Filecoin (FIL)

Filecoin (FIL) is the native crypto of the Filecoin network. Filecoin is the Airbnb for data.

Filecoin is the Airbnb for data.

It is a decentralized data storage network where excess storage can be bought and sold. It is also the incentive & security layer for InterPlanetary File System (IPFS). In simple words, it is a marketplace for unused storage - in consumer hardware and data centers.

In the conventional world, cloud service providers like Amazon Web Services (AWS) and Microsoft Azure provide centralized servers and IP addresses for user data. In the blockchain world, Filecoin uses hash-addressed content structures to reduce redundancy and increase efficiency.

Filecoin is integrated with Ethereum. This enables developers to access Ethereum blockchain data and interact with Ethereum smart contracts.

Filecoin (FIL) is the native crypto of the Filecoin network. It can be used to pay miners to store/distribute data and to retrieve information. Storage providers guarantee a minimum service level by providing FIL as collateral.

Consensus mechanism: Proof-of-replication (PoRep) and Proof-of-spacetime (PoSt).

PoRep enables storage miners to prove that they are physically storing a unique copy of client data. PoSt proves that storage miners are continuing to dedicate storage space to client data over time.

Wallets

The recommended Filecoin wallet implementations are Lotus and Glif wallet.

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