What is Filecoin

Filecoin (FIL) is a decentralized storage system that aims to “store humanity’s most important information". Unlike cloud-storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor. Filecoin is an open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using "FIL", the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime. You can safely and reliably buy and sell FIL on LiteBit.