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"The Filecoin network forms an entirely distributed file storage system, whose nodes are incentivized to store as much of the entire network’s data as they can.
The currency is awarded for storing files, and is transferred in transactions, as in Bitcoin. Files are added to the network by spending currency. This produces strong monetary incentives for individuals to join and work for the network. In the course of ordinary operation of the Filecoin network, nodes contribute useful work in the form of storage and distribution of valuable data."
It sounds like a hybrid technology between Bitcoin & BitTorrent.
Filecoin is crazy... in a good way. Filecoin is like a distributed dropbox that uses cryptocurrency to build value and liquidity into the network.
@juanbenet I'd love to hear where the idea came from.
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