About Filecoin (FIL)
Filecoin (FIL) is a blockchain network and decentralized peer-to-peer (P2P) digital storage ecosystem and marketplace. Built on InterPlanetary File System (IPFS) technology, Filecoin incentivizes hard disk drive-sharing through its native FIL token. Filecoin price is updated live on Binance.
Filecoin operates as a decentralized file-sharing and storage platform, offering an alternative to centralized digital storage. Through Filecoin, it’s possible for users to sell storage on the Filecoin network and determine their own contract terms and prices.
The IPFS technology that drives Filecoin is open-source and free to use but offers no incentive to users who provide storage space. Filecoin can be considered an incentive layer on top of IPFS that gives out blockchain-enabled rewards through the FIL token, thereby promoting the use of decentralized storage.
Users who want to store data on the Filecoin network must pay miners, who provide data storage, a fee determined by the Filecoin market. Miners must perform computationally complex processes called proofs to verify that they are storing user data reliably.