I hope you guys had a great week, and i hope you have an even greater weekend so today, we're discussing filecoin filecoin is up a whopping 117.9, currently trading at 66.95 and it's shut up all the way to rank 27 so right now this is the fil Coin before this actually was trading, but it was trading in the form of ious. But, of course, now that the mainnet has launched they've launched these new tokens and now you can trade, the actual real fil tokens. So we're going to go over very briefly what it is, some of the news relating to the file coin and the of course, 200 million dollar plus ico, which led to this incredible valuation. Currently, a fully diluted valuation of billion dollars, we're going to go over some comments on reddit someone's, saying they waited three and a half years to vest their ico tokens we'll talk about how these ico tokens might affect the price moving forward, there's some conflicting information about That and then we'll briefly go over the whole range of competitors. You might not be aware just how many competitors are on the decentralized storage market and will also touch on the fact that so many of the centralized competitors are actually blocked in mainland china. Providing a very interesting opportunity for these decentralized solutions to start dominating the market. If you enjoy this content and want to see more of it, don't forget to subscribe like and hit that notification button, as it really helps to support the channel before i get started.
I just want to let you know that i am not a financial advisor and that trading and investing presents financial risks, so starting off with what filecoin is filecoin is, of course, a form of decentralized storage. So, as their website explains in a very elegant and simple way, current centralized file storage solutions demand that you use whichever storage solution they provide, which could be very far away from you and, of course they dictate what the cost will be and, of course, your security Or privacy is at stake, whereas with the decentralized version you basically store your files on a whole range of servers of of people who are storing data for you, but it's all in shards, in sort of small amounts of your data. Small bits of your data spread across many of these users, so no one has full access to your data, so it's a really interesting revolutionary concept. That being said, there are a whole range of competitors, one of whom, of course, have already a very successful mainnet launch, which happened a few months ago, and they already have hundreds of thousands of active users. So it will be interesting to see how filecoin stacks up against them now here, according to coindesk.com, the file coin launch finally brings 200 million dollar ico to fruition, so there are a whole range of massive icos back in 2017, and this was one of the few Which were in the hundreds of millions of dollars, it was actually the largest of its kind when it first came out, and here they make an important point about the token distribution.
So, basically, in terms of the distribution, there were 200 million tokens sold in the 2017 initial coin. Offering, however, currently only 14.8 million are in the circulating supply. The reason for this is that the rest of these 200 million will be released on a vesting schedule, as i understand it's between one and three years, and even when it's released it's released on a sort of monthly basis that's my general understanding. So some people are saying that these early token holders will be dumping on the market and, to some extent, that's true, to the extent that they actually have some of their tokens. But as you can see, the overwhelming majority of the tokens sold in the ico are not currently circulating, but of course they will be released onto the market in the coming months and years, so it certainly does put a damper on the price. Now, of course, dapps can use filecoin of the announced projects. One example is slate: a personal storage service that uses filecoin and ipfs and textile is another which has evolved into a set of developer tools for managing storage from where it started as a sort of decentralized flickr. Now, in terms of the tokens from the ico, i can tell you that there are a lot of very disappointed investors because they have had many delays before finally launching this mainnet, but one of the representatives i saw said that you know they wanted to do it Right and you know it's, just kind of always a trade off between the fact that you have to give a date for when things will be done, but at the same time you don't want to launch something which is only half assed right.
In any case, according to zero hedge 101, here he said i waited 3.5 years to start vesting. My ico tokens now and another user here, benny blanco, saying that we're not going to get our tokens until april 15th or we get them now and we're not allowed to use them. So there certainly seems to be some confusion about exactly when these tokens will be released, feel free to comment down below. If you know the exact vesting schedule, i've read conflicting comments about some people saying they already received their tokens. Other people saying that it will depend on you know which plan they have here. For example, the three year plan you get 136 every month on the one year plan you'll get 1 12 every month, but here post a bless seems to confirm this fact that you won't get them until april 15th and in terms of the price that they got. It for well, as you can see here, the advisor sale according to kryptorca was at 0.75 and the ico. They got a price anywhere between one and six dollars. So just keep that in mind when you're considering buying filecoin at basically, you know 100x, the price that a lot of these early investors got in and consider the fact that you know a lot of them are going to be wanting to cash out quite significantly. Now, although filecoin has absolutely exploded in prices currently in 26th, place, it's interesting to note that this decentralized storage market is huge, so have a look at the whole range of competitors who are in the sort of top 100 200 coins storej.
