Filecoin is an open-source public cryptocurrency and decentralized digital payment system that aims to be a blockchain-based cooperative digital storage and data retrieval technique. It aspires to make the web more safe and efficient via a decentralized data storage marketplace by serving as an incentivization layer on top of the InterPlanetary File System (IPFS).
Filecoin makes use of unused hard drive space and bandwidth to provide open-market data storage and retrieval services, letting anybody to join as a storage provider and monetize unused hard drive capacity. The Filecoin blockchain includes a built-in self-healing mechanism that detects defective storage nodes and redistributes their stored data to more dependable nodes.
In 2017, the project received $205 million through an initial coin offering (ICO), with a target launch date of mid-2019. The maximum quantity of FIL tokens is set at 2 billion, with fresh FIL tokens generated via block rewards.
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