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As the centralized services have become an increasingly critical part of how we live our lives online, so the need for alternatives becomes ever greater. Humanity will need a better internet that can harness the web infrastructure far more efficiently. That’s where project like Filecoin comes in, let’s dig in!.
This section will explain a bit technical about IPFS, we will discuss how Filecoin solves each and every drawback of IPFS to become a pioneer in providing storage to Web3 ecosystem afterward
Internet is increasingly centralized, fragile and inefficient. Most cloud storage services are provided by companies that have absolute control (centralized data monopolies) over the data stored on their servers and suffers from vulnerable choke-points (poor data safety).
This model requires users to trust the service provider. They must trust the company to not modify the stored data nor censor them by denying access to the service. Furthermore, the users have no way of verifying that the data has not been manipulated since it was uploaded unless they have a copy of the original data. B…but thanks to the InterPlanetary File System (IPFS), a protocol and peer-to-peer network for storing and sharing data in a distributed file system. Lets break it down a little bit:
A protocol is a standard set of rules which are used for formatting and processing data—description on how data should be packaged. Protocols allow computers to interact with one another. Take a look at HTTP as clearest illustration of a protocol, webpages commonly use this to launch any website on the internet. Through the HTTP protocol, our computers communicate with the server and fetch the webpage.
Now, IPFS is a peer-to-peer network. Peers are non other than individuals and peer-to-peer interaction refers to individuals communicating directly with one another. A peer-to-peer network is a collection of computers that are linked together. This allows computers to share data among themselves. The main objective IPFS is to replace HTTP protocol. Sounds difficult to achieve right?, but lets find out!
As said earlier, IPFS accomplishes two things: it stores data and makes it available to the user who requested it. IPFS stores data using content addressing rather than location addressing. Webpages are stored on servers, and each server has an IP address (location). Users get data from the server by making a HTTP request that includes the server's IP address.
IPFS leverages a concept known as content addressing. A CID is a cryptographic hash that is used to label data at the most basic level. When users run data through a hashing algorithm, such as SHA256, they receive a unique string with 256 characters. This string (or hash) is bound to that (data) information. Meaning only the data users passed can produce that string; if by any case users modify a letter or a bit in that data, it can generate a whole new string that cannot be compared to the original text. There are several hashing algorithms, with SHA256 serving as the default.
A CID is composed of a Codec and a Multihash. Codecs are used to encode and decode data. A Multihash consists of three elements:
Type
Length
Value.
The original hash of data is represented by value. IPFS utilizes the SHA2-256 hashing algorithm by default, however additional algorithms are available. This is preceded by the length of the hash. It is then preceded by the kind of hash utilized (SHA2-256 in this case).
We already know that each blob of data has a unique label (referred as a digital fingerprint). A label simply refers to the data. Now, where is the data kept? Data is stored on computers connected to the network. Let me explain it clearly!
Assume Person A has connected his PC to the network (simply install and launch the IPFS program to connect your computer to the IPFS network), this computer is now referred to as a peer in the network. The person now has a file on his PC named weatherdata and importing the file into the IPFS program. When A does this, a CID is generated for the weatherdata file.
The image shows that after importing a file, person A receive a CID. The text underneath (QmUZJxu6xpoc…) is the file's CID. By using the file CID, Person B can obtain the weatherdata.txt file from Person A. When Person B downloads the file, it is also stored in cache. As a result, if Person C wants to download the file, he may do so from both A and B.
Behind the scenes, IPFS protocol uses DHT(Distributed Hash Table). DHT is a simple key-value table. The peer id is used as the key here (every computer has a unique id called peer id). The value here is the file CID. As a result, every peer possesses this DHT table. So, Person B inputs the CID into the application, and IPFS searches for peers that contain this CID with the DHT table.
The IPFS protocol represents a file as a Merkle Tree, more precisely a Merkle DAG. In summary, if there is a large file, it is chunked into pieces and each piece is assigned a hash. All of these hashes are then added together to generate the root hash, the CID.
