Filecoin is a decentralized storage network that turns unused hard drive space into a marketplace. It allows anyone to rent out storage space or pay to store data securely across a distributed network of computers.
Users pay with the FIL token to store or retrieve files, while storage providers earn FIL by hosting data. The protocol uses cryptographic proofs to ensure data is stored reliably over time, creating a secure and efficient cloud storage alternative.
Most people buy Filecoin on a major exchange. Binance has the lowest fees and the widest selection — here's the quick version:
FIL is the native cryptocurrency of the Filecoin network. It is used to pay for data storage and retrieval services on the platform.
Storage providers earn FIL tokens by renting out their unused storage space and continuously proving they are correctly storing data as agreed.
Filecoin offers a decentralized alternative that can be more resilient and censorship-resistant, with storage sourced from a global network of providers rather than a single company.