The road to Web3: Filecoin plus Ethereum

At the recent EthCC 2021 conference, Juan Benet , the founder of Protocol Labs, gave a speech and explained why the combination of Filecoin and Ethereum can lead us to the realization of Web3. The following is a compilation of the content of this speech by Blue Shell Yunchu.

 

About Filecoin

Protocol Labs is a company that brings breakthrough technologies to the computing field. Its two most widely known protocols are IPFS and Filecoin . Filecoin is a distributed network designed to store the most important information of human society . It is a storage network belonging to Web3 . Filecoin’s goal is to attract a large number of storage providers to join its network through the incentive mechanism of the encryption economy, and finally build a cloud storage service driven by the encryption economy. In addition, Filecoin will build a retrieval network in the future.

The Filecoin network was officially launched on October 15, 2020. In less than a year, its network capacity has reached 8EiB . Filecoin can be regarded as a two-sided market . On one side are customers , such as individual users, corporate users with huge amounts of data, and applications, and on the other side are storage providers . They continue to add storage facilities to the network. The storage capacity of the network growth is about 60 PiB, which is equivalent to the size of the entire Internet archive.

Filecoin prioritizes building a huge storage capacity, and then gradually turns it into useful storage over time. The current storage transaction size in Filecoin is only 18 PiB , which means that compared with the overall capacity of the Filecoin network, there is a large amount of remaining capacity waiting to be used effectively.

Filecoin + Ethereum

NFT storage 

The combination of Ethereum and Filecoin can realize the free storage of NFT. Currently, 1.5 million NFTs are stored in the IPFS and Filecoin networks, and most of them originate from Ethereum. NFT.Storage provides free NFT storage services for the Web3 network.

Dataverse 

The combination of Filecoin and Ethereum makes the creation of dataverse possible. Through dataverse, we can make the data in the network more useful and valuable. Think of Filecoin as a way to trade data movement and storage. On this basis, multiple layers of economic value can be built. NFT is one of the cases. In addition, there are the practicality of data flow and the bidding and selling to different Third parties etc.

Composable DeFIL 

Bring market orders such as asking prices, bids, and transactions to a decentralized exchange to observe the true market value of these orders. On this basis, build a new financial architecture to realize futures of hardware such as hard disks, SSDs, and GPUs , and even make storage orders themselves into futures .

Pay-per-view media 

It is possible to construct pages protected by tokens, in which pages of movies, music, and other specific content can be placed.

Turn NFT into productive assets 

NFTs should provide the right to turn them into productive assets, which will make them more useful and valuable. If we can share the right to charge for distribution and viewing of content, then artists can focus on artistic creation and no longer have to worry too much about its related marketing. This will enable the NFT market to usher in explosive growth, and its potential is far higher than the current NFT market has reached. Now NFT also supports content with a huge amount of data, such as movies, 3D environment models, and dynamic environments such as games.

Store Auction House 

Filecoin Plus can make certain high-quality transactions fair, so that such transactions can get ten times the block reward . Customers can auction such high-value transactions to miners, and miners who want additional block rewards may pass Reduce storage fees to bid for these transactions, reduce storage fees to zero, or even carry out negative pricing . The creator or owner of high-value data can earn income by giving the storage provider the right to store the data.

In addition to the above, Filecoin and Ethereum can also implement Airbnb-like markets , DEX order books , Web3 media applications , Web3 photo and video files , Web3 social applications , open science platforms , DataDAOs , music , games , and VR assets. Distribution and Metaverse etc.

With such a wealth of application scenarios and the ability to build beautiful things, Filecoin and Ethereum will undoubtedly lead us to the road to Web3.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-road-to-web3-filecoin-plus-ethereum/
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