Filecoin is a decentralized storage network that allows users to store, retrieve, and share data. It was created by Protocol Labs and launched in 2020.
Filecoin uses a unique approach to storing data, called “proof of storage,” which verifies that a certain amount of data is being stored in the network. This allows the network to incentivize users to store and share data by rewarding them with Filecoin tokens.
The Filecoin network consists of two types of users: clients and storage providers. Clients pay storage providers to store their data, and storage providers earn Filecoin tokens for storing and sharing data. The network also includes “miners” who verify transactions and maintain the integrity of the network.
Filecoin is designed to be highly scalable and can handle large amounts of data. It is also designed to be highly secure, with data being encrypted and distributed across the network, making it difficult for hackers to access or corrupt the data.
Overall, Filecoin aims to create a more decentralized and secure way to store and share data, which can help to increase privacy, security, and data ownership for users.
