In 2014, Juan Benet proposed Filecoin — a decentralized storage network that was initially conceived as an incentivizing mechanism for the Interplanetary File System (IPFS). In 2017, Filecoin’s ICO raised $205 million, while its mainnet went live in October 2020. Backed by years of research and development efforts, Filecoin’s mission is to “store humanity’s most important information.” It leverages blockchain technology to challenge the monopoly of centralized cloud storage architectures, thereby enabling the hitherto-excluded users to access secure and seamless storage services. Filecoin secures its network using Proof-of-Replication and Proof-of-Spacetime consensus instead of the resource-intensive Proof-of-Work. The project’s native token, FIL, serves as the payment method for transactions on the platform. 

Buy Filecoin on New Zealand’s top-rated crypto exchange, Swyftx.