The cryptocurrency community is paying close attention to Filecoin

General purpose blockchains rely on a combination of cryptography and incentive structures that allow the system to work properly without the need for centralized control. Cryptography actually excludes certain harmful behaviors, while game theory prevents others.

The collective analysis of this set of mechanisms is called cryptoeconomics. A well-structured cryptoeconomic system can determine whether a network is valuable and whether it can sustain itself or struggle to get out of trouble.

Why has the entire cryptocurrency community paid close attention to filecoin since its birth?

First, network benchmark

Many cryptoeconomic simulations have shown that a simple exponential decay model will encourage the network to induce unhealthy short-term behavior. Specifically, it will encourage miners to over-invest in hardware to complete the mining closure phase as quickly as possible.

Because Filecoin's rewards per unit of storage energy are much larger early in the storage network, we predict that it will be profitable to exit the network after exhausting these early rewards, even if doing so results in client data loss. This will undermine the network: clients will lose data and cannot access long-term storage, and miners will have little incentive to improve the network. \/jyq198116

Filecoin introduces a network benchmark. Instead of generating tokens based purely on elapsed time, block rewards increase as total storage capacity on the network increases. When the network reaches the benchmark, the same cumulative block rewards as the simple exponential decay model are issued, but some block rewards are delayed at smaller network sizes. The overall result is that Filecoin matches miners' rewards with the overall utility they provide to clients.

2. Reliability

From day one, Filecoin has been built to reliably and efficiently store the world's most important data. The protocol provides users with endless flexibility to store redundant copies of files from different miners and to verify that the only copy is actually stored to improve reliability.

Unlike centralized cloud storage services, which back up data in a way that clients cannot change or verify, Filecoin makes it easy for clients to express their preferences for reliability and cost.

3. Efficiency

Filecoin's off-chain data transfer mechanism is another example of the protocol supporting a variety of customer needs. Many datasets are large, so transferring them over the Internet is slow and expensive. For example, if the 2.5 PB Landsat 8 open source geographic imagery dataset were stored in a centralized cloud, transferring a dedicated gigabit of data over the Internet would take more than seven months and cost $125,000. \/jyq198116

Through Filecoin's offline transaction protocol, you can store big data on a hard drive, transmit the big data to miners, and then continuously verify that the files are stored securely.

4. Solid foundation for launching Filecoin mainnet

Filecoin's cryptoeconomics are designed to ensure that the network can meet the long-term needs of users. After thousands of hours of discussion, simulation, and experimentation, we believe that these mechanisms will lay a solid foundation for the launch of Filecoin mainnet. The final results of this effort, and the excellent work of Filecoin's research and engineering teams, will advance the development of public blockchains through useful work, reliable cloud storage services, and a thriving decentralized economy.

What are the strengths of Phil Cowan?

1. Research and Development Team

To study whether a blockchain project is valuable, we must first look at its R&D team. JuanBenet, the founder of Filecoin, is not only an outstanding development engineer, but also an outstanding CEO. JuanBenet's alma mater is Stanford University. During his studies, Juan was recognized and invested by Stanford University with his excellent grades, outstanding abilities, and internship experience at the school.

Protocol Labs is a gathering of elites. Currently, the core team has 76 members, who come from world-renowned universities such as Stanford, MIT and Harvard, as well as talents from global multinational technology giants such as Google, IBM and Oracle. This team brings together computer geniuses from many world-renowned universities, and its strong lineup is enough to ensure that the performance of the IPFS/Filecoin network is at the leading level.

Second, practical application

IPFS (Interplanetary File System): A decentralized file system (Hypertext Transfer Protocol) that is comparable to HTTP on the traditional Internet. Many mainstream applications such as Ontology and FullStack.cash have been working closely with IPFS, while Ethereum deploys websites directly on IPFS. \/jyq198116

As we all know, the basic goal of Internet technology projects is to realize application implementation, and the potential demonstrated by IPFS has attracted more and more mainstream applications to join its ranks. In the future, IPFS may become the underlying technology of many mainstream blockchain projects.

A distributed storage network that can effectively solve the problem of massive data storage in the global market. In addition, Filecoin is an incentive program based on IPFS. IPFS and Filecoin are complementary and complement each other.

On the road ahead, both the project team and the community need to make more efforts. We look forward to witnessing the progress of Filecoin together.