What is Filecoin

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What is Filecoin

Filecoin is a project to create a decentralized data storage platform with built-in cryptocurrency (Filecoin, FIL), which has been implementing the California blockchain startup Protocol Labs, the developer of the IPFS system since 2014.The idea of ​​the project is to give one computer user the opportunity to earn FIL For the use by other users of the excess capacity of their hard drives for storing data.

It is assumed that the platform will use some IPFS components (IPLD, libp2p, libp2p pubsub) and run on the Proof-of-Spacetime (PoST) and Proof-of-Replication (PoRep) protocols. The first allows network participants to prove that for a certain period they will have enough space to store information, and the second is designed to eliminate problems with storing multiple copies of the same data.

Will Filecoin replace IPFS

Protocol Labs believes that Filecoin and IPFS will evolve in parallel. The company is working on their interoperability. It is expected that IPFS will leave users who are ready to independently purchase equipment for storing information and maintain nodes, while Filecoin will be preferred by those who are willing to spend money on others to take care of ensuring the safety of data.

How will the Filecoin network work

The Filecoin system includes three parties: customers, custodian miners and recipient miners. Customers place a storage request at a specified price with a specific replication factor on the Storage Market. There they make a deal with custodian miners and provide him with their hashed data for a fee. Guardian miners place files in free sectors of the hard drive, which is fixed in the allocation table and provides the client with private keys to the files. Miners make a deposit to the system, which they may lose when the Internet connection is disconnected if they are unable to confirm the storage of data.

To get the data back, the client places an application on the retrieval Market and takes a deal with the recipient miner, which returns the data for the fee.

Recipient miners can also be guard miners. In addition, they can deliver data not only on the Filecoin network: on the receiving market it is allowed to place offers for free or paid delivery of data from IPFS.

What is special about Filecoin ICO

In 2017, the project raised $ 52 million from investors on FIL token pre-sales, and then another $ 205.8 million from accredited investors on SAFT crowdsale. In 2017, Filecoin set a record for fees among ICOs.

Investors will receive tokens only after the launch of the main network of the project.

When will the Filecoin network start

“We hate calling dates that may turn out to be too optimistic or unconvincing, but hate silence even more and keep our community in the dark,” the project’s roadmap says. The team’s schedule is reviewed on a quarterly basis.

In 2018, developers announced that the Filecoin test network will begin functioning in February 2019, but this did not happen. The launch was scheduled for December 11, 2019, and the start date of the main network will be called, most likely, in the first quarter of 2020.

Those wishing to become Filecoin miners have already been invited to apply for an early connection to the network.

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