About Filecoin (FIL)

A decentralised storage network (DSN) built by Protocol Labs, Filecoin (FIL) connects, via the cloud, an ecosystem of computer operators buying and selling data storage and retrieval services. 

Tokenised rewards lubricate the file-sharing exchange with participants receiving and sending FIL tokens for providing services on the network. 

Filecoin uses cryptographic proofs to verify the quantities and types of files on the network, transparently, helping to ensure files maintain integrity while ensuring file storage is permanent and distributed across the web. 

Founded by game developer Juan Benet, Protocol Labs is known for its efforts to rewrite basic internet protocols, creating technologies like Interplanetary File Storage (IPFS), a web-address-protocol alternative to "http://" and on which FIL is based. 

In late summer 2017, in what at the time was the largest initial coin offering ever, FIL raised $250 million, or about $6 per token.

Today, its market capitalisation is approximately $1 billion, making it the 41st largest crypto asset by market cap.

Benet has predicted that eventually, FIL, owing to its hypercompetitive marketplace model, could become the fastest and cheapest way to store data on the internet. And being decentralised reduces the odds that files are subjected to any unwanted meddling.