Understanding FIL
What is Filecoin?
Filecoin (FIL) is a decentralised storage solution designed to create a more efficient and secure way to store data. Launched in 2020 by Protocol Labs, Filecoin allows users to rent out excess storage space while rewarding them with FIL tokens. This peer-to-peer model aims to disrupt traditional cloud storage providers by offering lower costs and increased data security.
Filecoin’s unique proof-of-storage consensus mechanism ensures that stored data remains accessible and verifiable. It has become a popular choice for decentralised applications (DApps) needing secure, censorship-resistant storage solutions.
With increasing demand for decentralised data storage, Filecoin continues to expand its ecosystem, positioning itself as a critical infrastructure layer for Web3.
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