Month: December 2017

FileCoin – A Beginner’s Guide

In this era we use the internet for everything, to talk to our loved ones, to work together, to play together and for many other activities. The wonder of the internet is that people are participating and sharing so much about themselves and things happening around them. But unfortunately, we are built on a very fragile infrastructure. There are countless explosions of the data generated and information coming each day and then the internet has evolved there are several points of failures everywhere. It is very important to improve the way the internet works with a peer to peer decentralized system. That is where FileCoin ICO comes in.

File Coin

The idea behind FileCoin:

The company builds an IPSF, which is a protocol to remove those points of the failures in the internet storage system. This system enables you to get more information in a good way that it is ready to make sensible decisions. FileCoin is a big believer in the decentralization of the web.

With the rise of protocols and cryptocurrencies like bitcoins Etherium, the world has seen massive decentralized networks where any can dedicate from computer and network and earn a crypto token for doing so. Mining for tokens is so profitable that these networks have spread globally and created the world’s most powerful computing system. FileCoin developers realized that they can use the same kind of decentralized incentive structure of bitcoin to create a decentralized storage network.

There is a massive amount of unused storage out there in the internet world. The vision for FileCoin is to create a decentralized storage market. This is a network where all that unused storage can be sold on the market. And FileCoin is used as a token in this system; it is used as the medium of exchange in this decentralized market.

How can users use FileCoin?

In a decentralized network, users spent FileCoin to store their files and storage providers get paid in the form of FileCoin which scales with how much storage they add and how close they are to the users. One of the powerful things about FileCoin is that it allows individuals to be incentivized to act as a part of the network. Each individual will contribute their part and will get paid for it. But then the sum of all individuals will create a network which is much more powerful than the system we have today. FileCoin can exchange with Bitcoin, Etherium, Dollars, Euros and so on or users can hold on to their FileCoin which may appreciate as the network grows.

Conclusion:

Anybody who uses the technology can become an investor in the technology, they can buy token and this cryptocurrency is simple and successful. It is kind of like anybody in the world being able to get a seed investment in Google, Facebook, Amazon or something like that.

This new Type of Crypto Currency is going to redesign the way data is created and stored especially in the places where internet service is most fragile. Just like people mine Bitcoin all over the world, the local enterprise will realize that they can mine this revolutionary cryptocurrency by logging together as many hard drives as they can get. Not only they can earn a significant amount of money but they can also provide a good service to their local community. We can move all the really precious content of the internet into the regions where it can be served locally and give access to billions of people who are currently locked out of the web. This system is changing the world of internet and who people use storage it is revolutionary.

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