Filecoin is a decentralized storage network created by Protocol Labs with the aim of providing an open, secure, and reliable data storage network for the world. It is a blockchain-based distributed data storage network that allows users to store and access data in a distributed and secure manner.
The Filecoin blockchain is powered by its native cryptocurrency, Filecoin, which is used to incentivize miners to store data on the network. Miners are rewarded with Filecoin tokens for providing storage resources to the network. The network is secured using a Proof-of-Replication consensus algorithm which ensures data is stored in a secure and decentralized manner. The system also uses a marketplace-style pricing mechanism to determine the cost of storing data on the network.
The Filecoin protocol is built on top of the InterPlanetary File System (IPFS), a distributed file system allowing users to store and access data in a decentralized manner. IPFS provides the underlying data storage layer for the Filecoin network, allowing users to store and access data securely and reliably. In addition to the distributed data storage layer, the Filecoin network also provides a network layer for routing data between nodes on the network. The network layer is responsible for finding the most efficient route for data between nodes and ensuring data is delivered securely.
Founder: Juan Benet
Launched On: 2014-07-12
Proof of work
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