Filecoin

Filecoin (⨎) is a cryptocurrency intended to be a blockchain-based cooperative digital storage and data retrieval method. It was developed by Protocol Labs and shares some ideas from InterPlanetary File System allowing users to rent unused hard drive space. Filecoin is an open protocol and uses a blockchain to record participation in the network. Transactions are made using the blockchain's currency, FIL. The blockchain is based on both proof of-replication and proof of space-time. Filecoins are paid to miners (termed "storage providers" - SPs) who provide storage for clients, as opposed to Bitcoin where miners secure the network and maintain consensus. The payment amount depends on the network schedule, storage sectors quantity and size, adherence to FIL+ and deals made with clients, and participation in the network requires putting tokens in collateral.