The remaining question after understanding how IPFS works is why we should adopt it and whether IPFS is feasible right now. Interestingly, it functions similarly to how a torrent works. We can fetch a file in parts from two or more peers.
A website can only exist for 100 days, according to statistics. Whereas with IPFs, a file can theoretically live forever since even if you remove it from your machine, it can live on other computers on the network.
It is simple to share files. For example, if a film is watched by ten individuals in the same room using the HTTP protocol, all ten people will access the same server. This raises the server's load, which is undesirable. Suppose if the people use IPFS, they can download it at a faster rate as so many peers have it.
Suppose person A want to download a e-book, there are several links available on the internet, but there is no way to verify that all of those URLs include the e-book. There is a decent possibility that the e-book link will may point to another file. With the use of CID, this may be prevented in IPFS. Because an e-book (file) has a single unique CID and all peers with that CID only give the e-book person A desire. As a result, when A utilize CID, the person A will always download the required file.
IPFS enables the power of decentralization because there is no such thing as a central server.
To obtain data from a network node, the node must be operational. That is, if a computer in the network is turned off, we cannot access its data. Remember that nodes in the network are often managed by people. A HTTP website, on the other hand, is hosted on a server in a datacenter such as GCP, AWS, or Azure. These servers will continue to operate until we pay.
To make IPFS as successful as HTTP, we need a large number of peers all around the world, which is currently is not the case. IPFS is only known to few people.
There is a DNS system and an IPFS-search site, however it is nowhere near Google or other search engines. People may find the data that they’re looking for with ipfs-search. Furthermore, very few individuals use dns as their CID. Knowing a CID is completely useless without DNS because we can't say what data a CID contains.
*clap sound* That’s all for IPFS!. We get an idea that IPFS is no way near to replace HTTPS. But, most important thing is we need to understand that IPFS is a protocol. This protocol acts as a backbone to the decentralized storage system within the numerous project come to the surface, let’s take a look to one of prominent project that uses IPFS to provide storage to the applications: Filecoin.
Thanks to its decentralized nature, the power of the network lies in its community. Filecoin itself isn't the gatekeeper for storage, the community is. In short, Filecoin allows anyone to rent-out free space on their computer to other users who are looking to store data. It can be thought as similar to the Airbnb model, which allows anyone to rent out a room in their house or even the entire house.
Filecoin is a decentralized peer-to-peer network that allows its users to store and retrieve data on the internet, robust foundation to store the world most valuable data sets and alternative to conventional cloud storage services. An alternative to costly cloud storage with open platform and a market economy that allowing users to take advantage (store, request, and transfer data) of its unmatched network capabilities via a verifiable marketplace.
The four key features that Filecoin bundles together:
Connects clients with storage providers
Clients and storage providers make deals (i.e., storage agreements) to store or retrieve data using FIL as the medium of exchange; connects people who have excess storage space with people who want to store data, efficiently priced (minimizing financial barriers) and geographically decentralized storage.
The network is completely open-source
Enabling people from all over the world to participate, meaning that anyone can store data on the network or become a storage provider. The price of storage depends on supply and demand.
Built on InterPlanetary File System (IPFS)
Using Filecoin directly requires technical skills, protocols can be built on top of Filecoin and IPFS (adds economic incentives to store files on IPFS). These protocols make interacting with the blockchain easier.
The Filecoin protocol runs on an advanced and novel proof system
A blockchain that incentivizes its miners (i.e. node operators) to store other users data in return for block rewards paid in Filecoin (FIL) tokens using a combination of Proof of Replication (PoRep) and Proof of Spacetime (PoSt), to provide unmatched efficiency and reliability. The miners store data and have to provide frequent cryptographic proofs for it. Users can verify that their data is stored correctly by looking at the cryptographic proofs on the blockchain.
Over the previous decade, advances in blockchain technology have enabled applications that were not possible before. Storing valuable data including sensitive information on another machine may appear suspicious at first glance. It is feasible to establish a large-scale data storage network utilizing modern blockchain technology, where it is practically difficult to modify the stored data without breaking the chain.
