How Is FILO Different From Bitcoin?

It has been nearly a decade since Satoshi Nakamoto published the white paper for bitcoin. Not many knew the impact it would have on financial and political structures in the years ahead. Bitcoin was the first true digital Cryptocurrency to overcome the problem of double spending for good.

It used proof of work technique or mining to verify transactions. In addition to this other features of Bitcoin that made it such an attractive alternative to traditional FIAT currencies include: peer to peer transaction, decentralized nature and limited number. All these features make Bitcoin an ideal medium of exchange.

However, bitcoin falls short on real-world usage and scalability.

Bitcoin gets its decentralized and immutable nature from Blockchain. The blockchain is the engine that drives the Bitcoin transaction. Bitcoin is just one among many possible usages of the blockchain. In terms of cryptocurrencies, it would be safe to say that Bitcoin is similar to the Apollo 11 mission.

Apollo 11 mission will be remembered because it successfully landed the first group of men on the Moon. But since then moon missions have lost the public awe that they once had.

With time and technology advancement, space missions are safer and attract less public attention. In the same way, Bitcoin was the necessary aggregator for Blockchain Technology to become mainstream and mass adoptable.

A decade since Bitcoin was announced to the world, Blockchain has gained considerable media attention and is now on the cusp of dismantling long established technology frameworks.

Ethereum Blockchain is one such byproduct of the Bitcoin Movement of the last decade. The Ethereum Environment is based on smart contracts. Smart Contracts are programs that allow the use of utility tokens to implement real-world decentralized solutions on the blockchain environment.

These utility token which is also referred as ERC20 standard are scalable and offer much better transaction volumes when compared to bitcoin.

Filo is also one such ERC20 Standard token. Hence A few key differences between the Bitcoin and filo Token include:

1. Bitcoin is purely for the transactional purpose. Filo has real-world usage and can be used by service providers and users for decentralized exchange.

2. Bitcoin transactions are one dimensional. Filo tokens are based on smart contracts. They can be incentivized as per needs of the service providers and users.

3. Bitcoin is dependent on miners. Filo is not dominated by third parties at all.

4. Bitcoin transactions are slow and non-scalable. Filo Token is scalable and fast.

The above are just a few among the many differences between Bitcoin and Filo tokens. For more about the Filo Token distribution and sale please read the Filo Whitepaper.

The Filo token offers an API based decentralized platform or Dapp that easily integrates service providers and entrepreneurs. Filo eliminates the intermediary that not only control the cost of services but also manipulate their business decisions by drawing insights from the user as well as service provider data.

The central authority plays the Godfather between the service provider and user. The Filo token eliminates this monopoly and lays the foundation for a pure decentralized economy where service providers and users have a say in decision making.

This real-world usage, as well as an alternative offering to centralized systems, is not possible through bitcoin. Currently, the Filo is offering only ridesharing services with plans to expand decentralized services to other sectors like food delivery, Moving Services etc.