What is Filecoin (FIL)?
Filecoin (FIL) is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. Created by Protocol Labs and built on top of InterPlanetary File System, Filecoin allows users to rent out unused hard drive space. Filecoins’ creator, Juan Benet, has compared Filecoin to Airbnb saying “There’s a ton of storage in the world that’s not getting used. Think of it like Airbnb. You had people with rooms that weren’t being used; Airbnb built a marketplace for them.” Filecoin tries to apply this model to digital storage.
Real World Example:
Filecoins native token $FIL is used as a method of payment on the network. Nodes on the network offer up their data storage resources and receive $FIL in return form users looking to have their data stored on the network.
As of July 2021 the total connected decentralized storage was 7.580 EiB.
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