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

Filecoin

Summary

Contents

Filecoin Storage and Data Retrieval

  • 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

  • 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

  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

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