In-depth analysis: Filecoin ecology and future trends
IPFS is a point-to-point distributed file system. Filecoin is equivalent to providing an incentive layer for IPFS. It is established for IPFS to be well promoted and used in the market and will become the basis for all blockchain data storage in the future.
Ethereum has deployed its official website on IPFS, which is equivalent to a cloud server in the traditional market to provide space and other services for the website. IPFS and traditional HTTP are both transmission technologies, but the goal of IPFS is to replace HTTP as the new mainstream transmission protocol one day in the future. Many large network companies are already paying close attention to this technology. Huawei has already begun to establish it in Cangzhou IPFS computer room.
The driving force of Filecoin ecological growth mainly comes from application cases, tools and infrastructure of all Filecoin stakeholders. Since the launch of the Filecoin mainnet on October 15, 2020, several important milestones have been surpassed:
Development history:
1. The storage capacity of more than 700 miners exceeds 1EiB;
2. An ecosystem composed of more than 90 projects-applications, developer tools and infrastructure can be built on the network ; 3. More than 200
new projects Join the ecosystem through hackathons and accelerators;
4. More than 5,400 developers have contributed to the project’s GitHub source code repository;
5. Many application cases have been developed, including consumer storage applications, archive storage, defi, and decentralization Video etc.
If you want to know more about the status of the Filecoin ecosystem, you can look back at the beginning of "LiftoffWeek", or update the information on the network after October 2020.
The Filecoin network is mainly composed of independent data storage miners, retrieval miners, and storage services that hire miners. As a distributed data storage network, Filecoin is both the incentive layer of IPFS and the storage of IPFS. IPFS serves as the technical support of the entire filecoin system. The two protocols share multiple functional modules.
The Filecoin bidding mechanism is conducive to reducing the price of storage services. Filecoin miners participate in network governance and compete for block packaging rights by providing effective storage as computing power. The miners in this network earn retrieval fees by searching for miners, while storage miners earn storage rents and block packaging rewards.
Filecoin is a utility token designed to be used, which gives token holders the right to use the network.
We can think of Filecoin as an island economy, where participants gather to produce valuable storage goods and services and export them to all parts of the world.
On the Internet, people should expect to see storage providers with their own unique characteristics, smart contract systems, lending services, various sets of use cases, and so on. These can all become their own unique businesses. The utility of the network is reflected in the attractiveness of the products and services produced by the participants in the network.
The overall primary economic goal of miners, developers, researchers, customers, and token holders is to effectively produce attractive storage-related products and services that can be exported to the outside world.
Filecoin has a pledge and punishment mechanism, and the security of the system interacts with the economic mechanism. There are two types of pledges in the Filecoin network, promise pledges and storage pledges. The double pledge mechanism in the Filecoin network encourages miners to provide better services in order to obtain benefits. The FIL coins punished in the Filecoin network will be used as rewards for reporters and executors to promote the healthy development of the network.
In the future, the value of Filecoin will gradually increase, and more and more miners and investors will participate. This also shows that it is especially important for investors who are optimistic about the Filecoin project to participate in mining!