A recent press release appeared on several cryptocurrency news websites, stating that Filecoin, FIL was available for trade at $0.78 in a FIL-USDT trading pair on BitForex. According to the Filecoin Twitter page, this is fake news.
Filecoin issued the following: WARNING: Our team was informed of activity claiming to be related to Filecoin on the BitForex exchange. Offering of any FIL tokens, FIL futures, or associated derivatives on any exchanges at this time is not endorsed by our team. FIL tokens are currently not tradeable.
The trading pair appears to be live on BitForex, here.
Our original rewrite of the press release, including details about Filecoin, is below:
After the successful launch on BitForex’s new Initial Offerings: Unbound (IOU) program for Polkadot’s DOT and Telegram’s GRAM, another project has launched by BitForex on July 18, 2019. Using the program “IOU”, all the participants will have access to innovative blockchain projects before it is opened to the general public.
BitForex had reached a strategic partnership with a Telegram TON GRAM private sale party, putting in 1 million GRAM tokens, the new pillar of the cryptocurrency industry’s approved method of communication, to be sold to all interested parties. GRAM increase by over 450% right after its appearance on BitForex IOU.
Polkadot’s DOT was the next project to reach IOU – a token that is liked to a bright project that offers inter-chain operability and features that are believed to solve a lot of the native scalability issues of Ethereum. DOT’s value was boosted by 200%.
Filecoin’s FIL is the most recent token to be grouped with BitForex IOU – it offers some unlikely seen, real-world utility. This includes application prospects including cloud storage, which enables a user to store their files and data remotely, much in the same way as they would store their files with services that are provided by Google, Apple, and Amazon. Google Drive, Apple iCloud and other cloud storage solutions are going to have more competition! Reliability isn’t the main concern regarding cloud storage solutions; it is the possible costs. In addition, there are privacy concerns associated with handing your personal data over to these big companies.
In using Filecoin, the users can purchase data storage from private vendors assisted by the Filecoin MainNet, assuring the best results for all users based on the exact storage necessities and their geographical location – which reduces the costs greatly by giving only what is necessary while still providing scalability.
It is most definitely a welcome change in comparison to the singular flat fees that are provided by existing mainstream providers. Through the Filecoin system, the users will also be able to rent out the storage space on their devices that are in excess of their needs, which allows participants to create a prominent community of defense and data access, without using the services from established providers.
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market, with shared state persisted to a blockchain. Miners earn the native protocol token “FIL” by providing data storage and/or retrieval. Generally, miners are paid by clients to distribute or store data and the retrieval of it. Clients who want to store files on this network hire miners to store multiple copies of their files throughout the network.
Filescoin was created by Web3 core member Juan Benet. Filescoin is one of the most popular unlisted blockchain projects in the cryptocurrency industry as of now, and also one of the core components of Web3. IPFS has been used by a huge number of teams because of the open-source nature of the code, that allows free downloads and implementation.
Please research the validity of any claims, and do your due diligence before making any investment decisions.
Seymour Nunez is a contributing writer for Cash Tech News who enjoys writing about the intersection of blockchain technology and everyday life.
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