FIL Token: Fuel and Foundation of the Filecoin Economy! ⛽💎
FIL is the native token of the Filecoin network, which is an integral part of its economy and provides the functionality of decentralized storage.
Payment for Storage and Retrieval: Users wishing to store data on the Filecoin network or retrieve it pay "providers" (miners) for their services in FIL tokens.
Staking for Providers: Providers must stake (deposit) FIL tokens to participate in the network and demonstrate their commitment to honest data storage. This stake can be reduced in case of non-compliance with the terms.
Rewards: Providers receive rewards in FIL for successful data storage and providing proof of that storage.
Governance: FIL holders can participate in the governance of the network by voting on proposals for its development and protocol changes.
The FIL token creates economic incentives that ensure the smooth and reliable operation of a decentralized data storage network.
