Cryptocurrency

The Filecoin project is a decentralized storage system. Its agreement was first proposed in 2014. It was originally developed for the reward layer of the Star File System (IPFS). Like IPFS, Filecoin is an open protocol that is built on the basis of IPFS to share the same underlying P2P network and content addressing function.The Filecoin network includes retrieval and storage markets to support decentralized file retrieval and storage. This network depends on a new type of blockchain to record the promise of the network participants. Users use the blockchain's native cryptocurrency Fil for transactions.Searching market:In the retrieval market, nodes are called retrieval of miners, and they are competing to provide files as fastest to customers as rewards. They get small FIL costs. This encourages the participation of key nodes in the network, promotes the rapid distribution of files, and also promotes the establishment of a powerful network to copy and store a large number of demand documents.Storage market:In the Filecoin's storage market, nodes are called storage miners. They are eligible to compete with customers with various contracts, involving different characteristics, such as price and location, to store files within the specified time. Storage miners must provide FIL as the preliminary mortgage before receiving the contract to automatically compensate customers.After the transaction is reached, the customer transmits the data to the storage miner, and the miner adds the data to a basic storage unit called sector. Then, the miners performed the sealing operation to create the only copy of the sector data. If the customer needs multiple unique copies, the sealing operation ensures that each copy has the only fingerprint, and the node is used to prevent the node from cheating. The sealing data is ultimately used for a copy of the copy of the Filecoin blockchain.During the storage transaction process, the storage miners need to submit the time and space certificate to the blockchain regularly. These proofs are derived by using a copy of a copy of random, sealing sectors and blockchain. These proofs provide customers with strong evidence of probability, which proves that the storage miners have a complete and unique data copy. This is a very powerful guarantee, even if modern cloud storage providers cannot provide it.Customers use FIL as a transaction fee to reward FileCoin to store miners. The storage miners also have the opportunity to use the blockchain mining block, which can not only get the FIL reward, but also charge the transaction fee from the others who want to contain messages in the block.Filecoin's proof system means that miners need some additional hardware, but for individuals familiar with technology, this requirement is not high. The client participating in the network's hardware requirements are low. The Filecoin node also provides an API that allows third -party services to build on the core network function and interact with the network.