What is Filecoin (fil)?

These advancements will create a completely decentralized storage market, ensure that your files are secure, and allow miners to earn Filecoin (FIL) — the token of the Filecoin Network — for storing your files. Filecoin is a decentralized storage network designed to store humanity’s most valuable information.

What is Filecoin’s post and Porep?

More specifically, the team released two new cryptographic proofs: proof-of-spacetime (PoSt) and proof-of-replication (PoRep). These advancements will create a completely decentralized storage market, ensure that your files are secure, and allow miners to earn Filecoin (FIL) — the token of the Filecoin Network — for storing your files.

Is Filecoin a decentralized storage system?

We should note that, along with Filecoin, other protocols offer cryptocurrency-powered, decentralized storage and file-sharing systems. These include Siacoin, which already has a 2 petabyte network capacity, and Storj, which already has a more-than100 petabyte network capacity.

What is the Filecoin HDD storage market?

The Filecoin network has a market for HDD storage, where users/clients looking to store data are able to bid for available storage that is provided by miners. The latter will be assessed based on their reliability and the prices they ask for HDD storage. It is a market, since participants are able to place bids and ask prices.