To learn more about this project, check out our in-depth study on Filecoin. What is Filecoin (FIL)? Filecoin is a decentralized filing system that aims to "store humanity's most important information." The project raised $205 million in an Initial Coin Offering (ICO) in 2017 and initially had a launch date of mid-2019. However, the Filecoin mainnet launch date was pushed back to block 148,888, scheduled for mid-October 2020. The project was first described in 2014 as an incentive tier for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol supported by a blockchain that records commitments made by network participants, with transactions made using FIL, the blockchain's native currency. The blockchain is based on both proof of replication and proof of space-time. Who are the founders of Filecoin? Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting IPFS and Filecoin, as well as other projects. What makes Filecoin unique? Filecoin aims to store data in a decentralized way. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to centralization issues, Filecoin takes advantage of its decentralized nature to protect the integrity of data location, making it easily retrievable and difficult to censor. Decentralized storage systems like Filecoin allow people to be custodians of their own data, as well as making the web more accessible to people all over the world. Since participating in the Filecoin network through mining and storage is directly related to earning multiple shard rewards, Filecoin encourages attendees to act honestly and archive as much data as possible. Related Pages: Check out CMC Alexandria's dive into Filecoin. We have also prepared a list of 5 things that decentralized storage aims to solve. Do you see the terms you don't know? Consult our glossary on Alexandria. How many Filecoin (FIL) coins are in circulation? Protocol Labs describes Filecoin's tokenomics or economic model as a "data marketplace" where users can sell their storage space to other users looking to rent. Five interested parties will be able to exchange tokens: developers, customers, miners, token holders and ecosystem partners. There will also be three Filecoin marketplaces, according to Protocol Labs: file storage, file retrieval, and exchange token trading. In the fall of 2020, 400 miners participated in what has been called the "Space Race" testnet phase, increasing the Filecoin network's data capacity by over 325 pebibytes; Approximately 3.5 million FIL tokens will be issued to participants in the space race. How is the Filecoin network protected? Filecoin is protected by proof of replication and proof of space-time. On the Filecoin network, nodes, also known as recovery miners, compete to serve clients with data as quickly as possible. They are then rewarded with FIL fees, which fosters a network of nodes that want to replicate and preserve files. Storage mining nodes are constantly competing for contracts to provide storage space to clients for a specified period of time. When a storage miner and her client enter into a deal, the storage miner holds the client's data in a sector and "seals" it to create a unique copy of that sector's data. Storage miners are rewarded FIL by clients as trading fees and these miners can also mine blocks and receive a block reward. Where can you buy Filecoin (FIL)? Before the launch of the Filecoin mainnet, Gemini and Kraken announced support for FIL. Huobi will include FIL after the mainnet is up. For more information on buying cryptocurrencies, check out CoinMarketCap's simple guide here.