What Is Filecoin (FIL): A Decentralized Storage Solution for All?
Global file sharing and storage are areas marked by constant innovations. One such innovation is the introduction of Filecoin. You might be asking yourself what Filecoin is. The best way to describe it is as a global decentralized storage system that brings benefits for all participating computer operators.
With Filecoin, all the data is stored on a peer-to-peer blockchain. Simply put, the Filecoin network is maintained by:
- Miners who dedicate their computing power and receive payment for ensuring storage space for users.
- Filecoin users who, on the other hand, can retrieve, distribute or store the data by paying miners a fee.
As the Filecoin network continues to expand (with more miners supplying storage space, and more users placing their trust in it with their data), the value of the underlying cryptocurrency, FIL, is likely to increase. This is because the number of transactions requiring that digital currency will grow. In case enough people adopt Filecoin, it may turn into the fastest and least expensive way to store data on the web.