Filecoin (FIL): what you need to knowFilecoin (FIL): what you need to know

Filecoin is a decentralised storage network that lets users store data on a network of independent providers, instead of on central cloud providers. The native token FIL is used to pay for storage and retrieval services, and to reward storage providers for reliably keeping data. The project launched in 2020 after a major ICO in 2017.

Source: https://www.filecoin.io/filecoin.pdf

Filecoin uses two key consensus mechanisms: Proof of Replication (PoRep) and Proof of Spacetime (PoSt). Storage providers use these to continuously prove that they actually and correctly store their customers' data. Customers can enter into storage agreements with providers through the marketplace and pay for them in FIL.

• Ticker: FIL

• Category: Decentralized Storage

• Blockchain: Filecoin

• Protocol: Proof of Replication / Proof of Spacetime

• Year of launch: 2020

Filecoin is built on top of the InterPlanetary File System (IPFS), a protocol for distributed file storage. The combination of IPFS and the Filecoin incentive layer makes it possible to replicate and retrieve data globally through content-addressing instead of location addresses.

The Filecoin ecosystem includes thousands of storage providers worldwide, developer tools, integrations with Web3 applications and projects that use decentralised storage for NFTs, AI data and scientific datasets. Filecoin partners with large organisations looking for alternatives to centralised cloud storage.

Filecoin was founded by Juan Benet, founder of Protocol Labs and creator of IPFS. Protocol Labs develops and supports the Filecoin protocol together with a large open-source community and the Filecoin Foundation.

BTC Direct has been the European entry point to crypto since 2013. We make buying Filecoin straightforward, even if it is your first time:

• Trusted in Europe. BTC Direct is registered with the Dutch Central Bank (DNB) and operates under MiCA, the EU regulation for crypto.

• Familiar payment methods. Pay with iDEAL, Bancontact, Sofort, SEPA bank transfer, credit card, PayPal or Apple Pay. Your FIL is on its way within minutes.

• Your coins, your control. We do not store your FIL. After your purchase, your coins are sent straight to your own wallet address.

• Based in the Netherlands, serving all of Europe. Our experts are based in the Netherlands and answer in your language across the SEPA zone. Need help? We are here.

• Start with a small amount. From just €30. The minimum varies per coin.

Ready to buy your first FIL?

Buy Filecoin now

Click here for more information about the impact on the environment by this specific coin.

More questions about Filecoin or BTC Direct? Visit our help center for more answers.

For more technical information about Filecoin, visit the official website.

Cryptocurrencies, including Filecoin (FIL), are volatile and carry risks. The value of FIL can fluctuate greatly and investments can lead to financial losses. Always do your own research and only invest money that you are willing to lose.

The BTC Direct disclaimer can be found here.