Filecoin (FIL) is a peer-to-peer network that operates as an internet storage cabinet. It is designed to reward everyone who participates in its network, which improves the overall dependability of the stored files. Filecoin enables everyone to participate in open marketplaces for data storage and recovery.
Juan Benet first introduced Filecoin in 2014 with the publication of the whitepaper Filecoin: a cryptocurrency-based file storage network. The concept aims to create a blockchain network similar to Bitcoin but with the ability for nodes to store data, which is ensured by a proof-of-retrievability component. Protocol Labs is the creator of Filecoin.
Filecoin has been referred to as an incentive layer on top of IPFS. This simply means that users are rewarded for renting out their storage space with FIL tokens. IPFS is a decentralised peer-to-peer data storage and retrieval technology. In contrast to HTTP or HTTPS, it does not depend on centralised servers for data storage.
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