Filecoin (FIL)

What is Filecoin?

Filecoin is a decentralized storage system that aims to provide a secure and efficient way to store and retrieve data. It was created by Protocol Labs, a company founded by Juan Benet, and raised $205 million in an initial coin offering (ICO) in 2017. The mainnet was initially planned for launch in mid-2019, but has since been pushed back to mid-October 2020.

This crypto is based on the Interplanetary File System (IPFS), a peer-to-peer storage network where users can pay for data storage and distribution services using the native Filecoin currency, FIL. The Filecoin blockchain uses proof-of-replication and proof-of-spacetime to record the commitments made by network participants, and all governance is handled by the community.

Who Founded Filecoin?

Filecoin was founded by Juan Benet, an American computer scientist who studied at Stanford University and founded Protocol Labs in 2014. He created both the Interplanetary File System and Filecoin, as well as other projects, and attended Y Combinator in 2014 to support them.

How is Filecoin Different?

Filecoin aims to provide a decentralized alternative to traditional cloud storage providers like Amazon Web Services and Cloudflare. By using a decentralized system, Filecoin aims to protect the integrity of stored data and make it more easily retrievable and resistant to censorship. It also allows users to be in control of their own data, and incentivizes participants to act honestly and store as much data as possible by offering block rewards.

Here’s How It Works…

Filecoin involves three main groups of users: clients, storage miners, and retrieval miners. Clients pay to store or retrieve data and place orders on the online storage market, where they are matched with storage miners. Storage miners store the data and receive rewards, while retrieval miners extract the data at the request of a client and can also act as storage miners. All actions are recorded on the Filecoin blockchain, and clients receive private keys to access their stored data.

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