Filecoin is a decentralized storage network designed to turn cloud storage into an algorithmic market. The network facilitates open markets for storing and retrieving data, where users pay to store their files on storage miners. Filecoin is built on top of the InterPlanetary File System (IPFS), a peer-to-peer storage network. Filecoin aims to store data in a decentralized manner, unlike traditional cloud storage providers.

Participants in the Fi