- Category: WEB3, AI/Big Data, Made in USA
[Overview of Filecoin]
Filecoin is a decentralized storage network that enables P2P file storage and retrieval with built-in economic incentives. Utilizing blockchain technology and cryptographic proofs, this network ensures reliable data storage while allowing storage providers to earn rewards for maintaining files. Additionally, the platform integrates with IPFS (InterPlanetary File System) for content addressing and offers innovative scaling solutions like InterPlanetary Consensus (IPC).
[Filecoin Technology]
The architecture of Filecoin combines various innovative technological elements to enable decentralized storage. The key technological components are as follows:
- Encrypted Storage Proofs:
The network uses encrypted proofs to continuously verify that storage providers maintain stored data correctly. This guarantees the reliability and integrity of the data. - Open Market:
Storage providers negotiate transactions in a transparent open market where prices are determined by supply and demand, without central authority intervention. - InterPlanetary Consensus (IPC):
Filecoin implements IPC as a scaling solution, enabling the execution of different consensus algorithms through subnets to provide horizontal scalability. These subnets are hierarchically structured, allowing parent subnets to create child subnets while maintaining secure inter-subnet communication. - Filecoin Virtual Machine (FVM):
FVM serves as the transaction execution layer and supports smart contracts written in various programming languages via WebAssembly (WASM) compilation. This allows Filecoin to maintain its unique storage capabilities while fully interoperating with Ethereum tools and contracts. - Sophisticated Transaction Processes:
Filecoin implements sophisticated transaction processes for data storage and retrieval. Clients can transact directly with storage providers or through aggregators, and the platform supports both small transactions under 4 GB and larger programmable storage batches. - RaaS (Replication, Renewal, and Recovery Services):
Filecoin features RaaS capabilities that automatically manage storage transactions, including data replication, transaction renewals, and recovery of defective sectors, ensuring long-term data durability and availability.
[Tokenomics]
The Filecoin network utilizes FIL tokens as its primary cryptocurrency to achieve various purposes within the ecosystem. The tokenomics are designed to encourage reliable storage provision and network participation.
- Collateral and Rewards:
Storage providers must set FIL as collateral when accepting storage transactions, ensuring their commitment to maintaining stored data. Providers receive block rewards and storage fees through successful storage proofs and network participation. - Filecoin Plus Program:
Filecoin implements the Filecoin Plus program to encourage the storage of valuable data. Certified clients receive DataCap allocations to execute storage deals, and providers accepting these deals increase their chances of earning block rewards through quality-adjusted power. - Verified Transactions:
The token model includes mechanisms for both general transactions and verified transactions through Filecoin Plus. Accepting verified transactions increases a provider's quality adjustment capability by ten times compared to general transactions, creating strong incentives to store verified data. - Transaction Fees:
Transaction fees within the network are represented in FIL, and gas fees can be adjusted based on network conditions. Filecoin supports both traditional Filecoin addresses (starting with 'f') and Ethereum-compatible addresses (starting with '0x') for token transfers and interactions.
[Roadmap]
Filecoin's development roadmap focuses on expanding network functionality and improving user accessibility. Key objectives include:
- Integration with Ethereum Tools and DeFi Applications:
Strengthening integration with Ethereum tools and decentralized finance applications through the Filecoin Virtual Machine (FVM). - Strengthening the Storage Helper Ecosystem:
Developing sophisticated APIs and services to streamline storage processes for developers, improving NFT storage solutions and general data storage capabilities. - Expansion of InterPlanetary Consensus (IPC):
Continuing to develop scaling solutions via IPC, allowing all blockchains to serve as root nets for subnet deployments. - Expansion of RaaS Capabilities:
Enhancing RaaS functionality to facilitate easier access for users and developers to automated storage management. - Cross-Chain Interoperability:
Future development will focus on improving cross-chain interoperability, enhancing storage provider tools, and expanding to serve as infrastructure for data-intensive applications such as AI and big data analytics.
[Total Supply and Circulation]
- Total Supply: Approximately 1.9 billion coins
- Circulation: Approximately 620 million coins, representing 32% of the total supply.
[All-Time High and Low]
- All-Time High: $237.24 on April 1, 2021
- All-Time Low: $1.83 on August 30, 2019
[Major Exchanges]: Binance (21%), OKX (9.8%), Mexc (3.5%), Bybit (3.4%)
[Conclusion]
Filecoin is a decentralized storage network based on economic incentives, ensuring reliability through blockchain technology and cryptographic proofs. By integrating with IPFS for content addressing and offering scaling solutions like IPC, it provides horizontal scalability. Filecoin's technological innovations deliver an efficient and transparent storage and retrieval system while maintaining the reliability and integrity of data. Through this, Filecoin offers a secure and trustworthy decentralized data storage solution.
