Filecoin (FIL) is a decentralized storage network and cryptocurrency designed to provide a secure, efficient, and decentralized platform for storing and retrieving data.
Filecoin was created by Protocol Labs and launched in October 2020.
Filecoin network and FIL token
It is designed to be a decentralized storage network, where users can rent out their unused storage space (miners) and users can pay for storing and retrieving data on the network.
Filecoin uses a unique consensus mechanism that includes Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt) to ensure that miners are genuinely storing the data they claim to store.
The network incentivizes miners to offer storage space by rewarding them with FIL tokens for storing and providing data retrieval services.
Content Addressable Storage
Data stored on the Filecoin network is content-addressable, meaning it is referenced by its content, not its location. This ensures data integrity and allows for easy verification of stored data.
Moreover, Filecoin is built to be compatible with the broader Web3 ecosystem, allowing developers to build decentralized applications (DApps) that utilize Filecoin’s storage capabilities.
Source: https://coinidol.com/filecoin-fil-token/