Filecoin will be the Amazon in the world of blockchain

  • Introduction: Someone says the greatest opportunity of block chain in 2017 is Ethereum, while it is IPFS in 2018. It is known that IPFS i.e., InterPlanetary File System is a point to point file system of distributed version intended to supplement (even replace) the hyper text transfer protocol (HTTP) that dominates the Internet and connects all the computing equipment with the same document management mode together.

    Will IPFS become the №1 dark horse in this year? And what is Filecoin related? On May 16, the air class of Lieyun Finance invited Jinbin Xie (Cannon Xie) to explore the present and future of IPFS and Filecoin with you.

    IPFS is a transfer protocol, rather than a block chain project.

    The hottest project in the circle of currency is EOS, but IPFS catches up. Why is that IPFS so hot?

    According to the introduction by Cannon Xie, IPFS and Filecoin are of the same project team. They initially designed the first version of white paper for Filecoin to modify the technology based on the source code of bitcoin, but the foundation of technology is not optimized, so the founder made IPFS first.

    It is a misconception here: IPFS is not a block chain project, but only a transfer protocol. You can draw an analogy with http (hyper text transfer protocol), and the true miner is Filecoin.

    IPFS can be considered as eMule, that is p2p download or p2p network. Every document in the IPFS network has the sole fingerprint, i.e., the hash value. The successful download of files on IPFS network depends on the hash value i.e., the fingerprint to obtain the content details, This is a brand new protocol to obtain files, different from the method by inputting domain name or IP address while browse the webpage to download files and webpage content,

    The content memory addressing has been by laboratories applied for many years, but now is merchandised by the IPFS team. Therefore, users choose IPFS when they need distributed storage in many block chain projects. The distributed storage technology has been popular and become a consensus. That’s why IPFS is so hot.

    But the common problem of IPFS technology is that its base layer is p2p network, if there are only two to three joints, the overall experience of network will be extremely bad. The more the joints are, the better the experience will be. Therefore, IPFS team raised more than 200 million dollars in Jul. and Aug. after they initiated Filecoin financing in 2017. Why do they promote Filecoin? Because they want to encourage all users to become the storage joints of IPFS. Just like bitcoin, add the miners and encourage the miners to contribute their own calculating resources to contribute their own accounting capability. Filecoin also wants to encourage all users to contribute their own storage space and become one of the joints. “The more the joints are contributed, the stronger the IPFS network will be, and the quicker the experience will be, if the critical value of a storage scale is reached, the future IPFS is very likely to become the Amazon in the storage space of block chain.” Said the Cannon Xie.

    Filecoin may realize the accurate coverage of users’ data.

    The traditional cloud computing manufacturers have a common problem that they need to establish the data centers at the respective regions, provided that they have a wide plot with the approval of the government. And manufacturers of traditional data center also have the solutions for disaster recovery and active data centers at remote to prevent the occurrence of accidental disasters from inducing the damage to the data center. Although the mechanism of prevention is sufficient, the incident of black swan event cannot be avoided.

    For example, the construction of workshop for Ali Cloud is for the purpose to build the data centers as many as possible. Because the Internet users are in everyplace of the country , so they have to establish the data centers at the coastal cities, middle and western regions and remote areas for the purpose to cover all the users. However, for the data manufacturers, this results in resource waste problem — remote areas have low data storage amount, while the storage space is idled, and the cost of storage is increased. If we can locate accurately as per the demands of data, then we can make sure the accurate coverage for the users’ data. On this basis, Filecoin was generated.

    Storage problems in the world of block chain

    There exist some problems in the aspect of storage in the world of block chain. For example, the game named the CryptoKitties, actually is not truly a DApp game of block chain. Because the whole webpage and pictures of cats need to be stored on the centralized servers, and if the front end interface has the network layer or DNS layer, then the content may be polluted. If the private key is secretly handed over to a hacker, your webpage will be replaced without notice to you. This is a very common problem.

    Another problem is that the data loaded in each block chain is the order information in the block head and block body only up to 1 to 8 M. How can we make a game of block chain or other applications in such a small space? The true maturity and explosion of block chain applications depends on a stable infrastructure of storage, while many other public chains focus on the improvement of transaction speed.

