Filecoin

Filecoin (⨎) is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. It was developed by Protocol Labs and shares some ideas from InterPlanetary File System allowing users to rent unused hard drive space. A blockchain mechanism is used to register the deals. Filecoin is an open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain's native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

History
The project was launched in August 2017, and raised over $200 million within 30 minutes.

In 2020, the project set up the Filecoin Foundation to support the development of the protocol, and the Filecoin Foundation for the Decentralized Web to support other projects contributing to the ecosystem of the decentralized web.

Philanthropy
In April 2021, the Filecoin Foundation donated 50,000 filecoins worth $10,000,000 to the Internet Archive. In addition, Internet Archive's founder Brewster Kahle and director of partnerships Wendy Hanamura joined the boards of advisors of Filecoin and the Filecoin Foundation for the Decentralized Web.

Network total storage power
As of November 2023, the total storage capacity was 25 EiB, and total data stored was 2.0 EiB.