Filecoin is a decentralized storage network for securely monetizing, storing, retrieving, and computing data. It is built as an incentive layer for the InterPlanetary File System (IPFS), a peer-to-peer protocol leveraging a content address system for sharing, routing, and storing data. Designed to facilitate a data storage marketplace, Filecoin enables any user with excess data storage to trade available space for a fee with users needing storage space. Subsequently, Filecoin ensures that users needing data storage services are guaranteed quality and secure storage space.