Filecoin + 264 %
While the cops are fighting tooth and nail for the trend line at 11400 USD, the decentralized storage solution Filecoin shoots into the top 20 of the crypto charts with a daily growth of 264 %. The project, which was able to collect more than 250 million USD in the ICO, has set itself ambitious goals. Let’s take a look at what is currently happening in the crypto space.
Bitcoin struggles for support
The No.1 crypto currency threatens to lose an important support line. At the time of writing, the BTC is quoted at 11389 USD, which is a daily loss of – 1.3%. The bears are attacking the support area at 11400 USD and a falling S&P 500 (- 0.61 %) cannot help the leading crypto currency. Should the support hold, the next resistances are at 11600 USD and 11800 USD.
Altcoins follow BTC
Most of the Altcoins have to accept small losses on Thursday. Top 10 assets ETH (- 0.83 %), XRP (- 1.84 %) and LINK (- 2.01 %) continue to follow the first mover at every turn. The BTC Dominance Index currently stands at 58.5 %. However, a newcomer in the Top 20 is causing a sensation: Filecoin!
Filecoin: This is what is behind the project
With Block 148888 the Mainnet starts from one of the biggest ICO projects ever. The Filecoin, founded by Juan Benet, is a storage system that wants to save nothing less than the “most important information of mankind”. To achieve this, Filecoin uses unused disk space and bandwidth to offer data storage and other services on the market. As a result, every user can participate as a storage provider and sell free storage capacity. The InterPlanetary File Network (IPFS) is intended to replace the widespread HTTP standard. Rewards will be given to users in the form of coin units or FIAT.
What advantages does Filecoin want to offer?
Compared to cloud storage companies like Amazon Web Services, which are vulnerable to the problems of centralization, Filecoin uses its decentralized features to protect the integrity of the location of data, making it easy to access and difficult to censor. Protocol Labs’ expert development team has been working on the project since 2017, which aims to reduce the cost of data storage many times over.
Binance lists Filecoin
Fellow Binancians,Binance will list Filecoin (FIL) and open FIL deposits at the time of the Filecoin Mainnet 148,888 Epoch, estimated to be at approximately 2020/10/15 2:45 PM (UTC), after which users will be able to generate their FIL deposit address. Since 200 confirmations (approximately 100 minutes) are officially required for deposits to be processed and credited to user accounts, we will open trading for FIL at 2020/10/15 5:00 PM (UTC) with FIL/BTC, FIL/BNB, FIL/BUSD and FIL/USDT trading pairs.”
Current Filecoin price
At the time of writing, FIL is trading at a price of 114.32 USD. This corresponds to a daily increase of approximately 264 %. The Circulating Supply is currently at approx. 14.54 million FIL units.