Kraken

What is Filecoin? (FIL)

Ang Beginner's Guide


Filecoin is a cryptocurrency that aims to incentivize a global network of computer operators to provide a file sharing and storage service. 

Project founders claim that if enough people adopt it, it could become the fastest and cheapest way to store data on the internet. What’s more, it would not rely on a central authority, meaning the exchange of its files could not be censored by governments or other actors. 

This is because Filecoin is maintained by miners who dedicate computing power to providing the computation that makes it work. Filecoin miners get paid for making storage space available to users. Filecoin users, in turn, must pay miners for storage, retrieval or distribution of this data. 

The Filecoin network operates atop another protocol for decentralized file handling called the Interplanetary File System (IPFS). The two systems share many similarities, though the main difference is that while IPFS is free to use, it won’t earn miners any money. Filecoin costs money to use, but could also generate revenue. 

Still, investors and traders should note Filecoin is not the only protocol that claims to offer a decentralized storage and file sharing system powered by cryptocurrency.

Competing protocols include Storj and Siacoin. Storj claims to have reached a network capacity of over 100 petabytes, while Siacoin reports a 2 petabyte network capacity, as of 2020. 

However, Filecoin may be the most widely anticipated of these cryptocurrencies, having raised $205.8 million in an initial coin offering in 2017, one of the industry’s largest funding rounds.

As of July 2020, Filecoin is in testing, with a formal launch expected by the end of August 2020. 

What is filecoin fil


Who created Filecoin?

Filecoin is an open-source software that was created by Protocol Labs, the same firm that created technologies like IPFS and Libp2p aimed at replacing existing internet protocols. 

For example, IPFS is a system that could replace the Web’s hypertext protocol, which specifies that web addresses must begin with the prefix http://. 

Protocol Labs was founded by Juan Benet, who co-founded a game developer called Loki Studios while studying computer science at Stanford. The company was acquired by Yahoo in 2013. Benet then participated in the Y Combinator startup accelerator to start Protocol Labs.

Protocol Labs has received funding from notable investors like Digital Currency Group, Stanford University’s startup accelerator StartX, Coinbase co-founder Fred Erhsam and AngelList founder Naval Ravikant. 

Filecoin’s initial coin offering, which ran from August to September 2017, further raised $257 million from a cast of noted venture capital firms like Sequoia Capital, Andreessen Horowitz and Union Square Ventures. The Filecoin offering was the largest of its kind at the time. 
 

Paano gumagana ang Filecoin?


Ang Filecoin ay medyo katulad ng Dropbox, ngunit pinapatakbo ng blockchain. Ang mga user na nais magimbak ng data sa Filecoin network ay kinakailangan magbayad sa miner upang magawa ito. 

Kung magkano ang babayaran nila ay natutukoy ng isang open market kung saan nakikipagkumpitensya ang mga miner sa bawat isa upang mag-alok ng pinakamababang presyo para sa pag-iimbak. Ihinahayag ng Filecoin ang market na maging “hypercompetitive” at sa gayon ay maging mas mura kaysa centralized data storage tulad ng Amazon Web Services. 

Ang mga miner naman ay may insentibo upang magbigay ng storage dahil may stand sila na makatanggap ng mga reward mula sa network sa form ng mga Filecoin token. Mas maraming storage na mai-aalok nila sa network, mas mabuti ang kanilang pagkakataon na makatanggap ng reward. 

Ngunit ang mga reward ay hindi libre. Ang mga miner ay dapat gumanap ng madaming proseso ng masinsinang computation (tinatawag na proofs) upang patunayan sa network na maaari nilang iimbak ang data na inaangkin nilang nakakapagimbak at ginagawa nila ito ng mapagkakatiwalaan sa tagal ng isang panahon. 

Kung mapagkakatiwalaan nila ito at magbigay ng sapat na storage, maaari silang lumikha ng bagong mga block sa Filecoin blockchain at tumanggap ng network reward at ng mga fee sa transaksyon.

