Filecoin is a distributed electronic currency similar to Bitcoin. Unlike Bitcoin’s computation-only proof-of-work, Filecoin’s proof-of-work function includes a proof-of-retrievability component, which requires nodes to prove they store a particular file. The Filecoin network forms an entirely distributed file storage system, whose nodes are incentivized to store as much of the entire network’s data as they can. The currency is awarded for storing files, and is transferred in transactions, as in Bitcoin. Files are added to the network by spending currency. This produces strong monetary incentives for individuals to join and work for the network. In the course of ordinary operation of the Filecoin network, nodes contribute useful work in the form of storage and distribution of valuable data.

EARN FILECOIN FOR HOSTING FILES

Put your unused storage to work by becoming a Filecoin miner. Use the Filecoin mining software to get paid for fulfilling storage requests on the Filecoin market.

EXCHANGE FILECOIN FOR USD, BTC, ETH AND MORE

The Filecoin currency will be traded on a number of exchanges and supported by multiple cryptocurrency wallets, allowing you to easily exchange Filecoin for other currencies like US Dollars, Bitcoin, and Ether.

RELIABLY STORE FILES AT HYPER­COMPETITIVE PRICES

Clients can tune their storage strategy to suit their needs, creating a custom balance between redundancy, speed of retrieval, and cost. The worldwide Filecoin storage and retrieval markets make vendors compete to give you flexible options at the best prices.

Conclusion

We present a new cryptocurrency and file storage network called Filecoin. Filecoin enables outsourcing of data storage to a fluid distributed network of service providers. Individual providers are incentivized to allocate their storage resources to cover all requested data pieces, since any such piece may be the subject of a profitable future block-mining challenge. Parties may opt to join or leave the network at will, without compromising the robustness of the system. Tunable parameters trade off between churn and resiliency, replication factors, and consensus strategies.