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Filecoin, introduced by Protocol Labs in 2017, is a decentralised storage network built on blockchain technology combining with IPFS[RS1] . It employs an innovative incentive system using its own cryptocurrency, also named Filecoin, to ensure files are stored reliably over time. Through an open market, storage providers compete to offer their services, earning Filecoin tokens as rewards, while clients spend tokens to hire storage space. Decentralised storage providers such as NFT.storage and Web3.storage provide free or cheap storage to their clients because of the underlying incentive mechanism of the Filecoin network. [RS2] Unique to Filecoin is the proof-of-replication and proof-of-spacetime mechanisms ensuring that data is stored in a distributed and verifiable manner. Serving not only as a digital currency but also as a distributed, efficient, and robust foundation for humanity's information, Filecoin aims to store the world's most valuable datasets around the globe.
