What is Filecoin
This section offers a detailed overview of Filecoin for developers, serving as a go-to reference for their needs.
Filecoin is a peer-to-peer network that enables reliable, decentralized file storage through built-in economic incentives and cryptographic proofs. Users pay storage providers—computers that store and continuously prove file integrity—to securely store their files over time. Anyone can join Filecoin as a user seeking storage or as a provider offering storage services. Storage availability and pricing aren’t controlled by any single entity; instead, Filecoin fosters an open market for file storage and retrieval accessible to all.
Filecoin is built on the same technology as the IPFS protocol. IPFS is a distributed storage network that uses content addressing to provide permanent data references without dependency on specific devices or cloud providers. Filecoin differs from IPFS by introducing an incentive layer that promotes reliable storage and consistent access to data.
Filecoin’s use cases are diverse, ranging from Web3-native NFT storage to metaverse and gaming assets, as well as incentivized, permanent storage. It also offers a cost-effective solution for archiving traditional Web2 datasets, making it a strong alternative to conventional cloud storage.
For instance, NFT.Storage leverages Filecoin for decentralized NFT content and metadata storage. Likewise, organizations like the Shoah Foundation and the Internet Archive use Filecoin for content preservation and backup.
Filecoin is compatible with various data types, including audio and video files. This versatility allows Web3 platforms like Audius and Huddle01 to use Filecoin as a decentralized storage backend for music streaming and video conferencing.
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