What is Filecoin?

Filecoin is a decentralized storage network that enables individuals worldwide to serve as storage providers. By separating hard-drive space from other services, it creates a market for storage that operates on supply and demand dynamics, resembling a commodity.

The network encourages competition among storage miners based on reliability and price. This model supports a global marketplace for data storage, allowing users to store and retrieve data efficiently through a decentralized framework.