Filecoin is an open-source public cryptocurrency and decentralized digital payment system that aims to be a blockchain-based cooperative digital storage and data retrieval technique. It aspires to make the web more safe and efficient via a decentralized data storage marketplace by serving as an incentivization layer on top of the InterPlanetary File System (IPFS).Filecoin makes use of unused hard drive space and bandwidth to provide open-market data storage and retrieval services, letting anybody to join as a storage provider and monetize unused hard drive capacity. The Filecoin blockchain includes a built-in self-healing mechanism that detects defective storage nodes and redistributes their stored data to more dependable nodes.In 2017, the project received $205 million through an initial coin offering (ICO), with a target launch date of mid-2019. The maximum quantity of FIL tokens is set at 2 billion, with fresh FIL tokens generated via block rewards.