Filecoin: Democratizing the World’s Cloud Storage and Data Retrieval Capabilities

Filecoin

Summary

Filecoin is a cloud-based, open-source decentralized storage network (DSN) that aims to maximize data storage and retrieval.

Contents

Filecoin Storage and Data Retrieval

Although data storage is an extremely valuable resource, some believe that the worldwide cloud storage sector may use a major revamp. The purpose of Filecoin is to create a network with a large number of storage providers that can be customized to meet the demands of various clients.

  • Private and personal data
  • Application data and decentralized application (dApp) websites
  • Company files and contract data
  • Public datasets and security archives
  • Video, podcast, and website data

Filecoin Consensus Algorithms

Filecoin claims to be constructed with cutting-edge cryptographic storage proofs to ensure data is saved safely and accurately for a set length of time. Any discrepancies that may develop during the whole storage process should be resolved by the network.

  • Proof of Spacetime (PoSt): This allows the Filecoin blockchain to cryptographically verify that a whole file is being preserved in an unaltered state for a specified period of time. There are two methods that makeup Proof of Spacetime. The first is Window Proof of Spacetime (WindowPoSt), in which storage miners’ pledges are audited every 24 hours and a zk-SNARK compressed proof is uploaded to the blockchain. Winning Proof of Spacetime (WinningPoSt) is the second method, in which miners are compensated for their contributions to the network.
  • Proof of Replication (PoRep): This allows the Filecoin blockchain to cryptographically verify the number of copies of a stored file that have been agreed upon.
  • Proof of Storage (PoSt): This feature allows the Filecoin blockchain to verify those network participants who promise to supply a certain amount of storage space actually do so.

Filecoin Mining Structure Explained

Filecoin miners compete with one another to mine and create blocks, similar to Bitcoin miners. Unlike Bitcoin, Filecoin mining power is proportional to the amount of active storage.

  1. Storage miners who receive tokens by providing storage
  2. Retrieval miners who receive tokens by serving data
  3. Clients who pay to store and retrieve data

Filecoin Distribution and Storage

Filecoin has developed a powerful cloud-based data storage and retrieval solution. To provide openness and equal access, the Filecoin protocol must strike a balance on both sides of the data storage market (via data retrieval and storage).

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