$FIL is the ticker symbol for Filecoin, a decentralized storage network and cryptocurrency. Filecoin allows users to rent out their unused storage space or purchase storage from others on the network. It was launched in 2020 and is built on the IPFS (InterPlanetary File System) protocol, which enables the distributed storage and sharing of data across a decentralized network.
Filecoin aims to address issues related to data storage, including centralization, high costs, and privacy concerns. By incentivizing participants with $FIL tokens, Filecoin provides a marketplace for storing, sharing, and retrieving files in a decentralized manner. It has gained attention as a key player in the Web3 and decentralized storage space.