Filecoin (FIL) is a decentralized storage network created by Juan Benet, the developer behind the InterPlanetary File System (IPFS). The project aims to provide a secure and distributed way to store critical data, often described as “storing humanity’s most important information.” Benet, a computer scientist and Stanford alumnus, founded Protocol Labs in 2014 and leveraged programs like Y Combinator to help launch Filecoin, IPFS, and other related initiatives.
In 2017, Filecoin conducted an Initial Coin Offering (ICO), raising $205 million to fund the development of its network. The platform runs on an open-source blockchain that records storage commitments from participants. Transactions within the network use Filecoin’s native token, FIL. Filecoin’s blockchain utilizes innovative consensus mechanisms called Proof of Replication (PoRep) and Proof of Spacetime (PoSt) to verify data storage and integrity across the network.
Reference: CoinMarketCap