What is Filecoin?

Filecoin is a decentralized storage network designed to enable users to rent out their excess storage space and earn cryptocurrency rewards. Launched in 2020, Filecoin aims to create a more efficient and reliable way to store and retrieve data across a global network of participants.

Key Features

• Decentralized Storage Network
• Proof-of-Storage (PoSt) Consensus
• Miners Earn FIL Tokens for Storage
• File Retrieval Market and Incentives
• Secure and Resilient Data Storage

Use Cases

Filecoin is used for storing various types of data, including backups, archives, media, and more. It provides an alternative to centralized cloud storage solutions by utilizing the resources of a distributed network of participants.