Proof-of-Replication and Proof-of-Spacetime

Ang mga blockchain ay umaasa sa mga mechanism na tinatawag na proofs upang matiyak na lahat ng mga user ng network ay maaaring sumang-ayon sa mga bagong transaksyon. Ang Bitcoin blockchain, halimbawa, ay umaaasa sa proof-of-network, kung saan ang miner at kailangang magpakita na ito ay gumanap ng isang napakalaking bilang ng mga calculation upang makakuha ng karapatang magdagdag ng mga bagong transaksyon sa blockchain at angkinin ang bagong minted na Bitcoin.

Ang Filecoin ay gumagamit ng dalawang bagong proofs upang i-verify na ang mga miner ay talagang nag-iimbak ng data na inaangkin nilang hawak. Ang Proof-of-Replication ay nagpapakita na ang miner ay totoong nag-imbak ng bilang ng mga kopya ng data na inaaangkin nitong hawakan. Proof-of-Spacetime ay nagpapakita na ang miner ay nakapag-imbak nga ng data sa isang napagkasunduang tagal ng panahon. 

Kapag magkasama, ang mga proof na ito ay nagpapahintulot sa mga user na magtiwala na ang mga miner sa katunayan ay may hawak na data na kanilang inaangkin na hawakan. 

Filecoin Storage Markets

Gamit ang mga teknolohiyang ito, ang Filecoin ay mag-aalok ng market para sa disk storage kung saan ang mga user na nais mag-imbak ng data ay maaaring mag-bid sa available na storage na inaaalok ng mga miner na nag-aalok ng disk-space. 

Ang mga miner na nagsupply ng disk-space ay mahuhusgahan din batay sa kanilang pagiging maaasahan pati na rin ang mga presyo ng storage na kanilang inaalok. Ang Storage Market ng Filecoin ay magkatulad ng sa financial market, kung saan ang mga user ay maaaaring gumawa ng mga bid price at mag offer ng mga ask price. 

Filecoin Mining

Sa pangkalahatang pananalita, ang mga Filecoin miner ay mga user na nag-aalok ng storage. Nangangahulugan ito ng sinomang user ay maaaring magplug sa hard-disk, magpatakbo ng Filecoin software, at magsimulang mag-alok ng disk-space sa Storage Market. Ang mga miner na ito ay kilala bilang Storage Miners.

Pero may isa pang kategorya ng Filecoin miners, kilala bilang Retrieval Miners and Serivces. 

Ang mga miner na ito na bayad ng mga user upang magretrieve ng data at magsagawa ng mga serbisyo na magpapabilis sa transmission ng data, tulad ng caching o pakikilahok bilang node sa content delivery network. 

 


Bakit may value ang FIL?

Filecoin’s cryptocurrency, FIL, is the native token powering its network. That means FIL is used to pay for storage and retrieval, and for any other transactions on the network. 

Because Filecoin relies on proofs of storage and spacetime, it claims its network is composed of miners who are providing a fundamentally useful service, that is, disk storage. 

Filecoin claims that its Storage Market will provide lower prices than the prices offered by centralized competitors like Amazon Web Services. 

Should Filecoin be able to successfully offer decentralized storage service that can’t be easily tampered with by corporations or governments, it could also gain more users, especially if centralized services begin to lose the trust of their customers.

Like Bitcoin, the total amount of FIL that will ever be created is also limited, in this case, to 2 billion tokens. 

If the Filecoin network grows and more users trust it with their data, and more miners supply disk-space, then the amount of transactions requiring FIL should grow. The price of FIL should rise since the amount of FIL available is limited. 
 


Bakit kailangan gamitin ang FIL?

You should consider FIL if you think existing centralized storage providers could lose the trust of their customers. 

Centralized providers such as Amazon, Microsoft or Google could be subject to pressure from corporations or governments to modify, remove or deny service to certain users. This could lead to a perception that centralized storage is untrustworthy. 

In this scenario, Filecoin and its competitors, such as Storj, Siacoin and Arweave, could stand to benefit. Their decentralized design would offer an alternative to centralized services. 

Another argument in favor of FIL is the belief its marketplace could offer prices that undercut existing providers. For instance, Filecoin claims that a significant proportion of the world’s disk space is currently unused. If it can unlock that unused disk space through financial incentives and cryptography, it could drive storage prices down even further. 

A combination of lower prices and a loss of trust in centralized providers are reasons to consider using FIL. 
 

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