Storage Project – FIL(Filecoin)

Filecoin is a decentralized storage system created by Protocol Labs, aiming to “store most of humanity’s information”. In its Initial Coin Offering (ICO) in 2017, Filecoin raised over 200 million dollars. The Filecoin network seeks to profit network participants from storing and retrieving data.

Here’s how Filecoin works:

Storage: In the Filecoin network, anyone can act as a storage provider, offering their unused hard drive space to store clients’ data. To prove that they indeed store the clients’ data, storage providers need to submit a Proof of Storage to the network, which is an encrypted proof.

Retrieval: When clients need to retrieve their data, they send a retrieval request to the network. Retrieval providers will fetch the data from the storage devices and deliver it to the clients. Retrieval providers need to submit a Proof of Retrieval, proving that they supplied the requested data.

Incentive: Both storage providers and retrieval providers can earn rewards in Filecoin tokens (FIL). Filecoin tokens are a blockchain-based digital asset that can be bought and sold in the market.

The goal of Filecoin is to create an open and decentralized data storage market that is operated by the network participants themselves, rather than controlled by centralized service providers. This could potentially lower the cost of data storage, increase the availability and redundancy of data storage, and also offer new business models for data storage.

As of 2021, Filecoin has developed into one of the largest decentralized storage networks in the world, storing several PB (Petabytes) of data, with a wide participant base.

The above is a basic introduction to Filecoin. However, it’s important to note that the specific implementation and rules of Filecoin may evolve over time with technological development.

Filecoin is a decentralized storage system created by P…