Filecoin (FIL)

Launched in 2017, Filecoin was inspired by the goal of creating a system that is capable of storing “humanity’s most important information”. This blockchain-backed open protocol storage system immediately created an impact, so much so that in a matter of minutes after its launching, it collected $200 million. One of the reasons for Filecoin’s popularity is its ability of allowing users to guard their files or data. Filecoin’s miners, on the other hand, are responsible for creating and carrying out various deals, as well as for putting additional blocks to chains. There are two types of Filecoin deals. Storage Deals – these pertain to client and miner’s agreements that involve the storing of data or files in the network. Retrieval Deals – these deals pertain to clients coordinating with Filecoin’s retrieval miners so they can extract or get back their stored data from the network. These deals are paid using specific payment channels and are completed off-chain.