Filecoin is a blockchain project that allows anyone with space on their hard drive to host third-party files and earn for it.
When someone gives up their unused storage capacity, they become a Filecoin miner. To do this, you have to install Filecoin mining software so that it can be rewarded by complying with the storage applications of the worldwide Filecoin market.
The reward for this work is received by FIL, which is the cryptocurrency of the platform. This platform will be easily interchangeable, as stated on its website. It will be listed in a large number of cryptocurrency exchanges and can be stored in a wide variety of different wallets. That is to say, it will be easy to access FIL either with cryptocurrencies or with fiat money.
Safe Data Storage
The platform uses end-to-end encryption in addition to an erasure code, for redundancy and self-healing.
They also talk about offering a competitive and fair market for everyone, with the best prices and guarantees thanks to the platform encourages miners to compete to offer flexible options at the best prices.
The data is kept completely decentralized and can be easily verified. Filecoin implements two tests for this, the replication test that allows verification of storage, and the space-time test for block mining.
As in other blockchains, in Filecoin “FIL” it will be necessary to make use of the platform, specifically to store data, carry out transactions and it will be the currency that the miners will receive for their work.
Your supply will be limited. 30% of the tokens will be mined in the genesis block and 15% will be allocated to research, marketing and other developments, 10% to all investors, 5% to the Filecoin foundation and the remaining 70% will be distributed among miners as a reward for the mining process.
To participate in Filecoin mining you must connect to your network. The protocol itself is responsible for carrying out the transfer of data and the various transactions, so it will not involve any work. Of course, the more space you offer the Filecoin market, the greater the reward you will receive.
Also, if you enjoya n optimal internet connection and can deliver content quickly it will also be reflected in your reward. In this way, for those people who do not have much space on their hard disk but who want to collaborate and have low latency and high bandwidth connection, it will also be profitable.
It is now possible to test your mining and file storage in your “user devnet”. You can also join their community.