Filecoin (FIL) is a blockchain project developed by Protocol Labs, which aims to create a blockchain-based system for data storage and exchange. Filecoin is comparable to well-known cloud applications such as "Google Drive", but based on blockchain technology. The data is not stored on central servers, but on the computers of voluntary users, who receive financial compensation for this. The advantage of the project is that users only pay a portion of the costs that they would have to pay at larger competitors. Flexibility also plays a major role, as customers only pay for the storage they actually use. More than 70 organizations are now cooperating with Filecoin.