What kind of currency does File Coin belong to?

File Coin (FIL) is a native token of a decentralized storage network and is used to: incentivize miners to obtain rewards by providing storage space; pay for data retrieval; and participate in network governance and decision-making.

File Coin is a decentralized storage token

File Coin (FIL) is a decentralized The native token of the storage network, which aims to provide safe, reliable and distributed data storage services. Filecoin tokens are used to incentivize network participants to store and retrieve data. Their main uses are as follows:

Storage provider incentives: Miners receive FILE rewards by providing storage space and maintaining the network, thereby Incentivize them to store data.

Retrieval demander payment: Users need to pay file coins to retrieve data from the network, which provides a source of income for miners.

Governance and decision-making: Filecoin holders can participate in network governance and vote on proposed network changes by staking their tokens.

The Filecoin token is a utility token that plays a vital role in the operation of the Filecoin network. It is different from cryptocurrencies which are mainly used for speculative purposes, but rather for physical use cases and network maintenance.

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