- Category: Decentralized Storage Network
- Coin Launched: July, 2014
- Resources: White Paper
- Official Website: Filecoin
- Reddit: Filecoin
Filecoin is a decentralized storage network based on the Interplanetary File Storage (IPFS) protocol.
It is designed to utilized unused storage globally into an efficient storage market for users to pay for low cost storage. The objective is to ensure file storage is permanent and distributed across the web.
FILECOIN History / Information / Buying / Staking
Filecoin is being developed by Protocol Labs, a development firm founded in 2014 by Juan Benet. Benet and crew constructed Filecoin and IPFS in tandem, raising a few Seed equity rounds to fund the process. In 2017, the team hosted a token sale to secure funds for Filecoin's development, which raised around $205 million in one of the largest token offerings at the time. Protocol Labs seeks to build a fundamental layer for data infrastructure that can be used by both blockchain and traditional providers, like Amazon Web Services (AWS) and Microsoft Azure.
HOW FILECOIN WORKS
Filecoin is a decentralized data storage network built by Protocol Labs that allows users to sell their excess storage on an open platform. It acts as the incentive and security layer for IPFS (InterPlanetary File System), a peer-to-peer network for storing and sharing data files. Filecoin turns IPFS' storage system into an "algorithmic market," where users pay storage providers in Filcoin's native token, FIL, to store and distribute data on the network.
BENEFITS OF USING FILECOIN
Some of the benefits of using Filecoin are:
Prices for storage and retrieval are determined by supply and demand, not corporate pricing departments. Filecoin makes reliable storage available at hyper-competitive prices.
Filecoin provides a viable economic reason for files to stay available over time. Files are stored on computers that are reliable and well-connected to the internet.
In Filecoin, storage providers are rewarded for providing storage, not for performing wasteful computations. Filecoin secures its blockchain using proof of file replication and proof of storage over time. It doesn’t rely on energy-intensive proof-of-work schemes like other blockchains.
PROVIDES STORAGE TO OTHER BLOCKCHAINS
Filecoin’s blockchain is designed to store large files, whereas other blockchains can typically only store tiny amounts of data, very expensively. Filecoin can provide storage to other blockchains, allowing them to store large files.
CAN YOU STAKE FILECOIN
Filecoin does not offer traditional staking or yield farming. Users do need to stake collateral to participate in the network.
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