Review on Filecoin [Futures] by Pedro O. Alvino M.
Storage network consisting of replication test and space-time test
A decentralized storage network that consists of tests and algorithms that allow the user to opt for a secure storage network, in which the mining network actively participates contributing to the network and obtaining rewards in FIL
Anyone can offer storage on the Filecoin network, but in the case of a decentralized network, the transparency of said process originates through its main protocols, where the Filecoin chain itself verifies the storage process that is carried out by the network of miners, which are powered by two well-stated test mechanisms that generate transparency in the project when it comes to cloud storage, which is the replication test and space-time test
With some setbacks, the project has had some delays, but the final phase of its network functions is nearing completion, as well as the launch of its main network.
Pros
- Decentralized network that turns cloud storage into an algorithmic market
- It works as an incentive layer on top of IPFS, which can provide storage infrastructure for any data.
- Useful proof of work based on Proof of Work Space-time that can be used in consensus protocols
- Integrated with numerous tests and verified algorithms that guarantee the security and trust of the stored data.
- The Filecoin protocol provides a data storage and recovery service
- Miners can participate in creating new blocks for the underlying blockchain
Cons
- You find tough competitors in the market
- There have been delays for the launch of some of its functions, such as the launch of its testnet.