    Cannon Xie said: “I think storage space is still the very problem to be solved at top priority, followed by the flow at the upper layer, and then the frequency of transaction. In this way can we form a mature decentralized application.”

    Filecoin technology structure

    The above figure describes the technology structure of Filecoin. IPFS is also the part of Filecoin. Filecoin is the consensus layer and incentive layer, uses coin as the incentive layer of Economic upper layer to encourage the miners to become the storage joints of IPFS and supports the whole storage network.

    IPFS storage mode is of random and nearby joint storage, to guarantee that other data can be recovered from other copies if one of the joints is in the fire. The randomness makes sure the security of data, and the copies of data fragments avoid the impact from external elements which induces the loss of data.

    IPFS and Filecoin comprise a decentralized storage network, and their relationship is: IPFS is the storage layer under the chain, and Filecoin is the consensus layer and incentive layer; they match and cooperate with each other.

    IPFS mining mechanism

    Cannon Xie said: “The appearance of various IPFS miners on the market today really confuses the users. Some users may buy one machine but they may fall into a trap. Before truly distinguishing the IPFS miners, we need to distinguish the mechanism of IPFS mining. We need to know the purposes of both ours and the sellers so that we can protect our own property, that is to protect our wallet.”

    Cannon Xie thinks mining can be divided into three kinds of benefits.

    First, rent out the storage space. For example, Xiaoming wants to store 1t data, he needs to launch an order on the network so that the miners can rent the storage space, The one who gets the order at the first time can complete the transaction. For example, by Didi Taxi, Xiaohong wants to go to a distant place, she can place the order on Didi, and the drivers will compete for the order. But various kinds of elements may impact the speed of competing for the order. This is a transaction behavior. What elements will impact the speed of competing for the orders?

    I, The condition of network i.e., bandwidth. Network is one of the channels to communicate with the external world, like the water gap for entry and exit. The larger the bandwidth is, the wider the water gap for entry and exit will be, the more flow it undertakes, the faster the speed of network will be, the faster the speed of competition will be. Here it is divided into upstream width and downstream width. Downstream is to download the customers’ data to our own joint for storage, Filecoin will verify the success of storage for data, and coin award will be given.

    II. Machine. “Since last year, various miners emerge on the network, but how do the miners help us mine coins during the mining process of IPFS? If it is simply a storage cabinet, can it help us mine?” said Cannon Xie.

    Actually you can use your laptop for the mining, and the difference lies in the quantity (more or less). When your machine accesses to the network, the machine will receive a lot of links, for example, data processing between the net opening and cpu, data stored on the hard disk, by cpu orders. Here there is a test for the cpu against the big io processing capability. There may be simple hard disk cabinets on the market, that is to simply insert several disks to the main board, catch several cpu memories to meet the configuration of small computers.

    If we use ordinary computer or machine only, although we can mine, the final purpose is to mine coins as many as possible, to achieve the extreme optimization on data processing for machines.

    III. Hard disk. Many users have no obvious sense on hard disk, and they think ordinary hard disk is ok. Actually there are many levels of hardware, such as the level of family use, sas disk used for enterprise level, the disk used for monitoring, and the hard disk for different demands. Looking from the significance of mining, under the condition of online extreme pressure for 24 hours, disk for family use actually cannot be qualified for mining.

    IV. Power supply. If the current of the circuit board is not stable, it will damage the hard disk. The reason is that there is magnetic pin on the hard disk, the magnetic pin will keep the normal rotation under the normal voltage, if the voltage decreases suddenly, the speed of rotation will be reduced, at this moment the magnetic head of the hard disk will have a certain fatigue to damage the hard disk. Therefore, it is necessary to guarantee the high quality of power supply so that the stable output of current and voltage can be conducted. In this way, we can guarantee the extension of life for the hard disk.

    Second. Contributors of content. If you do not have capital to purchase the hard disk or the machine, you can also be a contributor of content. If you have the resources that are sparse, you may store files to the network with a little money, offer to the public for download by unlocking the documents. At this time, the public needs to pay for the unlocking and you can get the income. This is suitable for those who have file resources or data resources may do such work. Of course we do not exclude the hottest data are contributed to the network, but you can get incomes at the early stage.

