Filecoin (FIL) Competition for cheaper and better storage in the blockchain and cryptocurrency space

Cameron Winklevoss recently stated that Bitcoin is decentralizing money, Ethereum ETH is decentralizing computing, and Filecoin FIL is decentralizing file storage.

To understand the circulating supply of FIL and stakeholder involvement in the economy, it is important to understand the economics of Filecoin tokens. There is a paper on Filecoin Economy that details the economic mechanisms.

The infrastructure supported by Filecoin is used for tools and various use cases.

Filecoin stakeholders have allowed the network to exceed 1EiB storage capacity as more than 700 miners were involved. The ecosystem has more than 90 projects, multiple building applications and developer tools in the infrastructure supported by the Filecoin network.

Due to the various hackathons and accelerators, more than 200 projects have now entered the ecosystem. There are more than 5400 developers contributing to the projects.

Different use cases will be developed to cover use cases that cover consumer storage apps, archive storage, DeFi, decentralized video and others.

Filecoin as a utility token is used to give token holders the right to use the network. Filecoin is establishing itself as an island economy, where economic operators come together to create valuable inventory goods and services and eventually enable the rest of the world to use those products. The Filecoin network has various storage providers that enable unique features, intelligent contract systems, loan services, and different types of use cases. And each provider in the network acts as a unique company. The benefit that is made possible by the provider’s goods and services on the network is enormous, considering that there are several different distinct providers.

The miners, developers, researchers, customers and token holders in the ecosystem are, due to their mutual dependency and long-term orientation, the scope to make the warehouse-related goods and services efficiently usable for themselves and the rest of the outside world. The expectation is that the purchasing power of economic operators will improve as the demand for goods and services increases. Filecoin (FIL) competes to provide cheaper and better storage in the blockchain and cryptocurrency space

Filecoin Plus (FIL) with incentives for participants that strengthen social trust

Filecoin was able to build a level of social trust through Filecoin Plus, the technical level. The technical layer brings the power of the network to the result of the combined activities of the miners who store the offers of customers and participants. These deals are notarized by notaries for whom they receive a 10x benefit in storage performance and therefore receive 10x their share of the network’s block reward. This is an incentive for the participants to use the services and goods in the Filecoin network.

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