After the announcement of Coinbase on its next quotation by theexchange, with support for iOS and Android apps, the price of Filecoin has started to rise again at a remarkable pace.
A decision, that of the exchange platform, which was expected, but which has also significantly benefited the project. The announcement was in fact interpreted by investors as a very important imprimatur, able to further testify its validity.
There has been a lot of talk about Filecoin, since its advent, which took place in 2017, by Protocol Labs. Especially for the great success that greeted his ICO, capable of raising an impressive 180 million dollars in a few minutes from launch. To which 70 others were added later.
A success due in particular to the fact that the project was referred to as the version blockchain Dropbox or Google Drive. Under intense development for three years now, it allows miners to earn tokens by making their free space available on the hard drive of the personal computer to the network. Users, on the other hand, can spend their Filecoin tokens in order to obtain storage space for their encrypted files in a decentralized network, as well as to offer them.
The functioning of the Filecoin network
Filecoin's long-awaited debut took place on 15 October passed, with the launch of the mainnet. Which can highlight an absolutely original feature. Unlike what happens on other networks, in fact, archiving is not done by directly adding data to the network, which invites the miners themselves to store and replicate encrypted fragments of user data.
In order to achieve its purpose it uses alternative proof mechanisms. That is the Proof of Replication and Proof-of-Spacetime. Mechanisms which work in concert allowing the interested miner to demonstrate the local copy of certain data, to which their storage for a certain period of time will be added. The storage service provided by the network accordingly, will be paid by the user with a previously determined rate.
Coinbase's decision is destined to weigh heavily
Coinbase's decision, according to analysts, is destined to weigh heavily on Filecoin's fortune. If in the three years that have passed since the debut of the project many had wondered what were the actual chances of seeing it survive in adverse conditions, the announcement of the exchange contributes significantly to dissolving the last remaining doubts.
Even if, for now, the actual listing is only in the announcement phase. In order to be effectively negotiated on the platform, Filecoin will have to obtain regulatory approval and compliance review. Pending which the stock exchange has not yet been able to provide a specific moment in which it will become effective.
Coinbase's announcement on its blog
It was Coinbase, in a post published on its blog, to announce that the listing will take place only at the end of a procedural process which will be divided into four phases, the last of which will be the one destined to make the complete exchange modality concrete. The cryptocurrency exchange also recalled its intention to post updates on the various stages in separate announcements. All that remains is to wait for events to develop.