What is FileCoin (FIL) Token:

FileCoin (FIL) is the decentralized storage protocol token that powers the FileCoin network. The token incentivizes users to store and retrieve data from storage providers around the world, creating a cost-effective, secure, and reliable market for file storage. The FileCoin protocol is designed to make file storage and retrieval more secure, reliable, and cost-effective than traditional centralized storage systems, and allows users to access a decentralized storage market with the trustless infrastructure of Web3.

What is FileCoin Network:

FileCoin is a peer-to-peer network that stores files and provides economic incentives and cryptography to ensure files are stored reliably over time. It is built on top of the same software powering IPFS protocol, and allows users to pay to store their files on storage providers. Available storage, and the price of that storage, is not controlled by any single company, but rather is a competitive market facilitated by FileCoin. The network is able to support a wide range of formats of data, including audio and video files, and is utilized by various platforms, such as NFT.Storage and Audius, to provide a decentralized storage solution.

How Filecoin Works?

The Filecoin protocol is designed to make file storage and retrieval more secure, reliable, and cost-effective than traditional centralized storage systems. The Filecoin network consists of nodes, storage providers, and actors. Nodes keep the Filecoin blockchain up-to-date and validate messages in every block. Storage providers are responsible for storing data on the network, which they are rewarded for in FIL. Actors are responsible for managing the state of the network, such as accounts, multisigs, and account balances. To store and retrieve data on the network, users must create storage and retrieval deals with storage providers, who must prove that they are storing the data and that it is being stored correctly. To ensure this, storage providers use Proof of Replication (PoRep) and Proof of Spacetime (PoSt) cryptographic proofs. To execute messages, actors must pay a gas fee, which is paid to the block-producing storage provider and is composed of the BaseFee, GasLimit, GasFeeCap, and GasPremium. Filecoin provides a secure, decentralized, and cost-effective alternative to traditional centralized storage systems.

Who Created FileCoin?

Filecoin was created by Protocol Labs, founded by Juan Benet and Dave Hyland in 2014. Protocol Labs is also the creator of IPFS and libp2p, which are integral components of the Filecoin protocol. Protocol Labs has been researching, developing, and deploying blockchain-based technologies since early 2014 and was created to help make the world’s data more accessible, secure, and useful.