Filecoin is the proposed incentive layer for a new decentralized storage network that would let users pay for peer-to-peer storage of their data.  The U.S.-based company Protocol Labs, founded by Juan Benet, is developing the Filecoin network and is focused on developing internet infrastructure technology. InterPlanetary File System (IPFS), a peer-to-peer file storing and sharing technology created by Protocol Labs and released in 2015, serves as the foundation for Filecoin. The digital asset token for the Filecoin Network is called Filecoin, or FIL (similar to how bitcoin or BTC is the digital asset token of the Bitcoin network). The Filecoin blockchain contains a record of all FIL balances and transactions.

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