Filecoin (FIL) is a decentralized network for data storage, where users can rent out their free disk space and receive FIL in return.
How it works: Users pay miners for file storage. Miners must continuously prove to the network that they are indeed storing the data through special checks (Proof-of-Replication and Proof-of-Spacetime). If a miner makes a mistake and the data is lost, they are added to a list of "offenders" and a portion of their collateral (slash) is burned.
Project feature: To create an open market for data storage that is safer and often cheaper than traditional clouds like Google Drive, because the data is distributed across many computers.
