Filecoin is an open-source, decentralized, cloud-based storage network powered by blockchain technology. It gives its users the power to store their important information on the cloud in a highly secure, encrypted, and distributed manner.
The dynamic and distributed cloud network makes data storage far more cost-effective and secure than existing centralized storage providers. In addition, it provides incentives to users who wish to contribute storage resources and host data on their systems by joining the Filecoin network.
FIL is the native digital asset of the Filecoin protocol, used mainly to pay for transactions within the network. Users pay storage providers in FIL when they wish to store their data on the Filecoin network, while those who provide storage resources are offered incentives in FIL crypto.
The Filecoin network has immense potential, providing a decentralized storage solution for dApps, websites, digital content, enterprise data, private data of individual users, public datasets, and more. The decentralized cloud infrastructure of Filecoin allows users to access cloud services at highly competitive pricing powered by cryptography and immutability thanks to the underlying blockchain technology.
