In the highly dynamic world of cryptocurrencies, trends shift rapidly, opening up new investment opportunities while causing others to lose steam. One recent example involves Filecoin (FIL), a decentralized storage system, and Collateral Network (COLT), a web3 peer-to-peer lending platform.
As the value of FIL experiences a downturn, savvy investors are channeling their assets into COLT, lured by the promise of staggering returns during its presale.
Filecoin (FIL): The Decentralized Storage System
The token that allegedly stores humanity’s most important information, Filecoin, is making news. Filecoin has increased its utility lately, possibly leading to becoming a more popular platform.
Filecoin, also known as FIL, is a decentralized storage platform designed to “store humanity’s most important information.” This ambitious project was first proposed in 2014 as an incentivized layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. The system allows users to pay for data storage and distribution services using the platform’s native currency, FIL. Filecoin’s blockchain, backed by proof-of-replication and proof-of-spacetime mechanisms, records all commitments made by the network’s participants.
Juan Benet, an American computer scientist, and Stanford University alum, founded Filecoin. Benet, who also created IPFS, founded Protocol Labs in May 2014, aiming to support both IPFS and Filecoin, along with other projects. Filecoin’s unique feature is its dedication to storing data in a decentralized manner, differing from centralized cloud storage companies like Amazon Web Services or Cloudflare. This decentralization aims to ensure the integrity of a data’s location, making it easily retrievable and hard to censor.
Recently, Filecoin introduced Filecoin Data Tools (FDT) for seamless data onboarding, further strengthening the platform’s utility. However, despite the platform’s innovative features and potential, FIL has experienced a recent price drop.
Collateral Network (COLT): An Opportunity for Significant Returns
Collateral Network is an upcoming project that aims to disrupt the traditional lending industry. It is an Ethereum blockchain-based web3 peer-to-peer lending platform that enables users to unlock liquidity by using physical items, such as fine wines, artwork, vintage cars, watches, and jewelry, as collateral.
The distinctive offering from Collateral Network is that it fractionalizes the NFTs it mints against borrowers’ tangible assets and enables multiple people to fund the loans. As a result, it is the first project that allows borrowers to unlock liquidity by bringing their tangible assets on-chain through NFTs.
On Collateral Network, both lenders and borrowers stand to gain significantly from its proposal. The loans lenders provide are secured by actual, tangible assets, and they earn weekly passive income. On the other side, borrowers can swiftly and discretely access cash from their assets with customizable terms and competitive rates.
With a projected 3500% (35x) increase during the presale and a 100x increase once it is listed on major exchanges, analysts see a big price spike for COLT. The token is currently available at $0.014, following a 40% increase from its original price. Collateral Network may be the first asset-backed loan marketplace for physical assets on the blockchain.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://presale.collateralnetwork.io/register
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk