Filecoin is a decentralized storage system with the ambition to safeguard "humanity's most critical information." Initially funded through a $205 million initial coin offering (ICO) in 2017, the project aimed for a mid-2019 launch. However, the Filecoin mainnet's release was postponed until block 148,888, projected for mid-October 2020. Originally conceived in 2014 as an incentive layer for the Interplanetary File System (IPFS), Filecoin operates as a peer-to-peer storage network where users compensate for data storage and distribution services using $FIL. It functions as an open protocol supported by a blockchain that records commitments from network participants, with transactions conducted in FIL, the platform's native currency. The blockchain relies on proof-of-replication and proof-of-spacetime mechanisms. Filecoin embraces an open-source and decentralized ethos, with governance vested in the community's hands. Developers are empowered to create cloud file storage services akin to Dropbox or iCloud on the Filecoin platform. Participation in Filecoin allows users to store data or earn income by offering storage space to others. The project's creators opted to develop their blockchain technology to manage the network, alongside their token and consensus mechanism. $FIL serves as the native currency of Filecoin, facilitating all network activities and transactions. Clients utilize FIL tokens for payments, while miners pledge FIL as collateral to ensure service provision. Filecoin's developers assert that the platform resolves issues of inefficient file storage and retrieval, offering customers an effective toolkit alongside its core development, IPFS.