Filecoin (FIL) and IPFS: Revolutionising cloud storage

in LeoFinance10 months ago

Filecoin (FIL) and IPFS: Revolutionising cloud storage.

Direct from the desk of Dane Williams.




Exploring how the combination of Filecoin (FIL) and IPFS has the potential to revolutionise cloud storage by offering a distributed, decentralised and more secure alternative to traditional centralised storage solutions.

As our world increasingly shifts online, the amount of data we produce is growing at an unprecedented rate.

From personal photos to important business documents, we rely on cloud storage solutions to keep our digital lives organised and accessible from anywhere.

However, traditional centralised cloud storage systems have several limitations, including security risks, high costs and limited capacity.

That's where Filecoin (FIL) and IPFS come in - two technologies that could revolutionise the way we store and share data.

In this blog post, I take a look how Filecoin crypto (FIL) and IPFS could provide a distributed, decentralised and more secure alternative to traditional cloud storage.

Let’s go.

Filecoin (FIL) banner showing a cartoon version of their centralised cloud storage solution.

What is the problem with traditional cloud storage?

Despite the convenience of traditional cloud storage, there are several problems with relying solely on centralised systems.

For one, these systems have limitations on how much data they can store and how quickly they can transfer it.

This can be a problem for individuals and businesses alike, as it can lead to slow loading times and limited capacity for important files.

Another issue is security.

With centralised storage, all data is stored in one central location, making it vulnerable to hackers and other security threats.

In addition, the companies that run these systems have access to all of the data stored within them, which can be a privacy concern for some users.

Censorship or gatekeeping is also a potential risk, as centralised storage systems can control access to data and potentially limit the free flow of information.

These limitations are why many are turning to Filecoin and IPFS as a solution.

How does IPFS work?

So, how does IPFS work?

IPFS stands for InterPlanetary File System and it is a protocol designed to enable the distributed storage and sharing of files.

IPFS operates on a peer-to-peer network, meaning that files are stored across multiple computers rather than in a single central location.

This distributed approach to storage offers several advantages over traditional cloud storage systems.

For one, it eliminates the need for a central authority to control access to files.

This means that anyone with the correct permissions can access the files and no single entity has complete control over them.

Another advantage of IPFS is its ability to handle large amounts of data efficiently.

With IPFS, files are broken down into smaller pieces and stored across the network.

When a user requests a file, the IPFS protocol retrieves the pieces from multiple locations and reassembles them on the user's device.

This approach reduces the load on any single device and can lead to faster download speeds.

In addition, IPFS allows for version control of files, meaning that changes to a file can be tracked over time and users can access previous versions of the file if needed.

How does Filecoin (FIL) work?

Now that we understand how IPFS works, let's take a closer look at the Filecoin network, which is built on top of IPFS.

Filecoin is a decentralised storage network that allows users to rent out their unused storage space and bandwidth to other users on the network.

What's interesting about Filecoin is that it incentivises users to provide storage space and bandwidth by rewarding them with the FIL cryptocurrency.

When a user rents storage space on the Filecoin network, they pay in FIL and the provider of the storage space receives FIL as payment.

This system creates a market-driven approach to storage that is both decentralised and efficient.

Compared to traditional cloud storage systems, Filecoin offers several advantages.

For one, it allows for more cost-effective storage, as users only pay for the storage they need and providers can earn FIL for renting out their unused storage space.

In addition, Filecoin provides a more secure and reliable approach to storage by using encryption and distributed storage.

Data is broken down into pieces and stored across multiple devices on the network, making it difficult for any single entity to access or control the data.

As you can see, the Filecoin network adds a financial incentive to IPFS to try and ensure that cloud storage doesn’t become the type of centralised entity that we are trying to avoid.

How does Filecoin (FIL) and IPFS work together?

IPFS and Filecoin are closely integrated, and together they provide a powerful solution for decentralised cloud storage.

In fact, Filecoin was designed to work seamlessly with IPFS and the two technologies complement each other in several ways.

When a user uploads a file to the Filecoin network, the file is broken down into smaller pieces and encrypted before being distributed across the IPFS network.

This approach ensures that the file is securely stored across multiple devices, making it difficult for any single entity to access or control the data.

One of the benefits of using IPFS and Filecoin together is the ability to store data more efficiently.

With IPFS, files are broken down into smaller pieces and distributed across the network, which reduces the amount of storage space needed for each file.

