Filecoin (FIL) is a decentralized storage network that allows users to rent out unused digital storage space and store data securely across a distributed system. It aims to create a more open, efficient, and resilient foundation for data storage and sharing.

WHAT IS FILECOIN (FIL)?
Filecoin is an open-source, blockchain-based protocol developed by Protocol Labs, launched in 2020. It provides a marketplace for data storage, where clients pay FIL tokens to store files with miners who offer disk space. The network ensures that files are stored reliably over time using cryptographic proofs.

KEY FEATURES

• Decentralized Storage: Eliminates reliance on centralized cloud providers by distributing data across a global network of storage nodes.

• Incentivized Economy: FIL tokens reward storage providers for offering reliable services and penalize them for downtime or data loss.

• Proof of Storage: Uses novel cryptographic proofs like Proof-of-Replication and Proof-of-Spacetime to verify that data is stored correctly and persistently.

• Open Market: Clients and storage providers negotiate prices and terms freely, promoting competitive and fair pricing.