Filecoin is a decentralized storage network that allows thousands of computers around the world to be paid to store data. As the network is decentralized, this means that data is not kept in one place, reducing the risk of being lost or corrupted.

The Filecoin network reached a total capacity of 2.5 exbibytes (2.5 billion gigabytes). According to the developers' statement, this capacity is sufficient to store 725 million movies in 1080p, 11,250 copies from Wikipedia and 47 copies from the Internet Archive.

Filecoin's new milestone symbolizes further progress in the transition to Web 3.0, an internet, which in a nutshell would be decentralized, more efficient and secure, free of corporate control and much like the torrent technology system.

Filecoin also offers a way to encourage data storage on IPFS, a protocol designed to access the Internet from anywhere in the world. IPFS users can store data directly from the IPFS network itself.