Review on Filecoin [Futures] by David Olayide
Filecoin [Futures] Decentralized Data Storage System.
When I came across the cryptocurrency called Filecoin I had to pause to understand the nature of currency. These days, there are a lot of different cryptocurrencies built for different purposes and aims. So basically Filecoin is a blockchain based and open source cryptocurrency, that is actually meant to be a decentralized data storage system. Data storage systems are very important so it is very necessary that they are as efficient as possible.
Filecoin is decentralized and I have found that this makes it really easier to retrieve your data without censorship and other obstacles. When you use Filecoin you are mostly in charge of your data. I find it more comfortable to use decentralized cloud storage systems rather than the more popular centralized data systems around today.
According to statistics, Filecoin (FIL) ranks 39 in terms of market cap. There is a maximum supply of 2,000,000,000. With a circulating supply of 52,716,450 FIL coins it is easy to see how the coin performs globally. I especially like the fact that you can easily trade FIL on multiple exchanges such as OKEx, Huobi Global, Binance and many others too.
To secure data Filecoin makes use of this system known as the storage proof algorithm, to ensure that stored data has a replica saved somewhere else too. So yes security is good no need to fear. The price is quite attractive and from my experience I can say that FIL is fairly profitable. You can decide to keep some in a digital wallet of your choice.
Pros
- Decentralized storage easily accessible
- The project is open source and based on the blockchain technology
- Your data is protected by storage proof algorithm
- Filecoin takes measures to ensure that data is uncensored
- Recognized and traded on the global market
Cons
- I expect more improvements with time
