After worldwide cryptocurrency asset manager Grayscale added Filecoin to its investment trust in 2021, the popularity of the platform’s native token FIL surged. That was just one reason though. The network on the whole is popular amongst crypto enthusiasts due to its ability to disrupt the current cloud storage industry.
Filecoin is a cloud-based storage network that’s operated by a decentralized community of peers instead of a central authority. The network claims to compete with the top cloud storage services like Amazon, Dropbox, and Google. Dropbox for example lets users store up to two gigabytes of data. These files are then sent to data storage facilities located in the U.S.A. where users re-download the files at will. Filecoin however removes the central storage site completely.
Instead, Filecoin lets its users acquire cloud storage using apps like Slate. There, they can choose a variety of storage options offered by other users called “miners.” The user then selects the miner they like best and sends the data to the miner for it to be stored. Miners provide the storage space and proof that they are storing the data securely. This is all verified on the network and anything that is not adhering to the rules is denied.
The platform’s native token, FIL, is used for payments to miners and rewards. In return for correctly storing data and verifying the data of other users, miners get a storage payment.
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