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What Is Filecoin?

Filecoin is a decentralized storage network designed to store humanity's most important information. Created by Juan Benet and Protocol Labs (the same team behind IPFS — the InterPlanetary File System), Filecoin launched its mainnet in October 2020 after one of the largest ICOs in crypto history, raising over $200 million in 2017.

Filecoin builds on top of IPFS, a peer-to-peer protocol for storing and sharing data in a distributed file system. While IPFS provides the content-addressing and data distribution layer, Filecoin adds the economic incentive layer — a marketplace where storage providers are paid to store data reliably over time, and clients pay to store and retrieve their data.

The network uses two novel consensus mechanisms that are unique in the blockchain space. Proof of Replication (PoRep) proves that a storage provider has created a unique copy of the client's data. Proof of Spacetime (PoSt) proves that the data continues to be stored over time. These proofs are submitted regularly to the blockchain, ensuring that storage providers are actually storing the data they claim to be storing.

FIL is the native token of the Filecoin network. Storage providers (miners) earn FIL for providing storage capacity and serving retrieval requests. Clients spend FIL to store their data on the network. Storage providers must also stake FIL as collateral, which can be slashed if they fail to maintain the data they've committed to store. This economic design ensures reliability in the network.

Filecoin has introduced the Filecoin Virtual Machine (FVM), which brings smart contract capabilities to the network. FVM enables developers to build applications on top of Filecoin's storage layer, including data DAOs, perpetual storage contracts, and DeFi protocols around storage deals. This transforms Filecoin from a simple storage marketplace into a programmable storage platform.

The Filecoin network has grown to store exabytes of data from clients including major Web3 projects, universities, and scientific institutions. Filecoin serves as the storage backbone for much of the decentralized web, with integrations into NFT platforms, decentralized applications, and data preservation initiatives.

Getting Started With Filecoin

Getting started with Filecoin:

  1. Step 1: Choose a Filecoin wallet such as the Glif wallet or a compatible exchange wallet.
  2. Step 2: Acquire FIL from a cryptocurrency exchange.
  3. Step 3: To store data, use a Filecoin storage client or platform like Estuary, web3.storage, or Lighthouse.
  4. Step 4: To provide storage, set up a Filecoin storage provider node (requires significant hardware and FIL collateral).

How to Get a Filecoin Wallet?

Glif Wallet

Glif is a web-based Filecoin wallet that supports sending, receiving, and managing FIL. It also provides tools for interacting with FVM smart contracts and multisig functionality.

MetaMask

Since the launch of FVM, MetaMask can be used with Filecoin by adding the Filecoin network. This enables interaction with FVM-based dApps using familiar Ethereum tooling.

Ledger Hardware Wallet

Filecoin is supported by Ledger hardware wallets, providing secure offline storage for FIL. Ledger can be used with the Glif wallet for enhanced security.

Filecoin Resources

How to Buy FIL?

FIL is widely available on cryptocurrency exchanges:

Centralized Exchanges

FIL can be purchased on Coinbase, Binance, Kraken, Gemini, and most other major exchanges. Fiat pairs and stablecoin pairs are widely available.

Decentralized Exchanges

With the launch of FVM, DEXs on the Filecoin network are emerging. FIL can also be traded as a wrapped token on Ethereum DEXs like Uniswap.

Latest Filecoin News

Filecoin continues to expand its ecosystem following the launch of FVM, which has enabled smart contracts and DeFi on top of the storage network. Key developments include growing data onboarding from enterprise clients, the expansion of retrieval markets, and increasing interoperability with other blockchain ecosystems through cross-chain bridges.