With Filecoin, they breaks down the data before storing it to ensure that attackers cannot access the data saved by anyone anywhere in the network. As a result, if a malicious actor attempts to access a file stored in the system, they will only see nonsensical data fragments.
There is an enormous amount of data information available, and it is critical to be able to authenticate its veracity. For example, government documents, laws and other legal documents, scientific data and reports, cultural heritage, etc. Moreover, many people’s trust in institutions, governments, and companies has diminished, creating a demand for trustless ways of storing data.
The global cloud storage market is dominated by large tech companies such as Amazon, Microsoft, and Google. These companies’ cloud infrastructure services’ combined yearly revenue exceeds 100 billion USD, although this number includes both storage and computing.
Filecoin competes with large tech companies, conventional tech startups, and other blockchain protocols. Its on-chain competitors include Akash Network, Arweave, Siacoin, and Storj. Filecoin is the largest cloud storage service built on blockchain as measured by storage capacity or valuation, but how much do we have to play with?
Filecoin generates revenue by charging fees for computation, storage, and transactions on the blockchain. The fees are paid in FIL. A fraction of the fees are burnt to reduce the supply of FIL, while the remaining is paid to miners. Potential future revenue streams for storage providers may include other fees, such as fees from smart contract apps or decentralized compute services.
The maximum supply of FIL is 2 billion, of which 220 million are in circulation. As indicated in the diagram above, the tokens are allocated to miners, Protocol Labs, investors, and the Filecoin Foundation. Protocol Labs, investors, and the Filecoin Foundation are on a 6-year linear vesting schedule. The miners will receive the tokens allocated to them as block rewards over several decades depending on network usage. The price of FIL, shown in the figure below, peaked in April 2021 and has since fallen near its ICO price.
The figure below shows Filecoin’s circulating market cap (i.e. the amount of FIL in circulation multiplied by its price) and total revenue (i.e. fees paid). Filecoin’s revenue also peaked in April 2022 with 264% growth as active storage deals grew 128% and network storage capacity grew 7%. However it’s still whopping 74% lower on year-over-year basis.
Filecoin’s relatively low current revenue is partially explained by a protocol upgrade that increased the blockchain throughput by an order of magnitude (a mechanism to scale throughput to 10–25x of its original capacity) and by the Chinese authorities’ crackdown on cryptocurrency mining.
A key implication protocol upgrade was that storage proofs were aggregated, which significantly reduced congestion and freed up blockspace. While the protocol upgrade benefited most network participants, it hurt the protocol revenue because it led to a reduction in transaction fees.
The network’s storage capacity has also kept growing, increasing the supply of storage and reducing its cost. The figure below shows how the fees are split between the protocol (i.e. FIL tokenholders) and supply-side participants (i.e. miners). Burning a portion of the fees is comparable to a share buyback and thus counted as protocol revenue, although, supply-side revenue decreased 4% in FIL terms year-over-year, corresponding to a 48% decline in USD terms. Near-zero storage fees impacted supply side revenue since it limited storage providers revenue to just block rewards and tips.
Regardless of overall market conditions, Filecoin’s committed storage capacity has grown steadily during the past year reached over 17.8EiB. This network capacity is equivalent to more than centralized entity. Filecoin’s storage capacity is supplied by over 4,000 decentralized storage providers distributed around the globe (supply dynamics tell only one side of the story about the network activity. The other side is told through Filecoin demand in the context of actively stored data).
Filecoin continue to onboard demand, it stands a chance to be a prominent provider of decentralized storage and cloud services for Web3 and traditional apps. While decentralized storage is still in its early days, the Filecoin ecosystem continues to thrive, as over +1460 projects are currently being built on Filecoin. Filecoin is being leveraged by several use cases, including:
NFTs
Web3
Gaming
Metaverse
Audio/Video.
