Filecoin (FIL) and GameFi Token (GAFI): what are these two?
Filecoin (FIL) is a popular peer-to-peer network whose main purpose is to provide secure online file storage. GameFi Token (GAFI) is a gaming and NFT platform that was created to bring gamers, game studios and investors together in one platform. In this article, we are going to know more about them. Let’s start.
What is Filecoin (FIL)?
Launched in 2020, it is a decentralized protocol that allows anyone to rent backup storage space on their own computer in exchange for the WIRE. On the other hand, people who wish to do so are offered the possibility of buying storage space on the network.
Filecoin aims to create a massive data storage resource by allowing anyone with internet access to join the network. With decentralized Filecoin, available storage spaces and service pricing are not controlled from a single point. Instead, open marketplaces are offered for file storage that anyone can participate in.
The Filecoin network is a system that allows anyone to join as a storage provider and monetize free hard drive space. The Filecoin network is designed to reward participants at different levels, from large-scale data centers to local entrepreneurs with mining rigs.
How does Filecoin work?
The Filecoin Network is a distributed peer-to-peer network created by Filecoin peers participating in different ways. Peers communicate over secure channels which they use to spread information (gossip) over the network, transfer data between themselves and discover other peers, maintaining a well-connected process in which information such as blocks or messages travel quickly.
Filecoin Nodes or Filecoin Clients are peers that synchronize the Filecoin Blockchain and verify the messages in each block providing an overall status once implemented. Nodes can manage Filecoin wallets and obtain FILs.
Filecoin customers and other miners constantly check that the proofs contained in each block are valid, ensuring the necessary security and penalizing miners who do not respect their agreements.
How is Filecoin mined?
Filecoin miners; They are trying to earn Filecoins with storage offers. The way storage miners earn Filecoins is based on the principle of computing cryptographic evidence to store data for clients and verify storage over time. Miners provide services to the network by performing different types of transactions and adding new blocks every 30 seconds to the chain where they collect FIL rewards.
If we look at Filecoin from the user side, users pay storage to miners to store their files. Storage miners are computers responsible for storing files and proving that they have stored files correctly over time. Anyone who wants to get paid to store their files or store other users’ files can join Filecoin. The storage available and the price of that storage are not controlled by a single company. Instead, Filecoin facilitates open marketplaces for file storage and retrieval that anyone can join.
Mining setups range from desktops to large racks with drives and computers. The more storage space you add, the more Filecoins you earn.
Filecoin miners help decentralize and democratize the way data is stored on the web, helping to create a more open, flexible, and reliable Internet.
What are block rewards?
Earning block rewards and transaction fees in Filecoin is proportional to the amount of storage the miner contributes to the Filecoin network, not the hash power. With the Filecoin buy market, miners are rewarded for delivering content quickly.
Filecoin uses blockchain and native FIL cryptocurrency. Storage miners earn FILs for storing files. The Filecoin Blockchain records transactions made and storage miners with proof that they are storing their files correctly. Users, on the other hand, can verify that their files are stored correctly by viewing evidence on the Filecoin Blockchain at any time.
What are the types of Filecoin offers?
There are two types of agreements in Filecoin, namely storage agreements and retrieval agreements.
Storage agreements are agreements between customers and storage miners to store certain data on the network. When a transaction is initiated and the miner receives the data to store it, they will repeatedly prove to the chain that they are still storing the data as per the transaction so they can collect the rewards. Otherwise, the miner will lose the FIL.
Recovery agreements are agreements between customers and recovery miners to extract data stored on the network. Unlike storage agreements, these agreements are executed off-chain, using payment channels to progressively pay for received data.
Storage miners must prove that they are storing data in accordance with the terms of an agreement. Therefore, they must retain all data sent by the customer for the duration of the contract.
What are the benefits of Filecoin?
Filecoin promises different benefits to centralized data storage solutions. We can list these advantages as follows:
Cost: This will lower the price, creating a larger free market for data storage.
Scale: It will form a massive storage network to unite millions of computers around the world.
Economy: It uses existing resources rather than building new storage computers.
