FIL is the native token of Filecoin blockchain.
FIL token is used for
- Rewards to Storage miners
- Transaction fees
- Incentivize Retrieval miners and services
How could value accrue to the FIL token?
- Miners staking to provide storage
What is the Filecoin?
Filecoin is a blockchain for decentralized file storage. Developers can build applications on top of it.
How the protocol works
There are types 5 participants in the filecoin ecosystem.
There are five main actors in the Filecoin economy:
- Clients – use data
- Developers – create apps
- Retrieval services – deliver files
- Storage miners – store and update
- Token holders
Rewards are meant to incentivize storage miners to both provide storage and doing so without going offline at all.
For example in Bitcoin miners can come and go.
- Miners receive rewards on equal to their percentage of the total storage power.
- Total distributed block rewards scale with total storage power.
Miners and client participate in a two-sided market place for data storage. Miners add new data in what is called a sector. The miners commits to store the data for a certain period of time.
If the miner goes offline or stops storing the file they lose:
- Part of their upfront FIL stake.
- Block rewards.
Circulating supply: 83,078,137
Total supply: 2,000,000,000
- 5% – Foundation
- 15% – Mining reserve
- 4.5% – Team and contributors
- 10.5% – Protocol labs
- 2.5% – Fundraising
- 7.5% – Fundraising SAFT
- 55% – Storage mining rewards