Filecoin takes this a step further by incentivising users to provide storage space, which means that there is always plenty of storage available on the network.

Another benefit of using IPFS and Filecoin together is improved accessibility.

With IPFS, files can be accessed from anywhere in the world and with Filecoin, users only pay for the storage they need.

Making it a more cost-effective solution for cloud storage.

Ultimately, the integration of IPFS and Filecoin provides a more efficient, secure approach to cloud storage that is both decentralised and accessible.

By working together, IPFS and Filecoin definitely could revolutionise the way we store and share data online.

Use cases for Filecoin and IPFS

Now that we have a better understanding of how Filecoin and IPFS work together, let's take a closer look at some of the use cases that could benefit from this tech.

One group that could benefit from Filecoin and IPFS is online communities.

With these technologies, online communities can securely store and share their data without relying on centralised platforms.

This means that online communities can maintain their independence and protect their data from censorship or gatekeeping.

Marginalised or censored groups could also benefit from Filecoin and IPFS.

By using these technologies, marginalised groups can safely store and share their data without fear of censorship or persecution.

This is particularly important in countries where freedom of expression is restricted or where users are targeted for their views.

Journalists and media outlets are another group that could benefit from Filecoin and IPFS.

With these technologies, journalists can securely store and share sensitive information without worrying about being silenced.

In addition, there are numerous other use cases for Filecoin and IPFS, such as archival storage, content delivery and data backup.

Final thoughts on Filecoin crypto (FIL) and IPFS revolutionising cloud storage

While Filecoin and IPFS offer numerous advantages over traditional cloud storage solutions, there are some concerns around the centralisation of Filecoin's governance.

The pre-mine and poor token distribution have raised questions about how much control a few entities have over the network, which could potentially undermine the decentralised nature of the project.

However, despite these concerns, Filecoin and IPFS certainly have the potential to revolutionise the way we store and share data online.

By providing a secure, decentralised and efficient approach to cloud storage, these technologies could address some of the biggest challenges facing online content today.

Those namely being censorship, surveillance and security breaches.

In the end, the benefits of Filecoin and IPFS for cloud storage are significant.

They offer a more secure, efficient and decentralised approach to storing and sharing data, which could be particularly valuable for online communities, journalists and marginalised groups.

With ongoing development and improvements, these technologies could become a powerful tool for individuals and organisations looking to take back control of their data in this global shift toward authoritarianism.

Best of probabilities to you.

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It's an interesting model and it kind of reminds me of how 3speak wanted to use the nodes to host the videos. It just makes me wonder if there are fees involved with transactions.

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I haven't gone into a deep dive of the SPK Network (and to be honest, they have made everything EXTREMELY complex which will 100% hurt them in terms of adoption), but my understanding is they're similar to Filecoin.

With the key difference being that thanks to Hive and the way they're airdropping their governance tokens, they will end up with a much more robust, secure distribution.

Ultimately meaning they're more secure and truly censorship-resistant.

I'll get to my SPK Netowrk deep dive eventually, but they're so far from having anything working, I don't know when that will be.

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Governance, Governance, Governance.

A big key to integrity.

Perhaps you could research and write about #TheMatrix8Solution

Yep, in the end, governance is all that matters.

Having your governance token properly distributed to ensure your network is truly secure and censorship-resistant.

...and I'm not sure Filecoin (FIL) actually ticks this box.

Over to you SPK Network!


Perhaps you could research and write about TheMatrix8Solution

I'll add it to my ever expanding list.

Cheers :)

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I think if you look into what the @spknetwork is doing you will find that their IPFS solution wins hands down.

Also its good for hive, check it out when you have time

My overarching take on Filecoin is that there are still a million questions around their governance and distribution which will ensure they face problems in the future.

Hopefully their relationship to Hive means that the SPK Network guys have got this aspect right (and my early impressions of the project are that they have).

I'll properly go down the SPK Network rabbit hole eventually and write one of my guides.

I'm honestly just put off by how complex their system is on the surface...

Where do I even begin trying to explain this mess in language that n00bs can understand.

Yikes ;)

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You and me both. But I really hope that the complexity that exists will help it distill into a user friendly product when implemented. More than happy to sit down and answer questions if you have them.

Hey mate, I'll definitely be taking you up on the offer when I get around to writing the guide.

Anyway, I'm really cheering for you guys to pull it off.

Not only for Hive, but for the good of society in general.

We need genuinely censorship-resistant platforms!

See you around :)

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