Security: A decentralized network is more secure because it means there is no single point of attack.
What are the disadvantages of Filecoin?
Filecoin has some advantages as well as some disadvantages. Maintaining it in multiple parts on different servers rather than a single server requires access to multiple servers if documents are requested. Therefore, the outcome of the process depends on online servers and internet speeds. This can create a speed disadvantage.
Is Filecoin safe?
Saving your documents on someone else’s computer is always risky, but no one can put them together because Filecoin destroys the data and stores it in different places. Only Filecoin knows how the data is put together and rearranges it when prompted. Therefore, if they try to hack into the data stored on your computer, they will only find a meaningless stream of data.
Embedding transactions or evidence in the chain consumes both compute and storage resources on the network. Gas refers to a measure of resources consumed. The gas consumed by a message directly affects the cost the sender has to pay to be included in a new block by a miner.
In other Blockchains, miners specify a gas fee in the local currency and then pay block-producing miners a priority fee based on the amount of gas consumed for the transaction. Filecoin works the same way, except that some fee is burned (sent to an irrevocable address) to offset the expense of network resources, since all nodes must verify transactions. Overall, the idea is based on Ethereum’s EIP1559.
The amount of fees burned on the Filecoin network is given by a dynamic BaseFee which automatically adjusts according to network congestion parameters (block size).
Additionally, a set of gas-related parameters added to each message determines the amount of rewards miners will receive.
How much Filecoin is available?
The maximum Filecoin supply is set at 2,000,000,000 FIL. The current circulating supply is 101,504,447 FILs.
What is GameFi (GAFI)?
GameFi is a marketplace for gamers to access games, investors and game developers. The GameFi project is not only a center for game developers and investors, but also a platform created to facilitate access to next-gen games with a win-to-win game mechanism for gamers. GameFi is built on 5 important concepts. These are Launchpad, Accelerator, Aggregator, Marketplace, and Yield Guilds.
Who are the founders of GameFi (GAFI)?
The GameFi project is managed by Hai Duong. Developed under the umbrella of IceTea Labs, the project is supported by many organizations such as DAO Maker and Animoca Brands.
GameFi Token Statistics (GAFI)
GameFi Token (GAFI) is the native cryptocurrency of the GameFi project. The GAFI token is a BEP-20 token operating on the Binance Smart Chain. FATF has a total supply of 14,965,600 million units. The non-mining FATF token offers its holders many benefits such as staking revenue, reduced transaction fees, and direct participation in ecosystem management.
What makes GameFi Token (GAFI) special?
The most important structure specific to the GameFi project is that the platform is built on 5 concepts.
GameFi launch bar
GameFi Launchpad acts as a hub for emerging and popular games, raising funds with an Initial Game Offering (IGO) and providing players with early access to tokens or in-game assets.
GameFi Accelerator is a creation that facilitates game content for developers and provides templates and tools for content to implement. It also provides support to developers to accelerate the development of their products.
GameFi Agrregator is a dashboard that GameFi users can use to trade their in-game assets, track their in-game returns, and track the net worth of their assets.
It acts as a marketplace for games’ gaming assets within the platform using smart contracts. It allows users to sell their NFTs, tokens (can be traded on platforms like bit qt), etc. the assets they earn in-game without leaving the main platform.
GameFi Yield Guilds
GameFi Yield Guilds allows users to earn passive income by participating in various game vaults.
How do I get a GameFi (GAFI) token?
Purchasing GameFi Token (GAFI) with your currency is a very easy and quick process, contrary to what you might think. You can buy GAFI tokens without any technical knowledge.
Frequently Asked Questions about GameFi Token (GAFI)
What is the GameFi (GAFI) project?
The GameFi project is not only a center for game developers and investors, but also a platform created to facilitate access to next-gen games with a win-to-win game mechanism for gamers.
Is the GameFi (GAFI) token mined?
No, GameFi Token (GAFI) mining is not possible.
What is GameFi Total Token Supply (GAFI)?
GameFi Token (GAFI) has a total supply of 14,965,600.