Domain: Finance.
Problem identification:
Τo provide the functionality of recycling and re-allocating miners’ storage capacity.
Why Blockchain:
To avoid the necessity of trusting a centralized banking system.
Functional Description
Filecoin designs the market for storage and retrieval of multiple files based on smart contracts, adopting a puzzle based on the generation of a sequence during a certain period of time to prove the holding of useful storage.
Consensus mechanism used
- Useful Proof of Work (UPoW)
Current status
- Testnet Phase 2
Focus point commentary indicating the value of the case study in relation with learning modules
Learning Modules Focus Points
Consensus Presents a use case of the UPoW consensus mechanism
Limitations:
- Limited throughput performance
Alternative Approaches:
- KopperCoin
References
- Protocol Labs, “Filecoin: A decentralized storage network,” Protocol Labs, Tech. Rep., Aug. 2017.
- -Fisch, B., Bonneau, J., Greco, N., & Benet, J. (2019). Scaling proof-of-replication for filecoin mining. Technical Report. Stanford University.
- -Website: https://filecoin.io/