FIL/PHP: Convert Filecoin (FIL) to Philippine Peso (PHP)

Filecoin (FIL) is a decentralized storage system that seeks to "store humanity's most important information." It is an open protocol backed by a blockchain that records commitments made by the network's participants. The transactions are made using FIL, the blockchain's native currency. Filecoin is open-source and decentralized, meaning all governance is in the hands of the community. The platform allows developers to create cloud file storage services. Anyone can join Filecoin and start storing their data or earn by providing space for someone else's data. The Filecoin network uses the Proof-of-Replication (PoRep) and the Proof-of-Spacetime (PoSt) consensus mechanisms to ensure data integrity and security.

Filecoin operates with three main parties: clients, storage miners, and retrieval miners. Clients pay for storing or retrieving data. They place an order on the online storage market, where a deal is subsequently concluded with storage miners. Storage miners store the client’s data and receive rewards. All actions are recorded in the blockchain, and clients receive private keys. Retrieval miners extract data at a client's request. Clients place a trade on the off-chain Retrieval Market. Retrieval miners can also act as storage miners. The more storage miners offer, the higher the chances of getting rewarded. At any time, clients can check how their data is stored during a transaction, as proofs are fixed in the blockchain.

Filecoin aims to store data in a decentralized manner, making it easily retrievable and hard to censor. It allows people to be their own custodians of their data, making the web more accessible to people worldwide. Filecoin can be used for cloud storage, data exchange, time-stamping, and as a store of value. It can also be used for standard blockchain use cases like storage for distributed ledgers and applications, supply chains, and more. Filecoin tokens can be used as payment for goods and services and transferred between users. It also has potential use cases in smart contract storage, algorithmic storage market, and algorithmic CDN.

Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he intended to support both IPFS and Filecoin, as well as other projects. The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which occurred in mid-October 2020. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network.