- Filecoin came into limelight when network saw bullrun in 2021
- Mining nodes refers to the individuals who are responsible for verifying and adding new blocks to the networks.
Arriving in 2020, Filecoin is a leading decentralized file sharing platform. But in 2021, Filecoin came into limelight when company saw a bull run in cryptocurrency. The network has great potential, experts look at it more than a investment option for traders.
The core activity of file coin is to let out free space on computers to others and being a decentralized protocol, other people can use it for renting the free space of computer listed on the platform. Filecoin is a worldwide open network and is free to join, opening vast idle storage for use, it can prove to be a revolutionary technology in this Web3 age.
FIL is the native crypto currency of Filecoin network. FIL is a proof-of-work token which allows FIL holders to mine and earn more coins as reward. FIL token can be used across the Filecoin network and the users can use them to pay miners to store data or to retrieve the data.
How Filecoin works –
In today’s time where data has become the most important thing, there Filecoin is dealing in digital space and letting out storage on rent, which makes people anxious about the working of the network. But Filecoin ensures a great level of security by implementing a series of verification steps and more offering service at very competitive prices.
Filecoin works on proof-of-work model, which is used by another popular crypto currency like bitcoin, and Filecoin’s proof-of-work is linked to data storage. Filecoin uses two proof-of-work models to ensure that work is completed. One is proof-of-replication, which allows the network to confirm the replication of data to a unique location. And second one is proof-of-spacetime, which ensures that the data is stored for a specific period of time.
The beauty of Filecoin is that the miners in the network provide their own computer storage to store data which increases the trust of the users and on the other hand also helps miners as they get FIL tokens for rendering their service and space.
Repair miners are proposed mining nodes in the Filecoin network. Mining nodes refers to the individuals who are responsible for verifying and adding new blocks to the networks. They perform all the complex calculations for creating new blocks in the network and in return receive rewards from the cryptocurrency.
Repair miners are distinct from other two miners: storage miners and retrieval miners. The feature of Repair miner is not yet implemented in the network. According to the developer of the Filecoin network, repair nodes are the type of nodes which allow “network self-healing”.
In the Filecoin network, data is stored in sectors which are of fixed size. Storage miners fill this storage on behalf of their client, who contracts to the storage miners for their services, for a particular period of time. contracts, here are the deals. Repair miner is a third actor who has rights to intervene in the case of unreliable storage miner and to help address the risk posed by storage miner.