Convert 20 FIL to USD today

Filecoin is a decentralized platform that connects people who need to store/extract data with those who provide data storage space. The purpose of Filecoin is to store data in a decentralized way. Unlike cloud-storage companies like Amazon Web Services or Cloudflare, which are prone to centralization issues, Filecoin leverages its decentralized nature to protect the integrity of data locations, helping data be easily retrieved and difficult to censor. Filecoin can also provide file storage services for other decentralized platforms.

In Filecoin’s network, there are three main groups: Clients, Storage Miners, and Retrieval Miners with the following main functions:

• Clients are users who use the service to store and retrieve data.
• Storage Miners are those who provide storage space for data submitted by clients. After the data is submitted, the Storage Miners must continuously provide proof of their stored data.
• Retrieval Miners perform data retrieval from Clients and Storage miners according to requests from Clients.

Filecoin Token (FIL) is a cryptocurrency created for internal transactions in the Filecoin network. Clients use FIL to pay fees to store their data. Storage Miners are paid in FIL to make data storage hardware contributions. Retrieval Miners are paid in FIL for their contribution to data retrieval.

In addition, FIL is also used as a digital asset representing the Filecoin ecosystem. Users who own Filecoin Tokens will share profits based on Filecoin’s business growth results.