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 is made by Protocol Labs and builds on top of InterPlanetary File System, allowing users to rent unused hard drive space.
How is FILECOIN used?
The Filecoin network achieves staggering economies of scale by allowing anyone to participate as a storage provider and monetize their open hard drive space.
The Filecoin network is designed to reward participants at multiple levels — from large scale data centers to local entrepreneurs with mining rigs that cover the last mile.
More rewards for more storage
No useless proof-of-work here. Storing more files is directly related to winning more block rewards. The more storage you add, the more filecoin you’ll earn.