What is the Filecoin token (FIL)?
The Filecoin token (FIL) is the native cryptocurrency of the Filecoin network.
It is used to pay for storage and retrieval services on the network, as well as to incentivize miners to provide these services. The token was created in 2017 and launched in 2020. The Filecoin token is an ERC-20 token based on the Ethereum blockchain.
It has a total supply of 2 billion tokens, with 1 billion tokens allocated for sale during the initial coin offering (ICO). The remaining 1 billion tokens are held by Protocol Labs, the company behind Filecoin, and are used to fund development and operations of the network. The FIL token has a number of uses within the Filecoin network.
It can be used to pay for storage and retrieval services on the network, as well as to incentivize miners to provide these services. Additionally, it can be used to purchase goods and services from merchants who accept it as payment. Finally, it can be traded on cryptocurrency exchanges for other cryptocurrencies or fiat currencies such as US dollars or euros.
