Filecoin
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Filecoin is a peer-to-peer network that stores files, with built-in economic incentives to ensure files are stored reliably over time.
In Filecoin, users pay to store their files on storage providers. Storage providers are computers responsible for storing files and proving they have stored the files correctly over time. A storage provider could be any internet-connected computer with spare disk space or a dedicated system with lots of storage built specifically for Filecoin. Filecoin’s blockchain rewards storage providers for contributing useful storage to the internet, not for completing wasteful proof-of-work computations. Anyone who wants to store their files or get paid for storing other users’ files can join Filecoin. Available storage, and the price of that storage, is not controlled by any single company. Instead, Filecoin facilitates open markets for storing and retrieving files that anyone can participate in.
Filecoin enables users to store their files at hypercompetitive prices and verify that their files are being stored correctly.
At any time, users can verify that their files are being stored correctly by looking at proofs on Filecoin’s blockchain.
💡Learn about storage verification at ProtoSchool
If you are new to Filecoin or to the web3 space, welcome! We think you will enjoy getting to learn about some of the core concepts that make IPFS, Filecoin, and other technologies possible as well as how to use them in your projects and applications.
Web3 is a movement within software development that is turning centralized applications into decentralized protocols. Instead of having a single point of control, applications built on web3 architecture can remove the middle-man, reducing the risk of censorship by big corporations and services vulnerability to denial-of-service attacks. Web3 is a trustless infrastructure that allows users to have ownership and reclaim control over their data.
Web3 is essentially what allows Filecoin to exist by allowing files to be shared between peers.
You can find out more about it in IPFS and Filecoin section.
