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.

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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!

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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.

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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.