How to buy and hold FIL with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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Filecoin (FIL) Token
Filecoin (FIL) is the native cryptocurrency of the Filecoin network, a decentralized data storage system set up on the Interplanetary File Storage (IPFS) protocol. FIL protocol aims to disrupt the cloud storage industry by offering a more secure, efficient, and decentralized alternative to traditional cloud storage solutions, providing permanent storage for Web2 dataset, Web3 native NFT, Metaverse, and game assets.
The incentive structure of Bitcoin mining inspired the FIL protocol to encourage as many people as possible to add hard drives, utilize unused storage spaces, and create a decentralized storage system. The Filecoin token serves several functions in its ecosystem. It serves as collateral, establishing economic motivations to ensure dependable data storage over time and fortifying the security of the blockchain.
About Filecoin Blockchain
Filecoin consists of tipsets rather than chains of blocks, where a tipset is a set of blocks with the same height and parent tipset. This setup allows multiple storage providers to produce blocks for each epoch and increase the network throughput.
Filecoin uses a unique consensus mechanism called Expected Consensus (EC), where storage providers run a leader election to submit a block every epoch. Zero, one, or multiple storage providers can be elected to propose a block. Elected providers must generate a Winning-Proof-of-Storage (WinningPoST) before submitting a block. These generated blocks are then grouped into a tipset, the tipset with the biggest amount of committed storage is selected.
In addition to EC, Filecoin employs Proof-of-SpaceTime (PoST) consisting of WindowPoST and WinningPoST, Proof-of-Replication(PoRep), and Proof-of-Storage(PoST).
FIL Token Use Cases
FIL is a native utility token of the Filecoin network and it has the following uses in its ecosystem:
Governance: The Filecoin network is governed by a Decentralized Autonomous Organization(DAO), where FIL token holders can vote on key decisions such as the development and the direction of the network.
Collateral: Storage providers are required to provide FIL as collateral, guaranteeing a minimum service level.
Rewards: FIL is used for providing incentivized rewards to storage providers for their services such as data storage, distribution, and retrieval of data.
Gas Fees: FIL coins are used to pay for Gas Fees on the Filcoin Blockchain.
FIL is also utilized to pay in the blockchain ecosystem to elected storage providers for validating and adding new blocks to the Filecoin blockchain. The primary purpose of the Filecoin token utility is to incentivize reliable services and facilitate the on-chain economy. The storage market exists entirely off-chain but is anchored on-chain by messages containing cryptographic proofs of storage.
FIL token has a total supply of 2B tokens, out of which 497.2M tokens are in circulation, with a market cap of $2,952,746,101 at the time of writing this article. The tokens are distributed as 10% to investors, 20% to founders, 5% for its foundation, and the remaining for premined rewards and future airdrops.
FIL received as penalties for storage faults and consensus faults with a small amount from fund on-chain computations and bandwidth are burned to create a long-term deflation of the token.
FIL tokens are essentially rewarded to those who participate in the network and contribute to its growth, leading to the concentration of governance tokens in the hands of a few holders. Filecoin network has high transaction fees, making it expensive to use Filecoin for small-scale storage, meanwhile, other decentralized storage networks such as IPFS and Sia are offering similar services with lower gas fees.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Yes, there are various ways to stake FIL, such as Staking Pools, Custodial Staking Platforms, and Decentralized Protocols, where you can earn APY ranging from 10% to 25% depending on the platform and market conditions.
FIL is a cryptocurrency and just like any other cryptocurrency, it comes with the risk of crypto market volatility as well as the economic risks involved with it.
You can buy FIL in the Wigwam Web3 browser or on centralized exchanges such as CoinBase, Binance, and CoinSwitch.
The steps specifics might vary based on the wallet you are using but the general steps will be as follows:
Launch your crypto wallet, redirect to “Manage Assets”, and then click on “Add Token”. This will open a list of the supported blockchain networks. Select Filecoin Blockchain and then enter the FIL token details as listed below:
- Contract Address: 0x81B7FDa41E09e99275E8eB1bD26a810F98fF3Cce
- Ticker/Symbol: FIL
- Decimal Precision: With 8 Decimals
Click on “Save” after entering the above values to add the token to your walle