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What is Filecoin


¿What is Filecoin?

Filecoin is a complementary protocol that stores and shares information on the web.

It is a project that appreciates the storage space that holds digital artifacts linked to the network using a blockchain, a token, and a staking (mining) ecosystem that fully protects the entire platform.

Devices attached to the platform give up their storage space for filecoin to use.

In exchange, they get tokens from the network that can be exchanged for other cryptocurrencies or tokens, including fiat money.

With this, filecoin builds a distributed, private, reliable, economical, sustainable and practically uncensorable information storage network.

The idea came from Benet and was executed in July 2017, with the release of his white paper.

It was not until August, after the initial coin offering lasted a few minutes, that benet raised over $200 million to develop filecoin.

¿What does it offer?

Filecoin offers to create an extensive network of decentralized information storage nodes that runs under the smart contracts and the initial token called FIL.

¿How does it work?

Filecoin works under a series of special innovations generated for its network, its white paper is very clear and shows us the key pieces in the development of this platform.

DSN or Decentralized Storage Network

The DSN is a network of nodes that develop the Filecoin software and with them add storage space to the platform.

This ecosystem is totally autonomous in its harmonization thanks to the filecoin connection protocol, which makes this network the largest decentralized storage.

Likewise, filecoin is a platform with the ability to develop smart contracts, being the payment and incentive system for filecoin miners and users.

The ecosystem that controls the entire network supports Byzantine flaws and messages are sent using the Gossip protocol (protocol that gives access to design highly capable, reliable and low latency distributed communications systems (P2P), but a little changed.

The idea is for the platform to be highly robust, self-healing, competent in data transmission and, above all, reliable.

Also, the messages operated by the network protocol can be distributed in three types:

Put: a message that gives entry to the system and with which data can be used.

The clients developing the Put protocol can save data under a special identifier key.

Get: this message that gives users access, recover the data that is stored within the network, providing the password to enter them.

Manage: This protocol message gives access to control available storage, audit the service offered by providers and fix possible data damage.

It is in this way that the network can communicate messages with each other, use the data and provide access at any time.

Another of the main functions is to support fail-safe and data integrity mechanisms.

¿How is Filecoin regulated?

Being a decentralized network, there is no financial entity that regulates it.

¿Why do people use Filecoin?

Users use filecoin, since it cooperates with the decentralization of information storage in the network, and implements data backup and restoration tools of a distributed platform.

Filecoin, is open to users to share the space left over on their hard drives and thus acquire certain incentives in the process.

¿How is Filecoin different from other protocols?

Unlike other protocols, filecoin can store any data file, even the currently popular nfts.

Filecoin try to improve one of the main problems of the Internet, which is the lack of storage space for the demand for data generated on the network.

¿Where can i buy it?

One of the ways where you can buy FIL is through Binance, since it has a great variety tradable in trade, you can exchange a cryptocurrency, fiat cryptocurrencies or simply use a debit or credit card to buy the stablecoin, they are also allowed bank deposits.

¿Where to find more information?

For more information such as movements, prices, explorers, contracts and more you can visit the following link:

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