< SPAN class=" qL-size-14 ql-author-58030660">Filecoin project is a decentralized storage system, The Filecoin protocol was first proposed in 2014 and was originally developed as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Like IPFS, Filecoin is an open protocol that builds on the properties of IPFS and has the same underlying P2P network and content addressing capabilities.

< SPAN class=" qL-size-14 ql-author-58030660"> The Filecoin node network produces a decentralized storage market for file retrieval and storage. The network is powered by a new blockchain that records the commitments made by network participants. Users use FIL, the blockchain's native cryptocurrency, to make transactions over the network.

The node called to retrieve miners < SPAN class=" qL-size-14 qL-author-58030660 "> is competing to provide files to customers as quickly as possible. Retrieved miners receive rewards through small FIL fees. This provides an incentive for nodes at key locations for content delivery to join the network and facilitates rapid distribution of documents. It also encourages the creation of a robust network to copy and store files that are in high demand.

Storage market

In the Filecoin storage market, Nodes, known as storage miners, have the right to compete for contracts on various features, such as price and location, to provide customers with file custody for a specified length of time. Deposit miners must post collateral before accepting a contract. This is used to automatically compensate customers when storage miners fail to meet their obligations to customers.

< SPAN class=" qL-size-14 ql-author-58030660"> When a storage miner and their customer make a transaction, the customer transfers their data to the storage miner. Storage miners add their data to a sector , Sector is the basic storage unit in Filecoin. The miner then performs a computation-intensive operation called seal , To create a unique copy of the sector's data.

< SPAN class=" qL-size-14 ql-author-58030660"> If a client wants to store multiple unique copies of its data, the sealing process ensures that each copy has a unique fingerprint, And the computational work required to derive it will prevent node cheating by recreating it from the underlying data. The sealed data is ultimately used to publish proof of replication to the Filecoin blockchain.

< SPAN class=" qL-author-58030660 QL-size-14 "> Storage miners are required to periodically submit so-called space-time proofs to the blockchain during storage transactions. Miners derive these proofs using randomness (provided by the blockchain itself), sealed sectors, and copied proofs published to the blockchain. This evidence provides a strong probability argument for customers that storage miners have complete and unique copies of their data. That's a pretty strong guarantee that even modern cloud storage providers don't offer their customers.

The client uses FIL as Transaction fees come to Reward Filecoin storage miners. Storage miners also have the opportunity to mine blocks for the blockchain, both with FIL rewards and by charging transaction fees to others who wish to include messages in the mined blocks.

< SPAN class=" qL-size-14 ql-author-58030660">Filecoin's proof system means that miners need some extra hardware, but for tech-savvy individuals, The requirements are still low enough. The hardware requirements for participating in the network as a client are not high. The Filecoin node also exposes an API for programmatic interaction with the network, allowing third-party services to be built on top of core network functionality.

Advantages of decentralized storage

< SPAN class=" qL-size-14 ql-author-58030660"> Decentralized storage provides a compelling alternative to its traditional centralized storage. It gives developers the opportunity to explore new areas of design tradeoff space, emphasizing the robustness and efficiency of content storage and delivery. Filecoin shows that these systems can provide competitive storage products with a variety of desirable features, giving more people the opportunity to become custodians of our digital assets, while making the network more resilient and accessible to people around the world.

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