Launched in 2020 by Protocol Labs and its founder Juan Benet (following a massive 2017 ICO), Filecoin (FIL) is a decentralized storage network designed to serve as an "Airbnb for data." Built on top of the InterPlanetary File System (IPFS), it creates an open algorithmic marketplace where users pay to store their files on the unused hard drive space of independent storage providers worldwide, rather than relying on centralized cloud giants like Amazon Web Services or Google. The network secures this data using unique cryptographic proofs—Proof of Replication and Proof of Spacetime—which mathematically verify that miners are actually storing the data they claim to be holding over time. The native token, FIL, functions as the economic fuel of the system; clients use it to pay for storage and retrieval deals, while storage providers must stake it as collateral to ensure they behave honestly and maintain service reliability.
