Validators process transactions, store information, and receive fees from users (supply-side fees).

Filecoin is a smart contract platform and a data storage network (a blockchain). Filecoin was founded by Juan Benet and launched in 2014.

FIL holders own and govern the protocol. They currently take a cut of the total base fees, miner tips and overestimation fees paid by users and a cut of provecommit batch fees, precommit batch fees and penalty fees paid by miners (revenue). Filecoin’s investors include IOSG Ventures, Winkelvoss Capital, a16z, etc.