Filecoin is an open-source, public, cryptocurrency and digital payment system intended to be a blockchain-based digital storage and data retrieval method. It is made by Protocol Labs and builds on top of InterPlanetary File System.
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data. Filecoin miners compete to mine blocks with sizable rewards, but Filecoin mining power is proportional to active storage, which directly provides a useful service to clients. Also, Filecoin is a distributed electronic currency similar to Bitcoin. Unlike Bitcoins computation-onlyproof-of-work, Filecoins proof-of-work function includes a proof-of-retrievability component, which requiresnodes to prove they store a particular file. The Filecoin network forms an entirely distributed filestorage system, whose nodes are incentivized to store as much of the entire networks data as they can.
ICO start date: 2017-08-10
Filecoin project ICO began on August 10 and in just an hour managed to raise $ 200 million with the help of CoinList service - a joint project of an investment platform for AngelList startups and Filecoin - Protocol Labs developer company. Token sale was then suspended due to technical problems that arose due to a huge influx of people wishing to purchase tokens, primarily from the United States, because the investment crowdfunding campaign of the decentralized platform Filecoin was the first regulated ICO in the United States, in which accredited investors could participate. If to this sum add the $ 52 million collected on pre-sale from such investors as Sequoia Capital, Andreessen Horowitz and Union Square Ventures, you get more than 257 million dollars - a record high for the cryptocurrency industry. The previous record was set in the blockchain startup Tezos in July of this year, they were attracted 232 million dollars.
The company Filecoin aims to create a decentralized network for storing digital data, which users could effectively rent free space on their computers. Instead, these users receive Filecoin tokens as payment, which can easily be exchanged for cryptocurrency exchanges for bitcoin or for Fiat currencies.
Filecoin enables outsourcing of data storage to a fluid distributed network of service providers. Individual providers are incentivized toallocate their storage resources to cover all requested data pieces, since any such piece may be the subjectof a profitable future block-mining challenge. Parties may opt to join or leave the network at will, withoutcompromising the robustness of the system. Tunable parameters trade off between churn and resiliency,replication factors, and consensus strategies.