Wed. Apr 14th, 2021
Filecoin, IPFS, TON Storage, Free TON

According to Mitja Goroshevsky, CTO of TON Labs, the bridge with the Filecoin platform may become the optimal solution for Free TON during the development of the TON storage decentralized storage project.

Filecoin is a decentralized data storage platform — that is another technological blockchain, to which we dedicate a review.

The key idea of the Filecoin project is to create a long-term, stable network that will become global-level storage. Through unique technological solutions, the platform guarantees the storing of digital information in the blocks of its system and its extraction. The network participants earn by providing storage locations and receiving material rewards for this — native FIL tokens.

Filecoin. Chronology of appearance

Several stages of implementing an ambitious project to create a global storage repository stretched over several years.

At the origins of the project is Protocol Labs, represented by its founder, CEO and developer, Juan Benet.

Juan Benet

The first project of the laboratory was the interplanetary file system IPFS, conceived as a “killer” of the HTTP protocol.

From 2014 to 2017, Protocol Labs worked on the creation of Filecoin: they regularly updated the IPFS protocol, solved complex problems in real time. They officially launched the project on September 7, 2017, when the initial coin offering (ICO) took place.

Throughout the entire development of the project, the attention to it from the side of investors only grew. As a result, more than $250 million were raised on the day of the ICO in just half an hour.

The Filecoin mainnet was launched in October 2020.

Filecoin Global Storage Concept

Juan Benet is a supporter of decentralized Internet ideas. All the developments of his team are aimed at implementing the concept of the Internet of the future. As the founder of Protocol Labs pointed out in his lecture, “What Exactly is Web3?”, his lab didn’t focus so much on creating tools for today as on modeling the future.

One of the key ideas of the Filecoin network is to provide an opportunity for any user to take part in the project. By installing special software using the Lotus Miner program developed by Protocol Labs, an ordinary platform participant can rent out the free space of his hard disk and earn on it. In the future, the network should provide staggering savings and speed of information exchange.

The essence of decentralization that Filecoin supports and develops is to give people the opportunity to own their personal information without relying on the will and honesty of centralized platforms.

Technical side

Filecoin is open-source and is built on the IPFS interplanetary file system. Hard drive space leases are recorded on the blockchain. The obligations of the parties are fixed by the open Filecoin protocol, and transactions are carried out using their FIL token.

Unlike Google or Amazon cloud storage, Filecoin is a decentralized storage system. It combines accessibility for data extraction and inaccessibility for censorship.

FIL Token Distribution

The token distribution scheme is written into the protocol itself and the Genesis block of the Filecoin blockchain. The distribution of FIL is envisioned among the four main groups in the Filecoin network.

Infrastructure And Regulation

There are three types of participants involved within the Filecoin distributed storage system:

  1. Clients — pay for storing and providing data.
  2. Storage miners — provide a platform for storing data by laying their storage by providing funds (FIL tokens) for blocking. The amount of the deposit is proportional to the storage volume. Storage miners must provide Proof-of-Storage. All storage is divided into fixed-size sectors.
  3. Retrieval miners — serve the data requested by clients. Unlike storage miners, they do not undertake storage obligations.

Miners are rewarded only after confirming the correctness of the services provided.

The reward distribution mechanism encourages miners to provide as much storage space as possible for as long as possible.

The distribution of the reward is organized in such a way that the miners receive 25% immediately, the remaining 75% are issued within six months.

Network Distribution And Miners Slashing

The Filecoin network is deployed as a hyper-local CDN content delivery network. The retrieval market provides a reward for the fast delivery of the requested information. It is assumed that to successfully deliver and receive a reward, the miner’s equipment meets several necessary requirements:

  • low-latency connection;
  • high-bandwidth; 
  • geographic proximity to the source of the request.

When requested, the system selects the nearest local storage, multiplying the response speed. Miners who are well located in relation to the source of the request provide files almost instantly and receive tokens for this. It is passive income from rented free space on the hard disk of personal equipment.

The network participants do not depend on major providers, the network is free from hidden censorship and surveillance.

Collateral slashing is the original development of the Filecoin protocol, which ensures the reputation and integrity of the platform.

When requested, the system selects the nearest local storage, multiplying the response speed. Miners who are well located in relation to the source of the request provide files almost instantly and receive tokens for this. It is passive income from rented free space on the hard disk of personal equipment.

The network participants do not depend on major providers, the network is free from hidden censorship and surveillance.

Slashing is a mechanism for encouraging good behavior in the Filecoin system. Participants who do not comply with the accepted terms of cooperation with the network are subject to a fine — they lose the deposit made to the network to launch personal storage.

Collateral slashing is the original development of the Filecoin protocol, which ensures the reputation and integrity of the platform.

Filecoin Consensus Protocols

To prove the authenticity of information and self-regulation during storing and retrieving files, Filecoin uses two original algorithms for cryptographic verification of data storage — Proof-of-Replication and Proof-of-Spacetime

Proof-of-Replication is an algorithm by which the miner proves that the data replicated to his machine exists in physical storage. The Proof-of-Replication protocol has built-in motivations for the development of the market of virtual data storage and retrieval.

Proof-of-Spacetime is the original Filecoin algorithm, a variant of Proof-of-Space, where random storage sectors are selected for verification. Miners must prove that the selected information is stored over a certain period of time. Proof-of-Spacetime greatly facilitates the verification process, as it relieves the network from every second check of the entire amount of information.

Filecoin. Development dynamics

At the moment, Filecoin is among the thirty most expensive cryptocurrencies with a market capitalization of about $4 billion.

The total regulated storage capacity (disk space) on the Filecoin network reaches 3.3 EiB (exbibytes), however, the numbers are changing.

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For 7 years, the team has been consistently developing the project according to the roadmap, and investors are only increasing their financial support for the platform.

A system with almost endless storage spaces and guaranteed information security is an ideal partner for many developing blockchain platforms. And for Free TON, cooperation with Filecoin can be a simple solution to complex problems.

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