What is FileCoin Blockchain? Everything you need to know.

It can be said that FileCoin blockchain is one of the most practical, bold and complex blockchains in the world. This blockchain was created based on a very innovative idea and with ambitious goals. Many experts believe that if the FileCoin development team can implement their ideas, it will create a big revolution in the field of data. The FileCoin project allows its users to save their important files at competitive prices and retrieve them whenever they want.

The FileCoin project is a peer-to-peer blockchain designed to store information away from the risk of hacking or censorship. This blockchain has created attractive economic incentives for miners to ensure that operators store data in the best and most accurate way possible.

Storage internals are powerful computers that undertake to store a set of data in the best possible way over a certain period of time; In this way, anyone who wants to save their own files and data, or earn money from saving other people’s files, can join the FileCoin network. Customers have to pay to be able to store their files on FileCoin miners. The FileCoin network is not controlled by any company and the price of storage space in this network is determined by the free market and based on the agreement between the parties.

In this way FileCoin miners can be rewarded for keeping important and valuable information in a safe, uncensorable and hackable FileCoin (FIL) digital currency.

The initial offering of FileCoin provided 250 million dollars of capital to the founders of this blockchain.

Juan Bennett is the CEO of Protocol Labs and the founder of FileCoin; Of course, the FileCoin project is one of the services of Protocol Labs. Protocol Labs was founded in 2014, IPFS, lib p2p and Filecoin projects are among the products of this company.

The initial offering of the FileCoin blockchain began in August 2017 with the sale of 200 million FIL tokens. FileCoin’s Initial Coin Offering (ICO) lasted for a month and managed to raise $250 million in capital for the company. FileCoin’s development team uses this capital as a support to upgrade and improve the network.

How does Filecoin work?

Filecoin blockchain providers are actually miners or computers that can connect to the internet and have extra disk space to store data. By participating in the data storage chain, these miners can be rewarded with FileCoin (FIL) digital currency. On the other hand, storage providers in the FileCoin network do not need to advertise themselves; Because FileCoin blockchain is designed in such a way that by creating a comfortable and transparent user environment, a creative and decentralized ecosystem connects providers to customers in the best way.

All storage providers must adhere to their data storage obligations. These adherences are recorded by Proof of Space Time (PoSt) verification in the Bitcoin mining protocol. The PoSt protocol allows clients to check and ensure that the miner has correctly stored the agreed upon information.

What are the parts of FileCoin blockchain?

The FileCoin blockchain is actually a collection of recovery nodes, storage nodes, and clients. FIL is the intermediary currency through which these 3 groups trade with each other.

Storage nodes are actually miners that store a copy of the complete information of the blockchain, transactions between users and customer data in an agreed upon form.

Miners extract data and deliver it to the client. Sometimes storage miners also operate as recovery miners in the FileCoin network.

Miners receive their fees outside of the blockchain chain. The founders of FileCoin predicted that payments within the FileCoin chain could create bottlenecks in validating payments and slow down the network; for this reason, they decided to make all payments outside the blockchain network and only use the blockchain when there is a dispute.

In total, there are about 2 billion FIL digital currencies in the world, which are going to be released gradually over the next 16 years for block mining rewards. According to the monetary policy considered by the founders of FileCoin, it is stipulated that about 70% of the available digital currencies will be given to the miners as a reward. Protocol Labs organization, in the role of the developer of this network, owns 15% of FIL digital currencies. About 10% of the tokens of this network were given to the initial investors of this project during the initial release of FileCoin blockchain. 5% of it is available to FileCoin Foundation to implement the long-term plans of this network.

What are the benefits of using FileCoin?

• FileCoin also rewards its miners for saving nothing! It may seem strange, but the purpose of this work is that the blockchain is always sure that it has free space to store more information.
• According to their needs, customers in the FileCoin network can choose a miner that has a cost and speed increase according to their needs from among the providers.
• Unlike centralized storage systems, there is no need to run a different API for each provider in the FileCoin project.
• FileCoin blockchain has a very practical idea and is easy to work with; For this reason, the community is expected to attract many customers.
• Users of this smart network do not need to advertise their miner on the network level to attract customers.
• In FileCoin blockchain, it doesn’t matter when you join the network to mine FileCoin. This system is designed in such a way that newcomers can always benefit from the reward of FileCoin digital currency mining.

FileCoin Blockchain is an ambitious project that aims to create a revolution in the world of data by storing information in an unlimited and decentralized manner; Due to the structure and special facilities that FileCoin blockchain provides to its users.

FileCoin Blockchain is kind of decentralized physical infrastructure network (DePIN), DePIN is a new technology in the field of blockchain developed to improve security and privacy in digital currency transactions.