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Filecoin (FIL) is an altcoin cryptocurrency that powers the Filecoin network, a decentralised peer-to-peer file storage system. The system was initially outlined in 2014, founded by Juan Benet of Protocol Labs, creator of the InterPlanetary File System. The Filecoin mainnet was launched in October 2020. The Filecoin system aims to let anyone store, retrieve and host digital information. These services are paid for with FIL tokens, incentivising the provision of reliable storage. Filecoin's decentralised nature works to ensure that data is easily retrievable and difficult to censor. Filecoin is backed by a blockchain and is open protocol. The Filecoin blockchain is based on both proof-of-spacetime and proof-of-replication. During the initial coin offering (ICO) in 2017, the project raised $205 million. In November 2020, Filecoin’s total network storage capacity exceeded 1 exbibyte, which is over 1.1 million terabytes, or enough storage for over 290 million HD movies. Add FIL to your watchlist to stay updated on Filecoin value changes on eToro.