Back on June 25th, Filecoin officially announced the upcoming launch of their testnet program and release of four million FIL incentives. FIL is the native cryptocurrency of Filecoin. Filecoin is slated to go live on July 20th, and the mainnet to launch on August 21st. The initial public announcement made waves throughout the crypto industry. The soaring IPFS (Inter Planetary File System) WeChat search index and volume even surpassed that of the mighty Bitcoin and Ethereum. Needless to say, there is tremendous attention on IPFS-based blockchain in 2020.
What is IPFS? It is a peer-to-peer hypermedia protocol. In relation to IPFS, Filecoin is a decentralized cloud storage network that transforms cloud storage into an “algorithmic market”. This market operates on a blockchain layer with a native protocol token (also named Filecoin) Miners earn Filecoin (FIL) by providing storage to clients.
Some questions to take into consideration; Why are investors around the world watching IPFS/Filecoin closely? Why are many quite bullish on Filecoin surpassing Ethereum’s market cap? How will this project reach and surpass a ten-billion dollar market? What is the core competitiveness of IPFS related products? Answers can be found when digging deeper into the core technology.
Filecoin is the native token reward of IPFS. It received record funding in limited fundraising time. If successful, the launch of Filecoin mainnet will cause a dramatic shift in crypto industry, as each new technological change is likely to produce new crypto millionaires on the scale of Bitcoin’s 2017 rise to $20,000 dollars. IPFS is the flagship technology behind blockchain 3.0. The application value of Filecoin is in line with the economic revolution brought on by the invention of the steam engine.
Compared with existing cloud storage services, Filecoin’s market value has already exceeded 100 billion US dollars. IPFS has become a highly anticipated first-class crypto project….