What is FIL
Filecoin is a decentralized cloud storage platform designed by Protocol Labs. Filecoin aims to solve the problems related to centralized cloud storage services. Centralized cloud platforms can be expensive and can carry risks like server outages, meaning users wouldn’t be able to freely access their data. Centralized platforms can also control a user’s data. Filecoin solves these issues by giving user’s more control over their data and how it is stored. Using a decentralized network of validators, Filecoin’s blockchain platform can store huge amounts of data — allowing users to easily access their information. All information store on the Filecoin platform is encrypted, so rogue validators or hackers won’t be able to view or steal it. Validators are rewarded for their network contributions in Filecoin’s native token, FIL.