In the future, the adoption of decentralized storage solutions and the integration of smart contracts built on top may open the door to novel applications. Open data initiatives and decentralized compute may enable the next generation of apps beyond storage. Filecoin’s main goal is to prove its reliability as a storage provider and potentially become an enabler of a wide range of data-intensive services. The protocol is off to an impressive start and its long-term feasibility will depend on several factors including how the endowment performs and the price of FIL. Given Filecoin ambitious mission, the time horizon for judging its success is decades or even centuries.
IPFS is a protocol that acts as a backbone to the decentralized storage system.
Filecoin competes with large tech companies, conventional tech startups, and other blockchain protocols. Filecoin is the largest cloud storage service built on blockchain as measured by storage capacity or valuation.
Filecoin’s main goal is to prove its reliability as a storage provider and potentially become an enabler of a wide range of data-intensive services.
Filecoin continue to onboard demand, it stands a chance to be a prominent provider of decentralized storage and cloud services for Web3 and traditional apps.
https://hackernoon.com/a-beginners-guide-to-ipfs-20673fedd3f
https://www.theblock.co/post/180450/filecoin-releases-new-content-delivery-network-called-saturn
https://greenpill.substack.com/p/46-filecoin-with-alan-ransil
As the centralized services have become an increasingly critical part of how we live our lives online, so the need for alternatives becomes ever greater. Humanity will need a better internet that can harness the web infrastructure far more efficiently. That’s where project like Filecoin comes in, let’s dig in!.
This section will explain a bit technical about IPFS, we will discuss how Filecoin solves each and every drawback of IPFS to become a pioneer in providing storage to Web3 ecosystem afterward
Internet is increasingly centralized, fragile and inefficient. Most cloud storage services are provided by companies that have absolute control (centralized data monopolies) over the data stored on their servers and suffers from vulnerable choke-points (poor data safety).
This model requires users to trust the service provider. They must trust the company to not modify the stored data nor censor them by denying access to the service. Furthermore, the users have no way of verifying that the data has not been manipulated since it was uploaded unless they have a copy of the original data. B…but thanks to the InterPlanetary File System (IPFS), a protocol and peer-to-peer network for storing and sharing data in a distributed file system. Lets break it down a little bit:
A protocol is a standard set of rules which are used for formatting and processing data—description on how data should be packaged. Protocols allow computers to interact with one another. Take a look at HTTP as clearest illustration of a protocol, webpages commonly use this to launch any website on the internet. Through the HTTP protocol, our computers communicate with the server and fetch the webpage.
Now, IPFS is a peer-to-peer network. Peers are non other than individuals and peer-to-peer interaction refers to individuals communicating directly with one another. A peer-to-peer network is a collection of computers that are linked together. This allows computers to share data among themselves. The main objective IPFS is to replace HTTP protocol. Sounds difficult to achieve right?, but lets find out!
As said earlier, IPFS accomplishes two things: it stores data and makes it available to the user who requested it. IPFS stores data using content addressing rather than location addressing. Webpages are stored on servers, and each server has an IP address (location). Users get data from the server by making a HTTP request that includes the server's IP address.
IPFS leverages a concept known as content addressing. A CID is a cryptographic hash that is used to label data at the most basic level. When users run data through a hashing algorithm, such as SHA256, they receive a unique string with 256 characters. This string (or hash) is bound to that (data) information. Meaning only the data users passed can produce that string; if by any case users modify a letter or a bit in that data, it can generate a whole new string that cannot be compared to the original text. There are several hashing algorithms, with SHA256 serving as the default.
A CID is composed of a Codec and a Multihash. Codecs are used to encode and decode data. A Multihash consists of three elements:
Type
Length
Value.
The original hash of data is represented by value. IPFS utilizes the SHA2-256 hashing algorithm by default, however additional algorithms are available. This is preceded by the length of the hash. It is then preceded by the kind of hash utilized (SHA2-256 in this case).
We already know that each blob of data has a unique label (referred as a digital fingerprint). A label simply refers to the data. Now, where is the data kept? Data is stored on computers connected to the network. Let me explain it clearly!
