Filecoin (FIL)

Filecoin is a decentralised storage system that aims to "store humanity's most critical information." The project raised $205 million in an initial coin offering (ICO) in 2017 and planned to launch in mid-2019.  

The project was initially introduced as an incentive layer for the peer-to-peer storage network named IPFS back in 2014. Filecoin is an open system supported by a blockchain that records network members' commitments, with transactions conducted in FIL, the blockchain's native currency. Proof-of-replication and proof-of-spacetime both serve as the foundation for the blockchain.

Juan Benet, who also invented the Interplanetary File System, launched Filecoin. Benet is a computer scientist from the US who studied at Stanford University. After establishing Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014, with the purpose to promote both IPFS and Filecoin, as well as other initiatives.

Filecoin intends to decentralise data storage. Unlike cloud storage providers such as Amazon Web Services and Cloudflare, which are prone to centralization issues, Filecoin uses its decentralised nature to safeguard the integrity of a data's location, making it easily discoverable and difficult to censor.

Decentralized storage systems, such as Filecoin, enable users to be their own custodians of their data while also making the internet more accessible to people all over the world. Filecoin encourages users to act honestly and keep as much data as possible since contributing in the network by mining and storing directly correlates to earning greater block rewards.

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