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To avoid the monopoly of private entities on controlling data storage, maintaining price rates, and who is allowed to use the services, Filecoin came up with an innovative thought to create a new storage method via “hyper local“ storage.
Filecoin is a decentralized storage platform that provides security for the personal information stored on the platform. The Inter-Planetary File System (IPFS) helps Filecoin to bring new concepts to the platform. IPFS is a platform that supports a peer-to-peer transaction storage system that helps the users to maintain their own nodes, and they can also store files on the platform.
The platform has so much storage space that it can benefit millions of users by storing their personal information on digital storage platforms. The data stored on Filecoin is fully secure as it provides an encryption facility for the information. Due to the lack of individual nodes, there is no certain type of mechanism to connect buyers with sellers on the IPFS platform. But in Filecoin, it permits the users to monetize their storage capacity by renting it out.
How Is Data Stored In Filecoin?
In Filecoin, it doesn’t store the files directly, instead it acts as a ledger to connect the transactions that happened through the Filecoin token FIL. Filecoin uses two methods for the safe storage of data and to connect miners with users: Proof of Replication and Proof of Space Time.
Filecoin And Airbnb
Airbnb is an online marketplace that controls the travel industry. Until now, it has served more than 1 billion customers across the world, and nearly 4 million users have listed their properties. Currently, it is dealing with 5.6 million users on the platform. Airbnb accepts Visa, Amex, JCB, and mastercard for payments.
“Just as Airbnb allows homeowners to compete with hotels, the Filecoin Protocol will allow many willing and able storage providers to join a storage network and offer their storage for sale, while offloading auxiliary tasks like tooling, documentation, and branding to the Filecoin Network itself.”
Recently, Filecoin tweeted to participate in the ETH Lisbon Hackathon, which was going to be held between October 28 and October 30, 2022. Filecoin explained why you should attend this event
- The best developers in the world are participating.
- Lisbon is the crypto capital of Europe.
- Multiple prizes will be awarded.
- Lots of workshops from the best protocols.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
