FileCoin Storage

Filecoin (FIL) Blockchain to Store Mine and Build on Powerful Distributed Cloud Storage Network

November 18, 2020 Off By Maheen Hernandez

Filecoin is the decentralized storage network which they say is designed to store the most important information about humanity.

Centralized cloud services are spread thinly around the globe.  This leaves billions of users far away from their data.  And, allows cloud companies to dictate prices, jurisdictions, and who can use their service.

Instead of a few big players dominating our digital future, we need an open market.

Filecoin connects the world with a new storage and economic model no matter the level of existing connectivity.  The Filecoin network puts content and data on every corner, creating hyper-local and efficient storage.

Now, you can finally break free from big centralized storage and limited locations.

In this regard, Sydney Ifergan, the crypto expert tweeted:  “Filecoin is for storing company files, websites, video, podcast data, public datasets, private data, websites, video, Dapp websites, podcast data, security archives, contract data, personal files and app data.”

Filecoin is a superior network, makes it possible to store at hyper competitive prices, with provable security and authenticity.  The blockchain is flexible and it scales without a compromise.

Facilitating with an ecosystem of tools, libraries, integrations and providers it is a developers best playground.  It can be customized to suit requirements in terms of redundancy, retrieval speed, and cost.  It is a network that is built and owned everyone.

Filecoin (FIL) Network to Store Data

A client wants to store data on the Filecoin Network.  The client views available storage miners and their market places.  Miners compete to win the storage contract. Client selects winning miners.  The deal is made, the client sends the data, and the miner stores it.

To earn Filecoin miners must prove they are storing the data properly.  The network verifies data is stored securely through cryptographic proofs. Miners submit their storage proofs in new blocks to the network.  And, validate new blocks sent form the network.

Only blocks that are correct are accepted.  Miners earn the deal storage fee over time and have a chance to win block mining rewards. A client wants a file and looks up miners who may have it.  The client selects the fastest or most affordable miner.

Then, the client pays the miner and retrieves the file. As more people request the file and it becomes more popular other miners can pick it up and rehost it.  This brings the file closer to the users requesting it.

The data is spread to where demand is growing.  Access is optimized as the data flows worldwide. From small mining rigs to advanced data-centers, everyone benefits by working together and providing a robust new foundation for humanity’s information.

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