Filecoin is creating a marketplace for storing blockchain data on a distributed basis. One can earn filecoins by providing online hard drive storage space which customers purchase on the filecoin site with filecoins.
Filecoin is a project of Protocol Labs, an internet-focused software research and development institution.
Filecoin raised more than $257 million in its August 2017 initial coin offering ("ICO"), it was the largest fund raising through the ICO format until that time. The ICO was conducted on Coinlist, an ICO platform that is a joint venture between AngelList, a website for information about working for and investing in start-ups, and Protocol Labs. The ICO attracted so much attention that the Coinlist site crashed after an hour, with the Filecoin site confirming that it had raised $186 million in sales to accredited investors.