Filecoin (FIL)

Filecoin (FIL)

Filecoin (FIL)

Filecoin —— A Decentralized Storage Network Built On IPFS
  1. Filecoin is a decentralized storage network that serves as an incentivization layer on top of the InterPlanetary File System (IPFS).
  2. Filecoin utilizes idle hard drive space and bandwidth to provide data storage and retrieval services in an open market, allowing anyone to participate as a storage provider and to monetize spare hard drive capacity.
  3. The Filecoin blockchain has a built-in self-healing process where faulty storage nodes are detected and their stored files are redistributed to reliable nodes. The network uses the FIL token to incentivize various node types to contribute to the network.
  4. FIL will also be used as a collateral for miners to participate in the Filecoin ecosystem. The collateral required will be proportional to the storage space provided by miners.
  5. The innovative development of Filecoin adopts a hybrid consensus mechanism-Proof of Replication (PoRep) + Proof of Time and Space (PoSt) + Expected Consensus to verify secure data storage.

Key Metrics

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Recent Price$83.29
Market Cap
$4,968,358,294.80
Circulating Supply
59.832.759 FIL
Total Supply
59.832.759 FIL
Max Supply
2.000.000.000 FIL

About Filecoin

Filecoin is a decentralized, peer-to-peer digital storage marketplace using blockchain technology. It’s built on top of InterPlanetary File System (IPFS) and allows users to rent unused hard disk space and earn FIL tokens in return.

Filecoin utilizes idle hard drive space and bandwidth to provide data storage and retrieval services in an open market, allowing anyone to participate as a storage provider and to monetize spare hard drive capacity.

The Filecoin blockchain has a built-in self-healing process where faulty storage nodes are detected and their stored files are redistributed to reliable nodes. The network uses the FIL token to incentivize various node types to contribute to the network.

FIL will also be used as a collateral for miners to participate in the Filecoin ecosystem. The collateral required will be proportional to the storage space provided by miners.

Project Team

Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet studied computer scientist at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting both IPFS and Filecoin, as well as other projects.

The Protocol Lab can be described as a gathering of elites. The core team currently consists of more than 76 talents. They come from world-renowned universities such as Stanford University, MIT, and Harvard, as well as talents from global multinational technology giants such as Google, IBM, and Oracle.

Technical Features

InterPlanetary File System

Proposed by Protocol Lab, and it is a peer-to-peer (P2P) distributed file system. It is a multi-centralized solution. Content addressing is not through domain name or IP, but through unique HASH key to search for data. IPFS is a distributed file storage system. File data is not stored in a centralized server, but in all eligible computers on the network.

IPFS uses Filecoin's incentive mechanism to attract a group of professional storage service providers to provide more professional, safe and stable storage services. Filecoin promotes the development of IPFS through an economic incentive mechanism, and the Filecoin network also needs IPFS to provide ecological support for the development of its market.

The more the IPFS network is used, the greater the demand for Filecoin; the more Filecoin miners, the greater the support for the IPFS network. So IPFS and Filecoin have formed a symbiotic relationship.

Filecoin consensus mechanism

The innovative development of FileCoin adopts a hybrid consensus mechanism-Proof of Replication (PoRep) + Proof of Time and Space (PoSt) + Expected Consensus.

  • Proof of Replication (PoRep): Proof of Replication is a new type of storage proof. Storage miners need to prove to the verifier that they store the corresponding data on a specific device instead of storing multiple copies of data on one device. Filecoin uses proof of replication to effectively prevent sybil attacks, outsourcing attacks, and generational attacks.
  • Proof of Time and Space (PoSt): Proof of time and space is based on copying the proof and adding technologies such as timestamps to obtain a proof that miners store data over a period of time. Even if the user is not online, at some point in the future, the time and space proof can be used to verify the data stored by the miners during that period of time. PoSt is generated when Filecoin verifies that miners store user data. Filecoin reuses PoSt to generate consensus.
  • Expected Consensus (EC): Based on Proof-of-Stake, and replaces the stake in the equity consensus with storage. In each cycle, the elected leader is expected There is one miner, but in some cases multiple leading miners will be elected. The elected miners create new blocks and broadcast the new blocks to the network to obtain block rewards. The goal is to make the miner's rights and interests of the block proportional to their own contribution to storage.

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