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Blockchain Filecoin

What is the FIL token used for?

How Filecoin uses the FIL token. Filecoin is a blockchain for decentralized file storage. Developers can build applications on top of it.

FIL token

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?

Fees

  • Transactions

Locking

  • 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

Block rewards

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.

Storage deal

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.

FIL Tokenomics

Circulating supply: 83,078,137 

Total supply: 2,000,000,000

Presale: $5

Distribution

  • 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

Docs

FIL token price

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