Storage and Data Retrieval and Consensus Algorithm of Filecoin

(2022年06月22日)

https://www.filminer.co/blog/storage-and-data-retrieval-and-consensus-algorithm-of-filecoin

In recent years, some challenges faced by cloud based storage providers have become increasingly tough. These difficulties include lack of trust, unreliable security, limited connectivity, poor scalability, and excessive reliance on centralized providers. For example, system hacking and accidental data loss are common problems in the existing cloud storage ecosystem. Filecoin proposes solutions to these problems. As a cloud-based distributed storage network (DSN) based on InterPlanetary File System (IPFS), it interacts with Ethereum blockchain and uses its unique utility token FIL.

FIL is traded by network participants for services within the Filecoin ecosystem. Customers use tokens to store and retrieve data, while miners use tokens to store and provide data. Filecoin storage protocol is open source, owned and built by all network participants, aiming to benefit everyone equally. The Filecoin platform has three main attributes designed to create value for network participants and promote their continuous operation:

1. Storage and retrieval of data on Filecoin;

2. Filecoin consensus algorithm;

3. Filecoin mining structure.

Ⅰ. Filecoin Storage and Data Retrieval

Data storage is a truly valuable resource, but some people believe that the global cloud storage market can benefit from drastic reforms. The goal of Filecoin is to build a network with a large number of storage providers, which can meet the different needs of different customers. Reducing costs, improving retrieval speed and data storage redundancy are some modifications that may attract customers to use Filecoin.

The smart contract between storage miners, storage providers and customers is enabled through blockchain technology and encryption certificate to verify that the file storage protocol has not been abused or changed. In addition, Filecoin can be used to store and retrieve almost any type of data:

1. Private and personal data;

2. Application data and Decentralized Applications (DApps, Decentralized Applications) website;

3. Company files and contract information;

4. Public data sets and security files;

5. Video, podcast and website data.

Ⅱ. Filecoin Consensus Algorithm

Filecoin claims to use the most advanced encrypted storage proof construction to ensure that data is stored safely and accurately within a specified period of time. The network should also be able to resolve any discrepancies that may occur during the entire storage process. The Filecoin protocol uses three different proof-based mechanisms, which are built into the consensus algorithm of the Filecoin storage network:

1. Proof of Spacetime (PoSt)

Give the Filecoin blockchain the ability to encrypt and verify whether the whole file is stored in a constant manner within the agreed time range. Proof of Spacetime consists of two different mechanisms. The first is the window Proof of Spacetime (Window PoSt), in which the promises made by the storage miner are audited in 24-hour increments, so as to publish the zk-SNARK compression certificate to the blockchain. The second is the Winning Proof of Spacetime (Winning PoSt), in which the miner is rewarded for his contribution to the network.

2. Proof of Replication (PoRep)

Enables the Filecoin blockchain to verify the agreed number of copies of stored files in an encrypted manner.

3. Proof of Storage (PoSt)

Allow the Filecoin blockchain to prove those network participants who claim to provide a specified amount of storage space are indeed doing so.

FIL MINER provides data mining storage, storage mining, storage mining calculator and etc. If you want to know filecoin coin price, contact us.

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