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Folder Protocol: A Guide to FOL, Its Working, and Use Cases 

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Folder Protocol: A Guide to FOL, Its Working, and Use Cases 
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Blockchain networks aim to provide decentralized cloud storage solutions that could revolutionize data storage in the future. The primary concern is that big tech companies have complete data control. Therefore, the crypto platforms are trying to level the data storage systems to be decentralized shortly. 

What is Folder Protocol?

Folder Protocol (FOL) is a second-layer solution designed to operate with Filecoin’s mainnet network, allowing for the secure storage and transfer of large amounts of data. The ecosystem of Folder Protocol consists of node operators, miners, and storage and data retrieval service providers.

By introducing a layer-2 solution for decentralized storage protocols, Folder Protocol aims to solve IPFS’ scalability problems while addressing the challenges of improving transaction speeds and network bandwidth.

Folder Protocol intends to use a more secure and efficient methodology of commit-then-execute message execution for storage verification instead of a conventional challenge-response signature scheme.

Miners and clients can use Folder Protocol’s secure network and FOL tokens to enter peer-to-peer storage contracts. This allows buyers and sellers to negotiate prices and features freely.

Tokenomics of Folder Protocol

The token economy of Folder Protocol consists of several key actors, including miners and clients who contribute computing power to the protocol, contribute to the Filecoin network, and receive FOL tokens as rewards.

Folder Protocol acts as an intermediary layer, facilitating exchanges of computing power. On the other hand, rFOL tokens between FOL clients and IPFS/Filecoin nodes that accumulate Filecoin. Additionally, the ecosystem includes IPFS or Filecoin nodes owned by Folder Protocol, which contribute computing power to the Filecoin network for mining operations.

How Does the Folder Network Operate?

Folder Network operates a group of virtualized gateways of subnodes of the IPFS Network for decentralized storage. The subnodes, chosen from a subset of nodes in the FOL network, are executed on the computational or storage resources of all subnodes. 

The virtualized subnodes form a network of IPFS gateways, which are intricately connected, enabling enterprise-level scalability and performance for data storage and retrieval.

Using Folder Network’s virtualized gateways of the IPFS network allows users to switch between networks in the event that a node chooses to make its data available across other gateway networks. 

When a node requests a change to the Folder Protocol Node Monitoring Service, Folder Protocol processes the request and initiates the inter-gateway connection without losing any of the node’s data.

Folkee is Folder Protocol’s IP-based NFT platform, providing a permanence layer through the use of cryptographic proofs as provable NFT storage. This is done to ensure NFT data and metadata is tamper-proof and reliable.

Summary

Decentralized data storage through Folder Protocol uses a secure methodology for storage verification and contributes computing power to the Filecoin network for mining operations. Blockchain networks offer decentralized cloud storage solutions that align users’ and providers’ interests. IPFS gateways form a network for enterprise-level scalability and performance. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or any other related indexes comes with a risk of financial loss.

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