Filecoin

From HandWiki

Filecoin (⨎)[lower-alpha 1] is a cryptocurrency intended to be a blockchain-based cooperative digital storage and data retrieval method.[2][3][4][5] It was developed by Protocol Labs and shares some ideas from InterPlanetary File System allowing users to rent unused hard drive space.[6][7] Filecoin is an open protocol and uses a blockchain to record participation in the network.[8] Transactions are made using the blockchain's currency, FIL.[9] The blockchain is based on both proof of-replication and proof of space-time.[10][11]

Filecoins are paid to miners (termed "storage providers" - SPs) who provide storage for clients, as opposed to Bitcoin where miners secure the network and maintain consensus.[12] The payment amount depends on the network schedule, storage sectors quantity and size, adherence to FIL+ and deals made with clients, and participation in the network requires putting tokens in collateral.[13]

History

Filecoin, as a cryptocurrency and file storage network, was defined in a white paper published in July 2014.[14]

The project was launched in August 2017, and raised over $200 million within 30 minutes via an initial coin offering.[8][15]

In 2020, the project set up the Filecoin Foundation under the leadership of founding officer Megan Klimen to support the development of the protocol, and the Filecoin Foundation for the Decentralized Web to support other projects contributing to the ecosystem of the decentralized web.[16][non-primary source needed]

In April 2021, the storage capacity of the network crossed the Baseline Target, which was interpreted as a transition from a "capacity building" stage of the network to one on which scale was achieved[17]. However, the network growth in 2022 was slower than the Baseline Target[18], which caused the capacity to become smaller than the target by February 2023[19].

Their Board of Directors and advisors include Brewster Kahle (Founder of Internet Archive), Joe Lubin (Founder of Consensys & Cofounder of Ethereum), and Denelle Dixon (CEO of Stellar Development Foundation).[20]

Philanthropy

In April 2021, the Filecoin Foundation donated 50,000 filecoins worth $10,000,000 to the Internet Archive.[21][22] In addition, Internet Archive's founder Brewster Kahle and director of partnerships Wendy Hanamura joined the boards of advisors of Filecoin and the Filecoin Foundation for the Decentralized Web.[23]

In 2020, content from Internet Archive started to be stored in Filecoin, with the purpose of creating a decentralized prototype of the digital library.[21] By October 2023, one petabyte of data had been uploaded to the Filecoin network.[24]

See also

Notes

  1. ↑ This is an "integral with double stroke" unicode character with the designation U+2A0E.[1] It is in the Supplemental Mathematical Operators Unicode block.

References

  1. ↑ "Unicode Character "⨎" (U+2A0E)". https://www.compart.com/en/unicode/U+2A0E. 
  2. ↑ "Showdown in the Cloud: Dropbox IPO, Meet the Filecoin ICO" (in en-US). Observer. 2017-07-11. http://observer.com/2017/07/dropbox-ipo-filecoin-ico/. 
  3. ↑ Tepper, Fitz (10 August 2017). "Filecoin's ICO opens today for accredited investors after raising $52M from advisers | TechCrunch". https://techcrunch.com/2017/08/10/filecoins-ico-opens-today-for-accredited-investors-after-raising-52m-from-advisers/. 
  4. ↑ Vigna, Paul (2017-08-11). "Latest Hot Digital Coin Offering: $187 Million in One Hour for Filecoin" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/latest-hot-digital-coin-offering-187-millionin-one-hourfor-filecoin-1502481514. 
  5. ↑ "Investors poured millions into a storage network that doesn't exist yet" (in en-us). Ars Technica. https://arstechnica.com/information-technology/2017/08/investors-poured-millions-into-a-storage-network-that-doesnt-exist/. 
  6. ↑ "IPFS and Filecoin" (in en-us). https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/. 
  7. ↑ Johnson, Steven (2018-01-16). "Beyond the Bitcoin Bubble" (in en). The New York Times. https://www.nytimes.com/2018/01/16/magazine/beyond-the-bitcoin-bubble.html. 
  8. ↑ 8.0 8.1 Corbyn, Zoë (2018-09-08). "Decentralisation: the next big step for the world wide web" (in en-GB). The Observer. ISSN 0029-7712. https://www.theguardian.com/technology/2018/sep/08/decentralisation-next-big-step-for-the-world-wide-web-dweb-data-internet-censorship-brewster-kahle. 
  9. ↑ Zhang, Dylan (2023-01-06). "A Primer to Filecoin Circulating Supply". https://observablehq.com/@starboard/a-primer-to-filecoin-circulating-supply/2. 
  10. ↑ Bravo-Marquez, Felipe; Ugarte, Martin; Reeves, Steve (April 2009). "Proof-of-Learning: a Blockchain Consensus Mechanism based on Machine Learning Competitions". 2019 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPCON). 2019 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPCON). p. 119-124. doi:10.1109/DAPPCON.2019.00023. ISBN 978-1-7281-1264-0. 
  11. ↑ Wang, Xuechao; Azouvi, Sarah; Vukolić, Marko (2023-08-14), Security Analysis of Filecoin's Expected Consensus in the Byzantine vs Honest Model, arXiv, doi:10.48550/arXiv.2308.06955, https://changenow.io/currencies/filecoin 
  12. ↑ Gupta, Pranay; Tham, T. Mandy (2018-12-03) (in en). Fintech: The New DNA of Financial Services. Walter de Gruyter GmbH & Co KG. p. 148. ISBN 978-1-5474-0090-4. https://books.google.com/books?id=UBiBDwAAQBAJ. 
  13. ↑ Bernardineli, Danilo (2023-04-11). "Understanding the Filecoin Consensus Pledge" (in en). https://blog.block.science/understanding-the-filecoin-consensus-pledge/. 
  14. ↑ filecoin.io (15 July 2014). "Filecoin: A Cryptocurrency Operated File Storage Network". https://filecoin.io/filecoin-jul-2014.pdf. 
  15. ↑ "What are initial coin offerings?". The Economist. 2017-08-21. ISSN 0013-0613. https://www.economist.com/the-economist-explains/2017/08/21/what-are-initial-coin-offerings. 
  16. ↑ "Protocol Labs Collaborates with Consensys to Bring Filecoin to Ethereum" (in en). https://consensys.io/blog/protocol-labs-collaborates-with-consensys-to-bring-filecoin-to-ethereum. 
  17. ↑ Bernardineli, Danilo (2021-05-19). "Filecoin Network Crosses Baseline Sustainability Target for First Time" (in en). https://filecoin.io/blog/posts/filecoin-network-crosses-baseline-sustainability-target-for-first-time/. 
  18. ↑ "Baseline Crossing - full analysis" (in en). https://hackmd.io/@cryptoecon/BkytBgbIs. 
  19. ↑ Kalghatgi, Vik (2023-02-15). "Filecoin Network Crosses Baseline from Above" (in en). https://medium.com/cryptoeconlab/filecoin-network-crosses-baseline-from-above-585b696083af. 
  20. ↑ "Filecoin Foundation Announces Board of Directors" (in en). https://www.fil.org/blog/filecoin-foundation-announces-board-of-directors. 
  21. ↑ 21.0 21.1 Hanamura, Wendy (2021-04-01). "Filecoin Foundation Grants 50,000 FIL to the Internet Archive" (in en-US). http://blog.archive.org/2021/04/01/filecoin-foundation-grants-50000-fil-to-the-internet-archive/. 
  22. ↑ "Filecoin Foundation donates $10M in FIL tokens to Internet Archive" (in en). 2021-04-02. https://cointelegraph.com/news/filecoin-foundation-donates-10m-in-fil-tokens-to-internet-archive. 
  23. ↑ Masnick, Mike (8 April 2021). "Filecoin Foundation Donates $10 Million Worth Of Filecoin To Internet Archive". https://www.techdirt.com/articles/20210404/18351646551/filecoin-foundation-donates-10-million-worth-filecoin-to-internet-archive.shtml. 
  24. ↑ Joyce, Jamie (2023-10-20). "Celebrating 1 Petabyte on the Filecoin Network! | Internet Archive Blogs". https://blog.archive.org/2023/10/20/celebrating-1-petabyte-on-the-filecoin-network/. 



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