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Filecoin is a decentralized storage network and cryptocurrency that aims to create a more efficient and secure way of storing and accessing data. It was created by Protocol Labs, a research, development, and deployment lab focused on decentralized technologies.

The Filecoin network allows users to store and retrieve data using a distributed network of storage providers who are rewarded with Filecoin tokens for their services. This incentivizes providers to offer storage capacity at competitive prices, while also ensuring the security and reliability of the network.

Filecoin uses a proof-of-replication consensus mechanism, which requires storage providers to prove that they are storing the data they claim to be storing. This helps to prevent fraud and ensures the integrity of the data being stored.

Filecoin tokens are used as payment for storage services on the network and can also be traded on cryptocurrency exchanges. The project raised over $200 million in its initial coin offering (ICO) in 2017 and has since launched its mainnet and is actively being used by developers and enterprises around the world.