    The last is the capability to get out of the block. Filecoin is a technology of block chain, each block is generated by miners. The hardware resources contributed by the miners will generate the block, then what is the consensus mechanism of Filecoin?

    For example, suppose you have 10T storage space contributed to the network, someone stores data to your hard disk through Filecoin network, for example, 1t, 1 is divided by 10, this is the your capacity of effective storage on the network, which is abbreviated as storage capacity. This storage capacity represents the capacity of your storage space for effective storage. The larger the storage capacity is, the more advantages you have to compete with others and get the capability to get out of the block at the first time, at this moment, you can get a one coin.

    In conclusion, mining requires stable power supply and the hard disk of high quality and low fault rate, rather than second hand disk, garbage disk and disk of high fault rate. If you truly want to participate the IPFS mining, you need to think on multiple aspects, not launch a machine randomly. You need full consideration and observation and compare for the good quality and a reasonable price, choose the companies with true technology and power.

    Filecoin and IPFS: The storage and sharing economy

    Actually there is Economic sharing in the block chain, Filecoin and IPFS can be considered as the sharing economy and hard disk. The so-called traditional sharing economy, for example, ofo, has the centralized server for the operation and a deposit which is used by them for undetermined purposes. The capital circulation of Filecoin on the block chain is public and transparent, coordinated and matched by coding to guarantee the publicity and transparency and to truly achieve the sharing economy, and this is the revolutionary nature of sharing economy.

    IPFS replaces the current http network, Filecoin replaces the Ali Cloud, will it be possible?

    The technology at the current stage is revolutionary. With the scale being larger and larger, the true distributed memory technology will create an impact to the centralized service available now although it is not obvious at the current stage. For example, the impact of bitcoin on the current financial system is not obvious, however, with more and more miners working for Filecoin, there will be more and more IPFS storage joints.

    It is estimated that by 2020, the overall IPFS storage network will reach the level of 2z, 1pb=1024tb, 1eb=1024pb, 1zb=1024eb, it is equal to 4 times of 1024. To reach such a large scale of data, those joints can truly meet such a capacity, by the effect of the network, it is enough to pull down the unit storage price, and this is the revolutionary part of network benefits.

    It is estimated that by 2020, the capacity will reach 2zb. These two to three years will witness the rise of IPFS storage network. If we truly achieve that capacity, we will have the capability to create a certain impact on the cloud computing manufacturers available now.

    The cost for the general storage resources at the current stage is about 1 jiao per gb. If the storage network of Filecoin reaches 2zb or even 10zb by 2020, the cost will be far lower than 1 jiao, at that time, if the traditional manufacturers have the demand for large amount of storage, for example, some companies are involved in the business of data chart, including the cold data such as the surveillance of large scale, security and other cold data, but they have to store for a long term for the purpose of security. For example, they may need to store for 3 years, they will especially care about the cost for storage, if they want to solve the problem of storage cost, they will all swarm into the IPFS storage network.

    But in the world of block chain at the current stage, because most of distributed projects are applied with IPFS, they have reached a consensus. If the application of intelligent contract in the industry of block chain can be increased explosively, large amount of storage is required, IPFS will be utilized at the first time, at this moment the demand for large amount of storage will enter, to the contributors of storage, the more the demand is, the more the income will be, this may possibly be the judgment of today on the future.

    Filecoin and IPFS community will be the Amazon in the world of block chain

    In the opinion of Cannon Xie, Filecoin and IPFS are the Amazon in the world of block chain, because it is a consensus to apply IPFS. If storage method of these public chains cannot be achieved by themselves, they will use IPFS. These are the materials that can be researched and seen in the public information, if IPFS and Filecoin can be truly settled for the realization, it will complete DApp on a true significance. To achieve a DApp based on Ethernet network, it shall be started from ICO, if you want to make an application of large scale, it cannot be achieved by the big data for the current time. Therefore, you need to wait for IPFS, Filecoin to be truly realized.

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