By CoinList

Filecoin FIL

A decentralized storage network that turns cloud storage into an algorithmic market
Profile

Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data. As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards, but Filecoin mining power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin mining, whose usefulness is limited to maintaining blockchain consensus). This creates a powerful incentive for miners to amass as much storage as they can, and rent it out to clients. The protocol weaves these amassed resources into a self-healing storage network that anybody in the world can rely on. The network achieves robustness by replicating and dispersing content, while automatically detecting and failures. Clients can select replication parameters to protect against different threat models. The protocol’s cloud storage network also provides security, as content is encrypted end-to-end at the client, while storage providers do not have access to decryption keys. Filecoin works as an incentive layer on top of IPFS, which can provide storage infrastructure for any data. It is especially useful for decentralizing data, building and running distributed applications, and implementing smart contracts.

Recent News
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Apr 05 · PRWeb · Scheduled to broadcast Q3/2022, an upcoming episode of the award-winning television series, Advancements with Ted Danson, will focus on developments in sustainable data storage.
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Techstars and Protocol Labs Announce the Inaugural Class of the Filecoin Techstars Accelerator
Mar 21 · Business Wire · SEATTLE--(BUSINESS WIRE)--Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, and Protocol Labs, creator of the Filecoin and IPFS decentralized storage protocols, today announced the inaugural class of the Filecoin Techstars Accelerator.