Filecoin is a decentralized storage network that transforms cloud storage into an open market. Users can rent out their unused storage space or purchase storage from others using Filecoin tokens (FIL). The network leverages blockchain technology to ensure data integrity, security, and transparency. By decentralizing storage, Filecoin reduces reliance on traditional data centers, lowers costs, and increases data availability. It incentivizes participants to provide reliable storage and retrieval services, creating a robust and efficient data storage ecosystem. Filecoin aims to revolutionize how data is stored and accessed worldwide.