Filecoin, the decentralized file-sharing protocol, went into operation on Thursday (15), when blockchain miners finished mining block 148,888. It raised US$200 million in an initial coin offering (ICO) three years ago.
Now the FIL token has been launched and its first investors can find out if it was worth it. So how is it going so far?
At the moment, the price of the currency is highly volatile. The price of a single Filecoin is $68, according to CoinMarketCap. But CoinGecko, another metrics site, is $29. Uniswap estimates $25.56 and Gemini $29.
Futures contracts predicted yesterday that the price of Filecoin would be around US$32.
It is too early to say where the prices will be – most exchanges are still opening currency trading. It costs $70 to open a Filecoin deal on the Uniswap decentralized exchange.
When Huobi, one of the leading The News Spy crypto market brokers, opened Filecoin, it opened at $50 – traders then went into action and it dropped a bit to $46 minutes later. Soon after, the price went to an incredible $220.
The promise of Filecoin, in addition to speculation, is a decentralized file-sharing service. Think of the Dropbox, but instead of renting space in a data center, you’re encrypting your file and hosting tiny pieces of it on computers around the world – a kind of reverse BitTorrent.
But although the currency was only released today, investors have been waiting a long time for that day to arrive.