What is Filecoin?
Filecoin is a decentralized blockchain-based peer-to-peer storage system powered by the FIL token. It allows users to store their files on other people’s hard drives through the InterPlanetary File System protocol. The project was founded by Juan Benet, the creator of Protocol Labs.
FIL’s primary scope of application are storage and retrieval fees within the Filecoin network, as FIL is the ecosystem's native token. The miners are also rewarded with FIL. There are estimated 16 million FIL tokens in circulation at the moment, giving the project a market cap of $957,789,439.
The coin had a record-breaking ICO in 2017, raising over $250 million from the investors, including renowned Silicon Valley venture capitalists. It reached an all-time high in October 2020 at $131 and is currently ranking number 25, according to Coinmarketcap.
