Kraken and Gemini announce support for the Filecoin (FIL) mainnet

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Last Updated on 15 October 2020 by CryptoTips.eu

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Crypto exchanges Gemini and Kraken announced their support for the new Filecoin (FIL) mainnet. Both Gemini and Kraken will support the mainnet shortly after block 148,888 is mined.

This is because rather than waiting for the token to launch, several exchanges are already preparing to list the coin. This shows the potential that many within the crypto community see in the Filecoin project.

Advertentie.

An unique blockchain project

Filecoin, is a distributed file sharing protocol that let users rent out other people’s computer space. It is the decentralized version of Dropbox or Google Drive and looks set to revolutionize how files are shared.

Filecoin offers a difference as instead of sending your data to a third-party which stores it on the cloud. Filecoin uses a peer-to-peer protocol that lets you rent space on the computers of other users.

This reduces the reliance of third parties with data encrypted and secured from government surveillance. Filecoin blockchain is fueled by its utility token FIL which is used to perform transactions within the ecosystem.

High expectations within the crypto community

The project has been in the works for a while and was created by Protocol Labs which raised $205 million in an ICO three years ago.

The mainnet is expected to launch with the token and would be a relief to many after several delays. Filecoin began an incentivized testnet for the blockchain in August and it was largely successful.

Expectations are high within the crypto market for its official launch and whether it can live up to its hype. At the moment the news of potential listings on crypto exchanges has boosted the price of Filecoin, which is up 270% in the last 24 hours and valued at $112.01 at the time of publication.