What is Filecoin?

Filecoin is a decentralized storage network that enables participants worldwide to serve as storage providers. It operates by separating data storage from additional services, thus allowing storage to function similarly to a commodity or utility.

The network facilitates a market-driven pricing model for storage, influenced by supply and demand rather than corporate pricing strategies. Miners on the Filecoin network are motivated to compete based on factors such as reliability and price.