Filecoin (⨎) is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. It is made by Protocol Labs and builds on top of the InterPlanetary File System, allowing users to rent unused hard drive space. A blockchain mechanism is used to register the deals. According to Filecoin's authors, it is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin 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. The blockchain is based on both proof-of-replication and proof-of-spacetime.
Contrary to the centralized storage methodology, Filecoin aims to store data in a decentralized manner, which is resistant to problems that occur in centralized storage. Due to Filecoin's decentralized nature, it protects the integrity of data's location making it easily retrievable and hard to censor. It also allows people on their network to be their own custodians of the data that they store. Additionally, Filecoin also rewards the network nodes that mine and store data on their blockchain network.
Ethereum’s Shanghai upgrade, which allowed withdrawals from its proof-of-stake network starting in April, unleashed fresh demand to stake the second largest cryptocurrency. Staking lets crypto owners lock up tokens to participate in securing the network as a validator in exchange for a reward, making it a popular investment among long-term investors including institutional investors.
Some of the filing continues to reiterate Coinbase's already-live public statements, arguing that current SEC Chair Gary Gensler changed his position on the regulator's authority over crypto between taking office in April 2021 and mid-2022; saying the company has asked for regulation; and noting that Congress has started looking at the issue of crypto regulation.
Furthermore, it introduces the prospect of mandatory reimbursement for victims of Authorised Push Payment (APP) scams. APP scams have been a prevalent issue in the UK, with the bill targeting tighter controls on those who approve financial promotions for others, thereby bringing more accountability to the financial ecosystem.