What is Filecoin built on?

Filecoin is built on top of the InterPlanetary File System , which allows the network to store and share data on a web-based decentralized network. The IPFS verifies (through cryptographic proofs) that user data is actually being stored.

According to Filecoin’s authors, it is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin is an open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency.

Juan Benet is the inventor of the InterPlanetary File System (IPFS), a new protocol to make the web faster, safer, and more open, and Filecoin, a cryptocurrency incentivized storage network.

Popular tokens built on the Ethereum network are Chainlink (LINK), Tether (USDT), Binance Coin (BNB) and the USD Coin (USDC) . The most prominent upgrade in the history of the network, however, is due in 2022.