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What is Filecoin?

Filecoin operates as a peer-to-peer network specializing in reliable file storage. It employs economic incentives and cryptography to ensure the permanence and reliability of stored files over time.

How Does Filecoin Work?

In Filecoin, users pay decentralized storage providers to store their files, ensuring data reliability and permanence. These storage providers are accountable for storing files correctly and proving their integrity over time.

Advantages of Filecoin

  • Decentralized Storage Market: Filecoin facilitates open markets for storing and retrieving files, ensuring availability and price transparency without centralized control.
  • Integration with IPFS: Built upon the IPFS protocol, Filecoin leverages content addressing and offers incentives for reliable storage and access of contents.

Filecoin Use Cases

Filecoin caters to diverse use cases, from NFT and metaverse assets storage to incentivized permanent storage and archiving Web2 datasets. For instance:

  • NFT.Storage: Utilizes Filecoin for simple decentralized storage solutions for NFT contents and metadata.
  • Support for Various Data Formats: Supports audio, video files, empowering platforms like Audius and Huddle01 for music streaming and video conferencing using decentralized storage.
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