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$42.26

  -0.44%

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What is Filecoin?

Filecoin (FIL) is a peer-to-peer, decentralised cloud storage network, with built-in economic incentives to ensure files are stored reliably over time.

  • The network is made up of a diverse range of storage providers and developers. This aims to create a robust and reliable service.
  • Storage miners earn FIL by utilising idle hard drive space to provide storage for users. The probability of earning the block reward and transaction fees is proportional to the amount of storage the miner provides to the network.
  • Retrieval miners earn FIL by winning bids and mining fees for a particular file. When a miner bids, their bandwidth/response time (latency or proximity to client), will play a factor to close retrieval deals on the network.

Through Filecoin's unique storage and retrieval services, it has created an open market allowing anyone to monetise spare bandwidth or hard drive capacity.

How do I buy Filecoin?

1.
Deposit funds into your account.
2.
Enter the amount of Filecoin (or Australian Dollar equivalent) that you would like to buy.
3.
Click ‘Buy' to confirm your Filecoin purchase and your Filecoin will arrive in your CoinSpot wallet within minutes.
Don't have an account? Click here.