Also in the decentralized storage market ranks 127th place, siacoin ranks 85th place, bittorrent ranks 63rd place, and all of these coins have market caps in the hundreds of millions of dollars, apart from store j, which is 66 million, and then of course, there's another one made safe Coin ranks 175th place zero chain. Zcn ranks 358th place, so basically there is a lot of competition and from what i read in an article yesterday in that video, which i showed you guys comparing bits torrents to filecoin, it does seem as though bittorrent has a leg up. In terms of you know the number of active monthly users – they have 300 000 active monthly users, which is huge, considering they only launched their main a few months ago, and it does seem to have a very friendly user interface. So it will be interesting to see how filecoin stacks up to bittorrent in the days weeks and months ahead now, elio trades mentioned in a video that these centralized solutions, of course, have a huge dominance over the market and that's absolutely true. I mean, i personally believe that you know in the long term, it's only natural that these decentralized solutions will overcome the weaknesses they will get. The network effect it's just a matter of time, because the technology is so much more advanced, but one of the weaknesses which can be noted about these centralized solutions is that, in you know, the most populous country in the whole world.
China actually blocks loads of these centralized solutions, so google, of course offers web storage they've actually blocked, amazon.com.jp, just the japanese one it seems, but of course, china have also blocked dropbox and it's. Actually really incredible. If you just look at the websites, they've blocked facebook, youtube, webtoon, crunchyroll, i've, actually never heard of those two, even though they're in the top 11 websites of the world. Pretty much wikipedia is just so sad that they would block wikipedia, but in any case, not to get political here. But the point is that a lot of these centralized solutions which are very popular in the world are not even available in china unless you're using vpn. Of course. So it is possible that these decentralized solutions will be able to get a leg in the door in china and of course i know that filecoin is very popular in china. Maybe precisely for this reason and when i did a quick search for a list of decentralized file, storage cryptocurrencies, i came across this website golden.com, which lists 37 results so there's a whole range of projects and cryptocurrencies which are in this market. It just goes to show how important how necessary, how valuable it is to solve this problem in a decentralized way, and i do think it's just a matter of time but of course figuring out which one will win is going to be a much harder thing to Do it would require, of course, a much more detailed analysis into what each of these projects do? How many users they have again, as i mentioned bittorrent, currently has 300 000 active monthly users.
They certainly seem to be ranking very highly currently in 63rd place. I highly doubt that filecoin will remain in 27th place or in the top 30 for very long as we saw with polkadot, as we saw with uni swap it's very common for these super hyped projects to pump like crazy and then dump thereafter very quickly. So i would strongly recommend against buying this. You know it's highly speculative and if you just have a look at the chart here, you can see that well, first of all, somehow the price went all the way up to. I have to zoom up to the chart here all the way up to 430 dollars and if you somehow were unlucky enough to buy there, maybe you did a market buy, you would have an 86 loss and even if you were to have bought later on, when The price was about 78. You would have seen your value go down by 32 here, so just to give you guys an idea of the kind of losses that you can make if you do decide to fomo into file coin again, i wouldn't recommend it i'm. Certainly not foaming into it all right guys so that's been it for this quick update about filecoin be sure to follow us on all the socials, like altcoinbus.io we're, also altcoinbuzzio on twitter, and let me know which of these decentralized file, storage solutions, you've used i'm. Actually very curious, very interested in starting to use it.
I hope that it really is as user friendly as advertised and we'll see how that goes. Let me know what your experience has been providing storage in order to get these tokens because remember, instead of because remember. Instead of buying file coin, you can just offer your storage and then you will get these file coins in return all right guys.