Filecoin $FIL is a decentralized storage network that allows users to rent out their unused hard drive space to others who want to store data in a secure and decentralized manner. The project was created by Protocol Labs, which also created the InterPlanetary File System (IPFS). The goal of Filecoin is to provide a decentralized alternative to centralized storage providers such as Amazon S3 and Dropbox.

The network uses a proof-of-replication and proof-of-spacetime consensus mechanism to ensure that the data is stored securely and efficiently. This means that each piece of data is stored on multiple nodes in the network to ensure redundancy and durability. The network also includes a number of additional features such as verifiable audit trails, data encryption, and support for decentralized applications.

The FIL is the native token of the Filecoin Network, which is used to pay for storage and retrieval services on the network, and also serves as an incentive for miners to contribute storage resources to the network. The total supply of FIL is capped at 2 billion tokens, with a portion of tokens allocated to early investors, developers, and the Filecoin Foundation, which oversees the development and governance of the network.

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