What is Folder Protocol? What Does FOL Do?

What is Folder Protocol? Folder Protocol (FOL) is a decentralized storage network that turns cloud storage into an algorithmic marketplace. Koindeks.com In this article, we answered the questions of what is Folder Protocol, what it offers, what is FOL, what it does, and how to get it. Let’s examine this project together, which focuses on dApp creation and technologies such as decentralized storage and IoT.

What is Folder Protocol?

Folder Protocol is a Blockchain protocol that operates in an algorithmic marketplace using cloud storage technology. This protocol runs on the Filecoin network in a decentralized manner. It is basically a layer-2 solution created for the Filecoin network. Hosting a local cryptocurrency called FOL, Folder also reinforces mining. Miners consist of users who provide storage space to the platform. However, the ecosystem also has a number of technologies such as smart contract and dApp creation.

What does the Folder Protocol offer?

With the Web 3.0 focused Folder Protocol, users can rent storage space from miners. The price paid for the rental varies depending on the size of the storage space and the storage deadline. The network creates a peer-to-peer (P2P) distributed document network for each continent and each network connected through Crust. However, the network provides a virtual and fast information processing service. Thus, users can transfer their information to the Blockchain platform very quickly.

However, Folder is a layer-2 network that supports smart contracts. That is, users have the advantage of developing their own Web3-oriented decentralized applications on the platform. The extremely high scalability of the network makes it easier for developers. It also offers high security in addition to scalability. The network automatically detects and repairs replication errors. By duplicating and distributing content, it achieves robustness. In addition, stored content and information is encrypted end-to-end. This further increases security.

What is FOL? What’s the use?

FOL is a native cryptocurrency designed for the Folder Protocol network. This cryptocurrency is about the driving engine for the network. Users pay with FOL through the marketplace to rent storage space from miners. Miners, on the other hand, gain the advantage of passively earning income thanks to FOL. However, developers use FOL to run smart contracts within the platform. Developers running smart contracts by paying FOL can build their own dApps.

What is Folder Protocol? How to take FOL?

Investors wishing to purchase Folder Protocol should gain access to cryptocurrency exchanges such as Bittrex and Flybit. Users accessing these exchanges that list FOL must become members and follow their membership verification processes. After doing this, they can buy the cryptocurrency by depositing an asset in their wallets relative to their FOL transaction pair.

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