The FIL token has seen an impressive surge in popularity over the past few months as its utility has increased in the decentralized finance space. The price of Filecoin (FIL) has risen by 27.4% in the past week and is currently standing at $5.45 at press time. As more investors enter the DeFi space, the potential of FIL token price prediction has become an important consideration.
Filecoin (FIL) Network Overview
The decentralized storage network Filecoin utilizes the Interplanetary File Storage (IPFS) protocol to convert unused storage globally into an efficient storage market. Customers pay for low-cost storage with Filecoin (FIL), and nodes that provide storage to the network earn Filecoin as payment for their service.
This contrasts with centralized cloud storage solutions like Amazon Web Services, Google Cloud, or Dropbox, where data is stored on servers owned by private corporations. The objective of Filecoin is to ensure permanent and … Read more