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What is Filecoin?

In a world where decentralization is becoming a norm, it is not uncommon to see a cloud-based storage system run by its users. Filecoin is the leading protocol in this regard. It's more like a decentralized DropBox or Google. Instead of having a central storage system, the files are offered for upload or download using cloud storage and other skilled users, called Miners.  

Filecoin was created by Protocol Labs and Juan Benet in 2014, and it didn't launch until 2017 when it raked in $200 million in its first 30 minutes. Even in crypto-averse China, an $87million Investment was poured into the technology that supports Filecoin by Xinyuan Technology Co.

How is Filecoin different?

Data storage is centralized and largely unstructured. This has made their prices to be opaque and unpredictable. By having Filecoin, a decentralized data storage protocol, regulated and transparent cloud data storage infrastructure is now available.

Napster, Uber, and Airbnb changed the face of their respective fields by building infrastructures making their respective services available to a wide range of people. Filecoin is doing the same thing, but now, with a token attached to it. It has positioned itself for data storage on Web 3.0. Also, Filecoin differentiates itself by its consensus mechanism. While some tokens use the proof-of-stake and proof-of-work, Filecoin uses the proof-of-spacetime and the proof-of-replication. 

Should you buy Filecoin?

The sign of what to expect from the Filecoin token can be seen in the protocol. The real-time implication on economic and political interference on data is enormous, and providing a cloud-storage platform for all is a perk that would be needed in coming years. Thankfully, Filecoin is a leading token in that regard. Sia, Storj, and Swarm are three major competition to Filecoin in the decentralized cloud storage space.

How to get an instant Filecoin loan

Don’t sell your FIL. Use it as collateral for an instant crypto loan and get up to 90% of your collateral’s value in a variety of currencies. We have FIL to USD loans, FIL to EUR loans, FIL to GBP loans, FIL to CHF loans, and stablecoin loans as well. Simply deposit FIL today, choose a loan plan – or create a custom one yourself – and you’ll receive up to 30,000 in a currency of your choice in seconds. 

How to borrow Filecoin - How does it work?

With our Crypto-Backed Loan service, you can borrow BTC, USDT, USD, EUR, GBP, or CHF only. That means if you want to borrow FIL you first must convert one of the above to fiat and convert it to FIL using our exchange service. 

Filecoin loan calculator

You can use our FIL loan calculator with different loan plans to find the best option for you. You can see all parameters on the form such as loan duration, price down limit, and loan repayment. If you want to loan Filecoin, please check the calculator first to see which plan works best for you. 

Filecoin lending process

Filecoin lending is easy with YouHodler. Just open and verify your account, deposit your crypto to the wallet and use it as collateral for your future FIL loans.

It's worth trying! Forget selling your

Filecoin

with instant crypto backed loans on YouHodler

If you would like to learn more about crypto credits, please continue to the app. Start boosting your crypto portfolio now with YouHodler's crypto lending, convert, buy and sell options.

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