Where are fil coins issued?

FIL coin is a decentralized storage token issued by Protocol Labs to incentivize miners in the network to provide storage and retrieval services.

Issuer of FIL Coin

Filecoin (FIL) is a decentralized storage network powered by Protocol Labs was founded in 2014.

Details

Filecoin aims to build a trustworthy, robust and cost-effective storage network as the foundation of Web3. The network consists of nodes distributed around the world that provide storage space and retrieve files.

FIL coin is the native cryptocurrency of the Filecoin network. It is used to:

• Pay for storage fees: Users need to use FIL coins to pay storage providers for storage Documentation fees.
• Reward Storage Providers: Storage providers are rewarded with FIL coins for storing files safely and reliably.
• Staking: Storage providers are required to stake FIL coins to participate in the network and receive rewards.

The total supply of FIL coins is 2 billion, which will be gradually released by Protocol Labs. The following is the distribution of FIL coins:

• Storage rewards: 50%
• Team and investors: 27%
• Filecoin Foundation: 15%
• Ecosystem Incentives: 7%

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