Summary
TLDR: Filecoin, a decentralized storage network, has launched its mainnet after years of development. The platform allows users to rent their unused hard drive space to others in exchange for Filecoin tokens. This creates a global storage marketplace where data is securely stored across a network of computers. Filecoin aims to revolutionize the way data is stored and accessed, providing a more reliable and efficient solution compared to traditional centralized storage systems.
Key Points
1. Decentralized storage: Filecoin is a decentralized storage network that allows users to store, retrieve, and transfer data in a secure and efficient manner. It utilizes blockchain technology to create a decentralized marketplace where users can purchase storage capacity from miners who offer their unused storage space.
2. Proof of Replication and Proof of Spacetime: Filecoin incorporates two innovative consensus mechanisms called Proof of Replication (PoRep) and Proof of Spacetime (PoST). PoRep ensures that miners have actually stored the data they claim to have stored, while PoST verifies that the data remains available over a specified period of time. These mechanisms ensure the reliability and durability of the stored data.
3. Incentivized network: Filecoin incentivizes both miners and users to participate in the network through its native cryptocurrency FIL. Miners earn FIL tokens by providing storage space and maintaining the network, while users can pay miners in FIL tokens to store and retrieve their data. This incentivized model encourages participation and ensures the availability and reliability of the network.