Filecoin network is powered by $FIL, which serves as the underlying token for all transactions within the network. $FIL is primarily used to pay for data storage, retrieval, and other transactions that may occur on the network. Since the network does not rely on a centralized server, data stored on the blockchain is highly secure and cannot be easily compromised by hackers or other malicious actors, unlike data stored by central file storage providers.
Filecoin is likely to be much cheaper than centralized data storage providers like Amazon Web Services (see fig for more details)
The Filecoin Initial Coin Offering (ICO) in Sep 2017 raised $257 million, making it the largest ICO on record at that time. Protocol Labs, the company behind Filecoin, is backed by reputable investors such as Digital Currency Group, Coinbase co-founder Fred Ehrsam, Stanford University accelerator StartX, and AngelList founder Naval Ravikant. These investors' reputations can help build trust in the project. Show Less
