$FIL is a decentralized storage system that aims to "store humanity's most important information".
The project raised significant funds via an initial coin offering (ICO) in 2017.
Filecoin is the digital token that is used as payment for storage or retrieval of data within the network.
The network uses a unique proof-of-storage system where miners earn more by sharing more storage, and the data they store is constantly verified to ensure its correctness.
Filecoin competes with centralized storage systems such as Amazon S3, and allows individuals to monetize their spare storage space on the network.
