Filecoin is a peer-to-peer decentralized network for storing, hosting, and retrieving data reliably on blockchain. The network was introduced in 2017 by Protocol Labs, a company that is famous for its peer-to-peer solutions such as IPFS (InterPlanetary File System) and Libp2p. Filecoin was schedule to have its mainnet released in 2019 but had to postpone until 2020.
Filecoin incentivizes people to join the network by rewarding FIL tokens to those who provide storage, and those who want to use such storage have to pay FIL. However, miners, also storage providers in this case, have to compete to have the lowest fee.
To verify that the data are indeed saved for a predetermined period of time, Filecoin uses two consensus mechanisms, Proof of Replication and Proof of Spacetime.
FIL has a hard cap maximum supply of 2 billion. At the moment, there are 305.9 million FIL tokens in circulation.
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