What is the concept of Firstcoin (what does Filecoin mean)

What is the concept of Firstcoin? According to official sources, the concept of the first coin (Bitcoin) is the development of blockchain technology. First, from the very first day, it allows payments and transactions to be made through the internet. The second reason is that Bitcoin has limited functionality in the network. The third main reason is that it poses a certain threat to the traditional currency system. 1. No value proposition: the value of Bitcoin is determined by the issuer.

2. No legal support: people are unwilling to accept this asset because they consider it to be of high value and inaccessible.

4. No incentive mechanism: if project owners want to invest in these projects to make money, they can use this money. The final factor is whether users will buy Bitcoin as collateral, thus generating profits.

What does Filecoin mean?

According to official sources, Filecoin is the abbreviation of “FIL” in English, which refers to content based on storage capacity and timestamps. This number represents the progress and development of blockchain technology, meaning that we divide data into several subsets, each of which can be effectively stored and accepted by other applications, networks, and so on.

After expanding on the basis of Bitcoin, the “InterPlanetary FileSystem (IPFS)”, as a decentralized network service, will become the main content layer of the Internet. It provides a powerful foundation by encrypting data with distributed protocols. “Filecoin” is different from most Dapps on Ethereum in that its design is to solve the limitations of existing internet services: “I believe this technology will develop along with user demand.”