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Filecoin- Decentralized Blockchain for storage

Wed, 24 Jan 2024, 09:13 am UTC

Filecoin- Decentralized Blockchain for storage

Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called"Filecoin"), which miners earn by providing storage to clients.

It builds on four novel components

Decentralized Storage Network (DSN) - handles storage and retrieval requests respectively via two verifiable markets: the Storage Market and the Retrieval Market. There are two types of providers

Storage providers (SP) - It is responsible for storing files and data for clients on the network and providing cryptographic proofs to verify storage.

Retrieval providers- Retrieval providers, often called RPs, are responsible for providing users quick access to their data.

Consensus- The Network consensus is achieved using the Expected Consensus (EC) algorithm, a probabilistic Byzantine fault-tolerant consensus protocol. It uses Proof-of-Storage and Proof-of-Spacetime.

In the File coin protocol, storage providers must convince their clients that they stored the data they were paid to store; in practice, storage providers will generate Proofs-of-Storage(PoS) that the blockchain network (or the clients themselves)verifies.

Proof of Replication (PoRep) is a procedure used at the time of initial data storage to validate that an SP has created and stored a unique copy of some piece of data.

Proof of Spacetime (PoST): a procedure to validate that an SP is continuing to store a unique copy of some piece of data.

Filecoin main features-

Transaction per second- 30 tps

Block time- 30 seconds

FILUSD has been a trading week for the past three weeks and lost more than 40%. The pair holds below the short-term (21 and 55 EMA) and above the long-term moving average. It hit a high of $4.61 and is currently trading around $4.85.

The bullish invalidation can happen if the pair closes below $4.75. On the lower side, the near-term support is $4.75. Any break below targets $4.15/$3. Significant downtrend if it breaks $2.90

The pair's near-term resistance is around $5.50. Any breach above confirms minor bullishness. A jump to $6.35/$6.76/$8 is possible. A surge past $8 will take it to $10.

It is good to buy on dips around $4 with SL around $3 for TP of $6.75.

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