What is Filecoin?
Coming out of test mode in October 2020, Filecoin is a peer-to-peer network developed by Protocol Labs where users pay competitive prices to storage miners to ensure their files are stored correctly and safely over time. The Filecoin blockchain records transactions to provide verification of file storage and transfer the native FIL cryptocurrency.
Unlike other cryptocurrency miners, which receive coins in exchange for running complex calculations to verify transactions, Filecoin miners receive FIL coin in exchange for providing computer storage. Storage miners are defined as any individual or organisation with spare disk space on an internet-connected computer.
Filecoin effectively facilitates the creation of an open market for file storage. Users can choose among miners to find one that offers the best balance of cost, speed and redundancy to meet their needs. The Filecoin protocol removes the need for each provider to create a different application programming interface (API) or advertise their offering, reducing barriers to entry and creating a decentralized environment of independent providers.
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