What is Filecoin (fil)?

Filecoin is a peer-to-peer network that stores files, with built-in economic incentives to ensure files are stored reliably over time. In Filecoin, users pay to store their files on storage miners.

What is a Filecoin miner?

A miner could be any internet-connected computer with spare disk space or a dedicated system with lots of storage built specifically for Filecoin. Filecoin’s blockchain rewards miners for contributing useful storage to the internet, not for completing wasteful proof-of-work computations.

Why do people mine and store data in Filecoin?

Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible Check out CMC Alexandria’ deep dive into Filecoin. We’ve also prepared a list of the 5 things that decentralized storage aims to fix.

What is the Filecoin Space Race?

In fall 2020, 400 miners participated in what was called the “Space Race” testnet phase, increasing Filecoin’s network data capacity by over 325 pebibytes; approximately 3.5 million FIL tokens will be released to the Space Race participants. How Is the Filecoin Network Secured?