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docs_depin/docs/depin_specs/storage_networks/filecoin.md
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Filecoin Detailed information about Filecoin 1

Filecoin

Overview

Filecoin is a decentralized storage network that allows users to store and retrieve data in a secure and efficient manner. It leverages blockchain technology to create a more reliable data storage solution.

Key Features

  • Currency: FIL (Filecoin Token)
  • Buying Currency: Available on exchanges like Binance and Coinbase.
  • Utility:
    • Used for network transactions and incentivizing data storage.
    • Staking rewards for network validators.
  • Automation:
    • Smart contracts automate data storage and retrieval processes.
  • Utility in the Project:
    • Users can earn FIL by storing and retrieving data.
    • Validators can stake FIL to secure the network and earn rewards.
  • API: Yes, Filecoin provides an API for developers to integrate with their applications.
  • User Perspective:
    • Users can easily store and retrieve data and earn FIL tokens.

How It Works

  1. Step 1: Users upload their data to the Filecoin Network.
  2. Step 2: The network stores the data securely and makes it available for retrieval.
  3. Step 3: Users earn FIL tokens based on the amount of data stored and retrieved.

Staking

  • Staking Requirements: Minimum of 10,000 FIL tokens to become a validator.
  • Rewards: Validators earn a percentage of transaction fees and block rewards.

API Documentation

For detailed API documentation, visit Filecoin API Docs.

Additional Resources