Why Cryptocurrency Filecoin Is Plunging Today
Filecoin (CRYPTO: FIL) is down 10.23% in the past 24 hours to $99.13 per token as of 10:17 a.m. EDT on Tuesday. Investors are locking in profits after a stellar bull run sent Filecoin soaring 30% in the past seven days.
Filecoin is a decentralized storage token created by Protocol Labs in 2014. Think of it as self-storage for digital assets. Through its novel proof of replication and proof of spacetime consensus protocol, nodes on the network verify that they are pledging their disc space for users to rent for a specific length of time. They then compete with other nodes to ensure customers are getting the best price possible and receive deal fees in the process in the form of Filecoin tokens.
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Source Fool.com
