Filecoin is 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 pay for storage using FIL, the native cryptocurrency of the network, which incentivizes participants to contribute their storage resources. The primary goal of Filecoin is to create a more accessible and reliable way to store data. By leveraging a global network of storage providers, it aims to reduce costs and improve data redundancy, making it a valuable alternative to traditional cloud storage services.