The decentralized storage network Filecoin (FIL) experienced a slight uptick this week, with its native cryptocurrency FIL increasing by 0.3% against the US dollar, reaching approximately $4.66. The modest rise contributed to a 2.2% gain in market value over the past week. As of today, Filecoin's market capitalization stands at $2.20 billion, accompanied by a daily trading volume that peaked at $98.34 million.
Filecoin, which made its debut on October 14th, 2020, has a total coin supply nearing two billion, with more than 472 million coins currently in active circulation. The platform was developed by Protocol Labs in 2014 and offers an alternative to centralized storage systems. It is designed to ensure data security and efficiency through the integration of Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt) cryptographic proofs within its network operations. These technological features are part of what underpins Filecoin's value proposition in the competitive landscape of decentralized storage solutions.
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