# Filecoin

By [shashi](https://paragraph.com/@shashi) · 2023-03-20

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    Filecoin is widely recognised as an open-source, public cryptocurrency and digital payment system. It is intended to be a blockchain-based cooperative digital storage and data retrieval method. Filecoin, made by Protocol Labs, is an open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency.

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*Originally published on [shashi](https://paragraph.com/@shashi/filecoin)*