- What is Filecoin?
Filecoin (FIL) was developed by Protocol Labs which was founded by computer scientist Juan Benet, allowing users to rent unused hard drive space. Filecoin is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method.
Filecoin (FIL) is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.