Filecoin’s planned HyperDrive Network Upgrade and its one million accounts (and growing) are set to add momentum for the decentralized storage project.
BTSE is pleased to announce the listing of Filecoin (FIL) on its platform. By listing Filecoin, the multi-currency digital assets exchange welcomes FIL enthusiasts while expanding its offerings as part of its commitment to making high-quality digital assets accessible to its users.
BTSE joins the growing list of leading exchanges that have also listed FIL, whose Filecoin network is secured through proof-of-replication (PoRep) and proof-of-spacetime (PoST). FIL holders will be able to transfer their tokens to fiat and back via BTSE, which bridges the conventional financial market and the world of digital assets.
Filecoin looks to transform the storage market
Filecoin is a cryptocurrency-based storage network developed by Protocol Labs. The community-driven, decentralized, blockchain-based marketplace is designed to allow users to purchase unused storage on the network using FIL, its native coin.
The project has been in the works for three years and can best be described as a blockchain-based Dropbox or Google Drive. Users pay Filecoin to rent space and store their files encrypted in the decentralized network, while miners earn FIL by offering open hard-drive space to the network. The network’s accounts recently crossed the one million mark, and it announced plans for the HyperDrive Network Upgrade, which will increase the storage onboarding rate by as much as 25x.
Users can choose from various miners to select one that best meets their demands regarding cost, speed, and redundancy. In addition, the Filecoin protocol eliminates the need for each provider to develop their application programming interface (API) or market their service, lowering entry barriers and fostering a decentralized ecosystem of independent providers.
The distributed file-sharing system garnered approximately $180 million in a few minutes in 2017, at the height of the ICO and cryptocurrency craze.
FIL token is ranked in the top 25 with a market cap of nearly $5 billion and 0.33% market cap dominance as of July 12, according to CoinGecko. Its circulating supply is nearly 87 million out of a max supply of 1.97 billion. FIL’s market price is $55.30 (July 12), with an all-time high of $236.84 on April 1 this year.
FIL to Benefit BTSE Users
BTSE users will have access to wallet services and top-notch spot trading of Filecoin. The digital asset adds to the list of popular coins listed on BTSE, including BNT, SHIB, SUSHI, MKR, and ADA. The platform offers derivatives trading connected to BTC, ETH, LTC, USDT, TUSD, and USDC.
Filecoin’s price is forecast to reach nearly $100 by the end of this year, according to price prediction analysis blog coinpriceforecast.com. Its longer-term view shows FIL surpassing $250 in five years, by the end of 2026.
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