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What is Filecoin?

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A decentralized data storage network

  • The Filecoin network is a decentralized data storage network that allows users to sell their excess storage space on an open platform.
  • The platform has been developed by Protocol Labs, an open-source R&D lab. It acts as an incentive and security layer for IPFS.
  • Filecoin enables the IPFS storage system to act as an algorithmic market. Using this market users can interact with storage providers.
  • Users pay using Filecoin’s native token, FIL, in exchange for storing and distributing data on the network. In short, IPFS is the backbone and Filecoin network is the surface market layer.

Why buy Filecoin?

  • The native crypto token of the Filecoin network is called the Filecoin token ($FIL).
  • Token holders are allowed to participate in the storage and retrieval mining process. In exchange for their proof of work, they can earn rewards in terms of FIL.
  • Users can pay miners in FIL to store their data or to retrieve it. Storage provides also use FIL as collateral in case of invalid or missing proofs.

Getting Started

1. Create an Account

Register with your phone number, and submit your KYC documents

2. Make a Deposit

Add crypto to your ZebPay wallet, or link your bank account to buy crypto for the first time

3. Start Trading!

You can even buy Bitcoin in fractions, for as little as a ₹100!

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