Assume Person A has connected his PC to the network (simply install and launch the IPFS program to connect your computer to the IPFS network), this computer is now referred to as a peer in the network. The person now has a file on his PC named weatherdata and importing the file into the IPFS program. When A does this, a CID is generated for the weatherdata file.
The image shows that after importing a file, person A receive a CID. The text underneath (QmUZJxu6xpoc…) is the file's CID. By using the file CID, Person B can obtain the weatherdata.txt file from Person A. When Person B downloads the file, it is also stored in cache. As a result, if Person C wants to download the file, he may do so from both A and B.
Behind the scenes, IPFS protocol uses DHT(Distributed Hash Table). DHT is a simple key-value table. The peer id is used as the key here (every computer has a unique id called peer id). The value here is the file CID. As a result, every peer possesses this DHT table. So, Person B inputs the CID into the application, and IPFS searches for peers that contain this CID with the DHT table.
The IPFS protocol represents a file as a Merkle Tree, more precisely a Merkle DAG. In summary, if there is a large file, it is chunked into pieces and each piece is assigned a hash. All of these hashes are then added together to generate the root hash, the CID.
The remaining question after understanding how IPFS works is why we should adopt it and whether IPFS is feasible right now. Interestingly, it functions similarly to how a torrent works. We can fetch a file in parts from two or more peers.
A website can only exist for 100 days, according to statistics. Whereas with IPFs, a file can theoretically live forever since even if you remove it from your machine, it can live on other computers on the network.
It is simple to share files. For example, if a film is watched by ten individuals in the same room using the HTTP protocol, all ten people will access the same server. This raises the server's load, which is undesirable. Suppose if the people use IPFS, they can download it at a faster rate as so many peers have it.
Suppose person A want to download a e-book, there are several links available on the internet, but there is no way to verify that all of those URLs include the e-book. There is a decent possibility that the e-book link will may point to another file. With the use of CID, this may be prevented in IPFS. Because an e-book (file) has a single unique CID and all peers with that CID only give the e-book person A desire. As a result, when A utilize CID, the person A will always download the required file.
IPFS enables the power of decentralization because there is no such thing as a central server.
To obtain data from a network node, the node must be operational. That is, if a computer in the network is turned off, we cannot access its data. Remember that nodes in the network are often managed by people. A HTTP website, on the other hand, is hosted on a server in a datacenter such as GCP, AWS, or Azure. These servers will continue to operate until we pay.
To make IPFS as successful as HTTP, we need a large number of peers all around the world, which is currently is not the case. IPFS is only known to few people.
There is a DNS system and an IPFS-search site, however it is nowhere near Google or other search engines. People may find the data that they’re looking for with ipfs-search. Furthermore, very few individuals use dns as their CID. Knowing a CID is completely useless without DNS because we can't say what data a CID contains.
*clap sound* That’s all for IPFS!. We get an idea that IPFS is no way near to replace HTTPS. But, most important thing is we need to understand that IPFS is a protocol. This protocol acts as a backbone to the decentralized storage system within the numerous project come to the surface, let’s take a look to one of prominent project that uses IPFS to provide storage to the applications: Filecoin.
Thanks to its decentralized nature, the power of the network lies in its community. Filecoin itself isn't the gatekeeper for storage, the community is. In short, Filecoin allows anyone to rent-out free space on their computer to other users who are looking to store data. It can be thought as similar to the Airbnb model, which allows anyone to rent out a room in their house or even the entire house.
Filecoin is a decentralized peer-to-peer network that allows its users to store and retrieve data on the internet, robust foundation to store the world most valuable data sets and alternative to conventional cloud storage services. An alternative to costly cloud storage with open platform and a market economy that allowing users to take advantage (store, request, and transfer data) of its unmatched network capabilities via a verifiable marketplace.
