Anyone can rent out storage space on the decentralized Filecoin network. Anyone can purchase storage on the network in the same way. Data can be divided up and stored on several computers throughout the world rather than having to rely solely on one business.
When Juan Benet published the whitepaper Filecoin: A Cryptocurrency Operated File Storage Network in 2014, Filecoin was first made public. Similar to Bitcoin, the concept is a blockchain network where nodes can store data that is secured by a proof-of-retrievability component. Protocol Labs is the company behind Filecoin.
On top of IPFS, Filecoin is frequently referred to as an incentive layer. By receiving payment in FIL tokens, users are simply encouraged to rent out their storage space. So, is it possible to send Christmas images to Mars or Venus using Filecoin? Still not. Using a more decentralized design, IPFS is a peer-to-peer data storage and retrieval mechanism. It doesn't rely on centralized servers to store data, unlike HTTP or HTTPS.
At the time, Filecoin's 2017 ICO set a record by raising over $250M. In October 2020, the Filecoin mainnet was subsequently released.
- USE CASE
With Filecoin, consumers may pick the best storage option without being constrained by vendor contracts or paying exorbitant prices for on-demand storage. On the network, organizations and people with extra storage space can advertise it. In exchange for distributing their resources, they receive FIL. It might not be immediately clear, but you can also create DApps for storage! DeFi apps, consumer storage apps, decentralized video apps, and other types are among them.
Global file storage and retrieval inefficiencies have a perfect solution with Filecoin. Additionally, it gives the consumer more control because they are less likely to be constrained by agreements with large corporations.
Filecoin is already functioning in the real world thanks to a working mainnet and a sophisticated set of utilities. The Filecoin ecosystem's success will depend on how widely it is used within the cryptocurrency community as well as on its ability to draw new users into the Web 3.0 space.
https://academy.binance.com/en/articles/what-is-filecoin-fil