What is Filecoin (FIL)? | The Filecoin Network Explained In Under 60 Seconds

The Filecoin network is a decentralized file storage network that allows anyone to store, retrieve and host digital data. FIL is the token that powers the Filecoin network, and used as payment for services.

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Operating on the blockchain, Filecoin allows for secure storage of digital data such as company files, music, private data, websites, videos or any other digital files.

Filecoin nodes are peers that sync the Filecoin blockchain & validate the messages in every block. Nodes can manage Filecoin wallets & receive FIL on them.

Filecoin miners provide services to the network by executing different types of deals & appending new blocks to the chain in exchange for FIL rewards.

The Filecoin protocol & storage network can also be leveraged to build dApps and other applications on Web3.