The four key features that Filecoin bundles together:
Connects clients with storage providers
Clients and storage providers make deals (i.e., storage agreements) to store or retrieve data using FIL as the medium of exchange; connects people who have excess storage space with people who want to store data, efficiently priced (minimizing financial barriers) and geographically decentralized storage.
The network is completely open-source
Enabling people from all over the world to participate, meaning that anyone can store data on the network or become a storage provider. The price of storage depends on supply and demand.
Built on InterPlanetary File System (IPFS)
Using Filecoin directly requires technical skills, protocols can be built on top of Filecoin and IPFS (adds economic incentives to store files on IPFS). These protocols make interacting with the blockchain easier.
The Filecoin protocol runs on an advanced and novel proof system
A blockchain that incentivizes its miners (i.e. node operators) to store other users data in return for block rewards paid in Filecoin (FIL) tokens using a combination of Proof of Replication (PoRep) and Proof of Spacetime (PoSt), to provide unmatched efficiency and reliability. The miners store data and have to provide frequent cryptographic proofs for it. Users can verify that their data is stored correctly by looking at the cryptographic proofs on the blockchain.
Over the previous decade, advances in blockchain technology have enabled applications that were not possible before. Storing valuable data including sensitive information on another machine may appear suspicious at first glance. It is feasible to establish a large-scale data storage network utilizing modern blockchain technology, where it is practically difficult to modify the stored data without breaking the chain.
With Filecoin, they breaks down the data before storing it to ensure that attackers cannot access the data saved by anyone anywhere in the network. As a result, if a malicious actor attempts to access a file stored in the system, they will only see nonsensical data fragments.
There is an enormous amount of data information available, and it is critical to be able to authenticate its veracity. For example, government documents, laws and other legal documents, scientific data and reports, cultural heritage, etc. Moreover, many people’s trust in institutions, governments, and companies has diminished, creating a demand for trustless ways of storing data.
The global cloud storage market is dominated by large tech companies such as Amazon, Microsoft, and Google. These companies’ cloud infrastructure services’ combined yearly revenue exceeds 100 billion USD, although this number includes both storage and computing.
Filecoin competes with large tech companies, conventional tech startups, and other blockchain protocols. Its on-chain competitors include Akash Network, Arweave, Siacoin, and Storj. Filecoin is the largest cloud storage service built on blockchain as measured by storage capacity or valuation, but how much do we have to play with?
Filecoin generates revenue by charging fees for computation, storage, and transactions on the blockchain. The fees are paid in FIL. A fraction of the fees are burnt to reduce the supply of FIL, while the remaining is paid to miners. Potential future revenue streams for storage providers may include other fees, such as fees from smart contract apps or decentralized compute services.
The maximum supply of FIL is 2 billion, of which 220 million are in circulation. As indicated in the diagram above, the tokens are allocated to miners, Protocol Labs, investors, and the Filecoin Foundation. Protocol Labs, investors, and the Filecoin Foundation are on a 6-year linear vesting schedule. The miners will receive the tokens allocated to them as block rewards over several decades depending on network usage. The price of FIL, shown in the figure below, peaked in April 2021 and has since fallen near its ICO price.
The figure below shows Filecoin’s circulating market cap (i.e. the amount of FIL in circulation multiplied by its price) and total revenue (i.e. fees paid). Filecoin’s revenue also peaked in April 2022 with 264% growth as active storage deals grew 128% and network storage capacity grew 7%. However it’s still whopping 74% lower on year-over-year basis.
Filecoin’s relatively low current revenue is partially explained by a protocol upgrade that increased the blockchain throughput by an order of magnitude (a mechanism to scale throughput to 10–25x of its original capacity) and by the Chinese authorities’ crackdown on cryptocurrency mining.
A key implication protocol upgrade was that storage proofs were aggregated, which significantly reduced congestion and freed up blockspace. While the protocol upgrade benefited most network participants, it hurt the protocol revenue because it led to a reduction in transaction fees.
