FIL stands for Filecoin, a decentralized storage network that allows users to rent out their unused hard drive space. It operates on a blockchain, enabling secure and efficient storage solutions. Users can earn FIL tokens by providing storage, while those needing storage can pay with these tokens. The Filecoin network aims to create a more efficient and accessible way to store data compared to traditional cloud storage services. By leveraging a decentralized approach, it enhances data security and reduces reliance on centralized providers, making it a promising solution for the growing demand for digital storage.