Filecoin (FIL)
The backbone of decentralized data storage.
**Filecoin (FIL)** is a decentralized storage network that allows users to rent out or purchase storage space through a blockchain-powered marketplace.
Instead of relying on centralized servers, data is distributed globally across independent providers.
The network is built on the InterPlanetary File System (IPFS), ensuring content is verifiable, secure, and censorship-resistant.
Below is live market data fetched directly from the CoinGecko API.
Filecoin (FIL) Live Data
Current Price: $1.59
Market Cap: $1,144,508,445
24h Volume: $113,736,701
24h Change: -1.26%
Rank: 95
Project Overview
Filecoin transforms how data is stored and accessed online by connecting a global network of storage providers.
It enables a decentralized marketplace where users pay in **FIL** tokens to store or retrieve data, creating an open economy for cloud storage.
The network ensures reliability and redundancy through cryptographic proofs that verify data remains intact over time.
Key Insights
Filecoin plays a critical role in the decentralized web by enabling trustless, secure, and verifiable data storage. It offers an alternative to centralized services like AWS, Google Cloud, or Dropbox.
The network uses **Proof of Replication** and **Proof of Spacetime**, unique consensus mechanisms that guarantee users' files are safely stored and constantly verified.
Storage providers earn FIL by offering space and maintaining uptime, while users benefit from lower prices and improved data sovereignty. This economic model fosters competition and resilience across a truly global infrastructure.
Filecoin is more than a storage network; it is a foundation for the **Web3 data economy**, enabling NFT storage, dApp hosting, and decentralized archives for enterprises.
Common Questions About Filecoin
1. What is Filecoin?
A decentralized storage network built on blockchain technology.
2. How does it differ from traditional cloud storage?
It distributes data across multiple providers instead of centralized servers.
3. What is FIL used for?
FIL is used to pay for storage, retrieval, and transaction fees on the network.
4. Is data secure on Filecoin?
Yes, data integrity is verified cryptographically through unique proofs.
5. Who maintains Filecoin?
It is developed by **Protocol Labs**, the same team behind IPFS.
Market Context
Filecoin is a pioneer of decentralized storage, leading a new era where users control their data and infrastructure is community-owned.
Competing projects like Arweave and Storj share the same vision of building a censorship-resistant, permanent internet.