The network’s storage capacity has also kept growing, increasing the supply of storage and reducing its cost. The figure below shows how the fees are split between the protocol (i.e. FIL tokenholders) and supply-side participants (i.e. miners). Burning a portion of the fees is comparable to a share buyback and thus counted as protocol revenue, although, supply-side revenue decreased 4% in FIL terms year-over-year, corresponding to a 48% decline in USD terms. Near-zero storage fees impacted supply side revenue since it limited storage providers revenue to just block rewards and tips.
Regardless of overall market conditions, Filecoin’s committed storage capacity has grown steadily during the past year reached over 17.8EiB. This network capacity is equivalent to more than centralized entity. Filecoin’s storage capacity is supplied by over 4,000 decentralized storage providers distributed around the globe (supply dynamics tell only one side of the story about the network activity. The other side is told through Filecoin demand in the context of actively stored data).
Filecoin continue to onboard demand, it stands a chance to be a prominent provider of decentralized storage and cloud services for Web3 and traditional apps. While decentralized storage is still in its early days, the Filecoin ecosystem continues to thrive, as over +1460 projects are currently being built on Filecoin. Filecoin is being leveraged by several use cases, including:
NFTs
Web3
Gaming
Metaverse
Audio/Video.
In the future, the adoption of decentralized storage solutions and the integration of smart contracts built on top may open the door to novel applications. Open data initiatives and decentralized compute may enable the next generation of apps beyond storage. Filecoin’s main goal is to prove its reliability as a storage provider and potentially become an enabler of a wide range of data-intensive services. The protocol is off to an impressive start and its long-term feasibility will depend on several factors including how the endowment performs and the price of FIL. Given Filecoin ambitious mission, the time horizon for judging its success is decades or even centuries.
IPFS is a protocol that acts as a backbone to the decentralized storage system.
Filecoin competes with large tech companies, conventional tech startups, and other blockchain protocols. Filecoin is the largest cloud storage service built on blockchain as measured by storage capacity or valuation.
Filecoin’s main goal is to prove its reliability as a storage provider and potentially become an enabler of a wide range of data-intensive services.
Filecoin continue to onboard demand, it stands a chance to be a prominent provider of decentralized storage and cloud services for Web3 and traditional apps.
https://hackernoon.com/a-beginners-guide-to-ipfs-20673fedd3f
https://www.theblock.co/post/180450/filecoin-releases-new-content-delivery-network-called-saturn
https://greenpill.substack.com/p/46-filecoin-with-alan-ransil
Proof of Replication combines two proofs: Proof of Storage and Proof of Retrievability. Proof of Storage requires a miner to demonstrate the he is utilizing the requisite amount of storage space to store the data.
In Proof of Retrievability, a verifier retrieves the file from the prover to ensure that he has it.
Replica and duplicate are not the same thing. A duplicate is an exact copy of the original, but a replica is a one-of-a-kind copy of the original. That is, we cannot distinguish between duplicates but can identify between replicas. Each replica may be identified. This can be achieved by mathematical operations (such as CID encoding).
PoRep is only performed once, at the moment of data storage. Afterward, PoSt ensures that the storage miner is keeping the data in his storage. PoSt chooses a subset of data and checks to see if it is present in the miner's storage. This procedure is repeated at regular intervals till the conclusion of the term.
Proof of Replication combines two proofs: Proof of Storage and Proof of Retrievability. Proof of Storage requires a miner to demonstrate the he is utilizing the requisite amount of storage space to store the data.
In Proof of Retrievability, a verifier retrieves the file from the prover to ensure that he has it.
Replica and duplicate are not the same thing. A duplicate is an exact copy of the original, but a replica is a one-of-a-kind copy of the original. That is, we cannot distinguish between duplicates but can identify between replicas. Each replica may be identified. This can be achieved by mathematical operations (such as CID encoding).
PoRep is only performed once, at the moment of data storage. Afterward, PoSt ensures that the storage miner is keeping the data in his storage. PoSt chooses a subset of data and checks to see if it is present in the miner's storage. This procedure is repeated at regular intervals till the conclusion of the term.
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