Computing & Data Storage
Filecoin is a distributed electronic currency similar to Bitcoin. Unlike Bitcoin’s computation-only proof-of-work, Filecoin’s proof-of-work function includes a proof-of-retrievability component, which requires nodes to prove they store a particular file. The Filecoin network forms an entirely distributed file storage system, whose nodes are incentivized to store as much of the entire network’s data as they can.
The market runs on a blockchain with a native protocol token Filecoin, which miners earn by providing storage to clients.
Filecoin miners compete to mine blocks with sizable rewards, but Filecoin mining power is proportional to active storage, which directly provides a useful service to clients.
Filecoin works as an incentive layer on top of IPFS, which can provide storage infrastructure for any data.
The Filecoin protocol builds upon Decentralized Storage Network (DSN), Novel Proofs-of-Storage, Proof-of-Work.
The Filecoin DSN handles storage and retrieval requests respectively via two verifiable markets: The Storage Market and the Retrieval Market. Filecoin clients and miners set the prices for the services requested and offered and submit their orders to the markets.
The Filecoin protocol employs Proof-of-Spacetime to audit the storage offered by miners.
Filecoin Miners’ storage is divided in sectors; each sector contains pieces assigned to the miner. The Network keeps track of each Storage Miners’ sector via the allocation table.
The Filecoin Retrieval Market allows clients to request retrieval of a specific piece and Retrieval Miners to serve it.
Any user in the network can become a Retrieval Miner by serving pieces in exchange for Filecoin tokens.
|ICO start date||08 Aug 2017|
|ICO end date||09 Aug 2017|
|Additional Token Emission||No|
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