Filecoin (⨎) is an open-supply, public cryptocurrency and digital price system projected to be a blockchain-based unified virtual storage and information retrieval method. It is made via Protocol Labs and builds on top of the InterPlanetary file system (IPFS), permitting customers to rent unused hard drive space. A blockchain mechanism is used to check the offers. In keeping with Filecoin’s authors, it is a decentralized storage system that objectives to “keep humanity’s most important data.” Filecoin is an open protocol subsidized by a blockchain that information commitments are made by the network’s individuals, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on proof-of-spacetime and proof-of-replication.
Opposite to the centralized storage method, Filecoin pursuits are to store information in a decentralized way, which is resistant to issues in centralized storage. Because of Filecoin’s decentralized nature protects the integrity of information’s location, making it effortlessly retrievable and hard to censor. It additionally permits people on their network to be their custodians of the information that they keep. Moreover, Filecoin rewards the network nodes that mine and save data on their blockchain network.
The venture was released in August 2017 and raised over $200 million within 30 minutes. In April 2021, the Filecoin basis donated 50,000 filecoins worth $10,000,000 to The Internet Archive. The Internet Archive’s founder Brewster Kahle and director of partnerships Wendy Hanamura joined the boards of advisors of Filecoin and the Filecoin Foundation for the Decentralized web.