What is Filecoin

Filecoin is a decentralized storage network that allows people to store files securely on computers around the world. Normally, we use services like Google Drive or Dropbox to store files on a central server. But Filecoin uses a global network of computers to store files in a distributed way.


How Does It Work?

  1. People who want to store files → Pay a small fee to those who store files for them.

  2. People who store files (Storage Providers) → Keep the files safe and must prove that they are storing them properly using cryptographic proofs.

  3. People who want to access files → Search for the files on the network and, if needed, pay a small fee to download them.

So, Filecoin is like an open market that connects people who need storage with those who provide it!


Features of Filecoin

Anyone can join → You can be either a file owner or a storage provider. ✅ Prices are set freely → No single company controls the prices; people decide them on their own. ✅ Secure and transparent → Storage providers must constantly prove that they are keeping the files safe.


Where is Filecoin Used?

  • NFT Storage → Keeps blockchain-based art and music safe.

  • Gaming Asset Storage → Stores data for metaverse and online games.

  • Data Backup → Saves important website or business data securely.

In short, Filecoin is a safer and more open alternative to traditional cloud storage services like Google Drive and AWS.