5 Cryptocurrencies Millennials are Buying for Retirement

In this article, we discuss the 5 cryptocurrencies millennials are buying for retirement. If you want to read about some cryptocurrencies that millennials are buying, go directly to 10 Cryptocurrencies Millennials are Buying for Retirement. 

5. Filecoin

Filecoin is a blockchain-based digital payment system developed by Protocol Labs. The system is intended to be used for cooperative digital storage and data retrieval. It uses a mix of proof-of-replication and proof-of-spacetime consensus mechanism. The network was launched in 2017. It raised more than $200 million within the first thirty minutes of the launch. The Filecoin network has a close partnership with Internet Archive. In April last year, the Filecoin foundation had donated $10 million to the Archive as the founders of the latter joined the Filecoin board. 

Filecoin was founded by Juan Benet, a scientist who studied at Stanford University. Benet also founded the Interplanetary File System. Filecoin is different from other coins because it aims to store data, like a cloud service, through a decentralized mechanism. Most cloud firms today store data in centralized servers, leading to concerns around security and privacy as cloud computing becomes increasingly popular. Filecoin offers users a variety of incentives for mining and storing, encouraging honesty in data storage.