☑️Does the Filecoin (Fil) project have potential?

The Filecoin project is one of the prominent projects in the field of blockchain and distributed data storage. Let's take a look at an overview of the project.

1. Overview

Filecoin was developed by Protocol Labs and launched through an ICO in 2017. The project aims to create a decentralized data storage network, allowing users to rent storage space from "miners" worldwide.

2. Technology

Blockchain and IPFS: Filecoin is built on the InterPlanetary File System (IPFS), a protocol for distributed data storage and sharing.

Consensus mechanism: Filecoin uses the Proof of Spacetime and Proof of Replication consensus mechanisms to ensure that data is stored safely and efficiently.

3. Model

FIL Token: Users pay fees with FIL tokens to rent storage space. Storage miners receive FIL as a reward for providing and maintaining data.

Decentralization: Filecoin helps reduce dependence on centralized storage service providers, increasing security and privacy for data.

Free market economy: Users can freely choose prices and storage services, creating a competitive storage market.

Technical analysis: looking at the Weekly frame, the price of Fil has had a sw trend after a sharp decline. The support range of 3.2-2.8 is targeted for the long term because this is a major support on a larger frame and is the extreme of the previous bullish wave along with the price gap indicating the participation of MM, so there is hope for price increase but only buy when there is a structural change from decrease to increase and an upward trend appears.

This is a personal opinion, not investment advice.