Filecoin: A Cryptocurrency-Operated File Storage Network

The working paper (pdf) describes it in this way:

Filecoin is a distributed electronic currency similar to Bitcoin. Unlike Bitcoin’s computation-only proof-of-work, Filecoin’s proof-of-work function includes a proof-of-retrievability component, which requires nodes to prove they store a particular file. The Filecoin network forms an entirely distributed file storage system, whose nodes are incentivized to store as much of the entire network’s data as they can. The currency is awarded for storing files, and is transferred in transactions, as in Bitcoin. Files are added to the network by spending currency. This produces strong monetary incentives for individuals to join and work for the network. In the course of ordinary operation of the Filecoin network, nodes contribute useful work in the form of storage and distribution of valuable data.

The mother site is here.  File under…arbitrage.

For the pointer I thank J.

Comments

See also MaidSafe, an 8 year-old project that's pretty fascinating:

http://maidsafe.net/

-Tom

Interesting, it seems the MaidSafe system is one where there's an encrypted "public cloud" that is stored on MaidSafe members PCs, that any MaidSafe member can access. I just wonder what happens if a MaidSafe member has an encrypted file on their hard drive, but decide to switch off their PC, and somebody wants to view that file when the PC is off? Maybe they have a degree of redundancy in their system to account for this?

In my opinion, the libertarian obsession with Bitcoin and the like is a sad commentary on those involved. The welfare state isn't going away and taxes are more likely going up rather than down (in the U.S.). The warfare state doesn't seem to be disappearing either. That means that NSA/CIA/FBI/etc. are going to be snooping for a long time. Bitcoin and the like show up (for me) as some sort of techno utopian fantasy where all of the grim realities of the world are wished away via some sort of magic wand and the libertarian "elect" get to live in their tax-free, regulation-free, electronic paradise.

@PS--mood affiliation, why is it a "sad commentary"? In fact, the welfare state that you love was started by a bunch of idealists back in the days of the Progressives, over 100 years ago (it case you did not know, lol),and back then with Laisse Faire capitalism in vogue nobody thought they had a chance either. So wait and see if libertarians become popular--I predict they will, as fashions come and go. The Welfare State is one severe depression and hyperinflation away from joining Marxism in the dustbin of history.

Peter's whole point is that the Bitcoin fad is escapist. It's built on the premise that libertarians will be in the minority, but they can carve out their own little unregulated, private world anyway.

And you are throwing around "mood affiliation" like it could mean anything.

dan111,

Thank you

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