Finance

Filecoin (FIL) and GameFi Token (GAFI): What Are These Two?

Filecoin

Filecoin (FIL) is a popular peer-to-peer network whose main goal is to provide secure file storage online. GameFi Token (GAFI) is a gaming and NFT platform that was created to bring gamers, game studios and investors on one platform. In this post, we will find out more about them. Let’s get started.

Filecoin (FIL) and GameFi (GAFI): All You Need To Know

Filecoin (FIL)

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 FIL. On the other hand, people who wish are offered the opportunity to purchase 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 the 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 open hard disk space. The Filecoin network is designed to reward participants at various 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 that they use to distribute information (gossip) to the network, transfer data among themselves, and discover other peers, maintaining a well-connected process in which information such as blocks or messages flows quickly.

Filecoin nodes or Filecoin clients are peers that synchronize the Filecoin Blockchain and verify messages in each block providing a global state when implemented. Nodes can manage Filecoin wallets and obtain FILs.

Filecoin clients and other miners constantly verify that the evidence contained in each block is valid, ensuring the necessary security and penalizing miners who do not comply with their agreements.

How is Filecoin mined?

Miners in Filecoin; They try to earn Filecoins with storage deals. The way storage miners earn Filecoins is based on the principle of calculating cryptographic proofs to store data for clients and verify storage over time. Miners provide services to the network by executing different types of deals and adding new blocks every 30 seconds on the chain where they collect FIL rewards.

If we look at Filecoin from the user side, users pay for 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 be paid to store their files or store other users’ files can join Filecoin. Available storage and the price of that storage are not controlled by a single company. Instead, Filecoin facilitates open markets for storing and retrieving files that anyone can join.

Mining configurations range from desktop computers to large racks with disks and computers. The more storage space is added, the more Filecoins are earned.

Filecoin miners help decentralize and democratize the way data is stored on the web, contributing to creating 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 that 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 a blockchain and native cryptocurrency FIL. Storage miners earn FILs for storing files. The Filecoin Blockchain records the transactions made and the 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 looking at the evidence on the Filecoin Blockchain at any time.

What are the types of Filecoin deals?

There are two types of agreements in Filecoin namely storage agreements and retrieval agreements. 

Storage agreements are agreements between clients and storage miners to store some data on the network. When a deal is initiated and the miner receives the data to store it, it will repeatedly prove to the chain that it still stores the data according to the deal so that it can collect the rewards. Otherwise, the miner will lose the FIL.

Retrieve agreements are agreements between customers and retrieve miners to extract data stored on the network. Unlike storage agreements, these agreements are executed off-chain, using payment channels to pay incrementally for data received.

Storage miners must prove that they are storing data according to the terms of a deal. Therefore, they must keep all data sent by the customer for the duration of the agreement.

What are the advantages of Filecoin?

Filecoin promises different advantages to centralized data storage solutions. We can list these advantages as follows:

Cost: It will drive down 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 as 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 parts on different servers rather than on a single server requires access to multiple servers if documents are requested. Therefore, the outcome of the process depends on the servers being online and internet speeds. This can create a speed-related disadvantage.

Is Filecoin Safe?

Saving your documents on someone else’s computer is always risky, but no one can put them together as Filecoin shreds data and stores it in different areas. Only Filecoin knows how the data is put together and rearranges it when prompted. Therefore, if they try to hack the data stored on your computer, they will only find a meaningless stream of data.

Incorporating transactions or evidence into the chain consumes both computational and storage resources on the network. Gas refers to a measure of the resources consumed. The gas consumed by a message directly affects the cost the sender must 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 the block-producing miners a priority fee based on how much gas is consumed for the transaction. Filecoin works similarly, except that some fee is burned (sent to an irrevocable address) to compensate for network expenditure of resources, as 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 that automatically adjusts based on network congestion parameters (block sizes).

In addition, a set of gas-related parameters added to each message determines the amount of rewards miners will receive.

How much Filecoin is available?

Filecoin maximum supply is set at 2,000,000,000 FIL. The current circulating supply is 101,504,447 FILs.

GameFi (GAFI)

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 bring easier access to next-generation games with a play-to-earn play-to-win mechanism for players. GameFi is built on 5 important concepts. These are Launchpad, Accelerator, Aggregator, Marketplace, and Yield Guilds.

Who are the GameFi (GAFI) founders?

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 (GAFI) statistics

GameFi Token (GAFI) is the native cryptocurrency of the GameFi project. The GAFI token is a BEP-20 token running on the Binance Smart Chain. GAFI has a total supply of 14,965,600 million units. The non-mining GAFI token provides its holders with many advantages such as staking income, reduction in 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 Launchpad

GameFi Launchpad acts as a hub for up-and-coming and popular games, raising funds with an initial game offering (IGO) and providing players with early access to in-game tokens or assets.

GameFi Accelerator

GameFi Accelerator is a creation that facilitates game content for developers and provides templates and tools for content to be implemented. It also provides support for developers to accelerate the development of their products.

GameFi Aggregator

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.

GameFi Marketplace

It acts as a marketplace for in-game assets of games within the platform with the help of smart contracts. It allows users to sell their NFT, token (can be traded on platforms like bit qt), etc. assets they earn in the game without leaving the main platform.

GameFi Yield Guilds

GameFi Yield Guilds allow users to earn passive income by participating in various game treasure vaults.

How to get a GameFi Token (GAFI)?

Purchasing GameFi Token (GAFI) with your currency is a very easy and fast 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 Project (GAFI)?

The GameFi project is not only a center for game developers and investors, but also a platform created to bring easier access to next-generation games with a play-to-earn play-to-win mechanism for players.

Is GameFi Token (GAFI) Mined?

No, GameFi Token (GAFI) mining is not possible.

What is the Total Supply of GameFi Token (GAFI)?

GameFi Token (GAFI) has a total supply of 14,965,600.

Related posts

Is NIO a Good Stock to Buy?

Akarsh Shekhar

Which Countries Use Bitcoin the Most?

Nehita Abraham

What is the Third Generation of Cryptocurrency or Blockchain Projects?

Akarsh Shekhar

Leave a Comment