Filecoin is a decentralized storage network created by Protocol Labs, operating on its own blockchain. Users can rent out unused hard-drive space as storage providers (“miners”) or store data with them, paying in FIL tokens .
FIL is used for:
Paying for storage and retrieval, enabling an open marketplace
Validators/miners earn FIL by storing data and proving it remains stored over time via cryptographic proofs: Proof‑of‑Replication and Proof‑of‑Spacetime
