What is Filecoin and Why Its Uptrend is Overshooting Even Bitcoin?

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An altcoin called Filecoin has just escalated its ranks after logging a gravity-defying price rally that beats even its top rival Bitcoin’s uptrend. The ticker FIL climbed four days in a row — by up to 79.07 percent — against the US dollar to reach its five-month high of $224.16 (data from Binance). Meanwhile, the token closed its first quarter at a 682.32 percent profit, beating Bitcoin and even the US stock market in terms of quarterly gains. What are Filecoin and FIL? In retrospect, Filecoin is a decentralized data storage network. The platform allows users to sell their excess digital space on an open platform. It enables its community to use FIL to participate and transact in the Filecoin network. In particular, users can pay mining fees in FIL to store or share data and retrieve their information. Storage providers also use FIL as collateral to provide a minimum…

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