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What is Filecoin

What is Filecoin

Filecoin is a peer-to-peer network that stores files, with built-in economic incentives to ensure files are stored faithfully over time. In Filecoin, users pay to store their files on storehouse providers. storage providers are computers responsible for storing files and proving they have stored the files correctly over time. Anyone who wants to store their files or get paid for storing other users ’ files can join Filecoin. available repositing, and the price of that repositing, is not controlled by any individual caller. alternatively, Filecoin facilitates unfold markets for storing and retrieving files that anyone can participate in. Filecoin includes a blockchain and native cryptocurrency ( FIL ). storage providers earn units of FIL for storing files. Filecoin ’ s blockchain records transactions to send and receive FIL, along with proof from storage providers that they are storing their files correctly.

Reading: What is Filecoin

Diagram showing a four-step process for storing files with Filecoin. First step: User who wants to store a file pays storage provider to store their file. Second step: Miner commits publicly via Filecoin’s blockchain to storing the file. Third step: The network constantly verifies that storage providers are storing files correctly. Fourth step: User pays storage provider to retrieve their file. Diagram showing a four-step process for storing files with Filecoin. First step: User who wants to store a file pays storage provider to store their file. Second step: Miner commits publicly via Filecoin’s blockchain to storing the file. Third step: The network constantly verifies that storage providers are storing files correctly. Fourth step: User pays storage provider to retrieve their file.

For users #

Filecoin enables users to store their files at hypercompetitive prices and verify that their files are being stored correctly. Users can choose their choose tradeoff between price, redundancy, and travel rapidly by selecting the storehouse supplier whose memory offer is best suited for their needs. Applications that implement Filecoin can negotiate repositing with any storehouse supplier on the network. Unlike centralized storehouse systems, there is no indigence to implement a different API for each supplier. At any prison term, users can verify that their files are being stored correctly by looking at validation on Filecoin ’ south blockchain .

For storage providers #

Filecoin enables storage providers to sell their storehouse on an open commercialize.

repositing providers are people and organizations that run storehouse providers, earning Filecoin tokens for doing thus. A storage supplier could be any internet-connected calculator with spare magnetic disk space or a dedicate organization with lots of storage built specifically for Filecoin. Filecoin ’ s blockchain rewards repositing providers for contributing utilitarian storage to the internet, not for completing uneconomical proof-of-work computations. once a storage provider implements the Filecoin protocol, they gain entree to the entire market of Filecoin users. Providers don ’ t need to design their own storage API or advertise their offer themselves as this is handled by Filecoin ’ second protocol and network. Filecoin enables a booming, decentralize ecosystem of mugwump storage providers by removing barriers to submission. See How provide repositing works .

New to web3 #

If you are new to Filecoin or to the web3 space, welcome ! We think you will enjoy getting to learn about some of the congress of racial equality concepts that make IPFS, Filecoin, Powergate, and other technologies possible ampere well as how to use them in your projects and applications.

Web3 is a movement within software growth that is turning centralize applications into decentralized protocols. alternatively of having a one item of control, applications built on web3 architecture can remove the middle-man, reducing the risk of censoring by big corporations and services vulnerability to denial-of-service attacks. Web3 is a trustless infrastructure that allows users to have possession and reclaim manipulate over their data. Web3 is basically what allows Filecoin to exist by allowing files to be shared between peers. You can find out more about it in IPFS and Filecoin part .

reference : https://leowiki.com
Category : Economy

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