 Hello and welcome to Make Money Territory. In this video we'll be talking about the latest update on Filecoin. Filecoin is a decentralized storage network that allows users to rent out their excess storage space to store and retrieve data. It operates on the Interplanetary File System, IPFS, providing a secure and efficient way to manage digital information. Despite the cryptocurrency market recording minor price action from the top tokens, FillPrice has added over 6% to its portfolio within the past 24 hours, making it one of the top gainers of the day in the industry. The Fillcoin price traded in a closed range between $4.90 and $5.50, following which the price lost momentum and the coin recorded a breakdown. After this, the price traded in a closed range between $4.415 and $4.665 for a brief period. During this time, the token faced constant price fluctuations as the market gained momentum, the price regained power and jumped over 24% within the next week, following which it faced rejection at $6.70. After this, the price traded under a bearish influence and leveled all its gains. The Fillcoin price then traded between $4.665 and $4.916 for a short period, after which the bulls regained momentum and the price broke out of multiple resistance levels and jumped over 25% in value. Following this, the price lost momentum and has been trading under a bearish influence. The technical indicator MAC-ED displays a decline in the histogram, indicating a decline in the buying pressure in the market. Moreover, the averages show a bearish curve, suggesting the possibility of a trend reversal soon. From its launch to key technological advancements, Fillcoin has achieved significant milestones, contributing to its widespread recognition and adoption. Fillcoin, like other digital assets, is influenced by the broader dynamics of the cryptocurrency market. Understanding these trends provides insights into the factors impacting its price movements. Fillcoin is a decentralized storage system that aims to store humanity's most important information. The project raised $205 million in an initial coin offering, ICO, in 2017 and initially planned a launch date for mid-2019. However, the launch date for the Fillcoin mainnet was pushed back until Block 148,888, which is expected in mid-October 2020. The project was first described back in 2014 as an incentive layer for the interplanetary file system, IPFs, a peer-to-peer storage network where users pay for data storage and distribution services in-dollar file. Fillcoin is an open protocol and backed by a blockchain that records commitments made by the network's participants with transactions made using Fillcoin, the blockchain's native currency. The blockchain is based on both proof of replication and proof of space-time. Fillcoin is open source and decentralized, which means that all governance is in the hands of the community. On the Filecoin platform, developers have the opportunity to create cloud file storage services like Dropbox or iCloud. Anyone can join Filecoin and start storing their data or earn money by providing space for someone else's funds. The creators of Filecoin opted for their blockchain technology to run the network and their token with their own consensus. Dollar Fill is the native currency of Filecoin that powers the entire network in all processes. Clients pay for transactions in FIL tokens. Miners place FIL as collateral, guaranteeing their services. The developers claim that Filecoin solves the problem of inefficient file storage and retrieval. Customers can find the right solution with an efficient set of tools and its core development, IPFs. Filecoin aims to store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data's location, making it easily retrievable and hard to censor. Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as makes the web more accessible to people worldwide. Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible. There are three parties involved in the Filecoin system, Clients, Storage Miners, and Retrieval Miners. These groups of users interact closely with each other, concluding transactions, exchanging information, and making micro payments in Dollar Fill. Clients pay for storing or retrieving data. They place an order on the online storage market, where a deal is subsequently concluded with storage miners. Storage miners, in turn, store client's data and receive rewards. This group of users places files in free sectors of a hard drive. All actions are recorded in the blockchain and clients receive private keys. Retrieval miners extract data at a request of a client. Clients place a trade on the off-chain retrieval market. Retrieval miners can also act as storage miners. Filecoin is based on IPFs, where all data is stored on a peer-to-peer blockchain. To start the process, users choose miners to store personal data and pay for placement in FIL tokens. Thereby, miners execute trades and receive participation fees and FIL rewards. The more storage miners offer, the higher the chances of getting rewarded. At any time, clients can check how their data is stored during a transaction, as proofs are fixed in the blockchain. The FIL coin network uses the proof of replication, po-rep, while the miners use the proof of spacetime, post. Therefore, if a client wants to hopefully keep their data safe on the FIL coin network, then they must pay the miner. The cost is set by the open market and the price is made up of several factors. In the open market, there is hyper-competition among miners, where everyone puts forward their own minimum price for storage.