The name of filecoin already tells a lot about the purpose of this cryptocoin. When you say âfileâ the next thing you say is âStorageâ. The Filecoin network uses a blockchain-based storage system that enables users to rent unused storage space from other network participants. Users can pay in Filecoin tokens to store their data on the network, and other users can earn Filecoin tokens by providing storage space to the network.
Filecoin website
The idea for filecoin is from 2014 and worked out as an idea till the initial coin offering in 2017. 257 million dollar was raised at that time. From that moment the real developpement started and in 2020 the launch was done on the main net after a time of serious tests before.
The need for online storage and availability from many users with some reqources / storage made it a succesfull product and coin.
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