb of movies and TV shows, which is only 6% of the current capacity of filecoin.

In early January, fenbushi capital, a Chinese investment company, promised to inject another US $20 million to promote the rapid growth of filecoin.

3. In mid January, brave became the first desktop browser to support IPFs protocol

In February, filecoin had more than 2 billion gigabytes of storage space, which was provided by more than 1000 storage miners.

In May and March, gray fund, the largest holder of bitcoin, launched five new trust products, among which fil is one. According to the data, gray fund is always increasing its holdings of fil.

6. In the same month, filecoin announced that it would integrate chainlink Oracle to realize two-way connection between filecoin network and Ethereum and other blockchains supporting smart contracts. At this point, Web 3.0 will usher in a complete infrastructure stack.

In July and April, videocoin network announced its integration with filecoin to build the first platform specially designed for creating and Trading Video NFT. The proof of ownership of filecoin will bring NFT a new class of applications, as well as digital collections, including video source verification.

Market volatility of filecoin

With the continuous rise of fil, the current market value of fil is more than 100 billion US dollars. There are two factors behind the rise

1、 Capital institutions headed by gray scale funds have entered the market one after another. In the middle of March this year, since gray fund launched fil related trust products, many capital institutions have entered the market one after another, which has played a strong role in promoting the market. The sharp rise of fil is related to the interest rate of capital entering the market.

2、 The increase in the supply of filecoin will decrease, and the relationship between supply and demand will become more tense.

fil

According to relevant information, the total circulation of fil coins is over 54.53 million. Due to gas fee and mineral machinery pledge, the destruction amount is over 20 million, while the total circulation amount is no more than 108 million, which means that the total circulation amount of fil coins in the current market is only about 30 million. After April 15, fil is expected to reduce its production by 43.2% every day. In other words, the daily release of fil will reduce the selling pressure of 280000 fils, which may push the supply and demand market of fil to a situation of “supply less than demand”.

Last thought

The emergence of filecoin is one of the few cryptocurrency projects that really try to change the world and fight for it. Its basic value proposition is easy to understand, and when it comes to data storage and review, we can see that the value of distributed data storage of filecoin and IPFs is more considerable.

With the continuous development of IPFs and ecological construction, the value of filecoin will continue to improve, and the number of capital institutions will also increase. Announced the launch of fil related trust products from the gray scale, continuously increased the holding of fil and locked positions; To start fil special fund with distributed capital; And then to the ninth city to add fil mining, the major capital institutions have accelerated to enter. The entrance of capital promotes the price of filecoin to rise steadily.

Filecoin is an excellent player with all-round development. It can not only get the favor of investors, the trust of miners and the support of the market, but also has an increasingly huge ecosystem, more and more ecological users and unparalleled technical advantages.

标签:Filecoin

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