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Bitcoin halve BCH IPFS and IPSE or overtakes corners

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1 year ago

In May 2020, Bitcoin will be halved, and the miners will be able to dig half of the rewards to only 6.25. Obviously, bitcoin, which occupies half of the cryptocurrency market, has been halved, triggering a huge mining disaster is already expected.

Bitcoin mining generates a lot of energy consumption and waste of resources, it refuses to expand capacity and can only be forced to fork. This has led to the bottleneck of blockchain technology development.

In the end, what broke the old technology system was IPFS (Interstellar File System), which is a peer-to-peer network for locating content based on hashing. In order to stimulate the storage and use of data, Filecoin, a file storage layer, has been designed. Users can earn cryptocurrency rewards by hosting files of others. The files are on a distributed network, avoiding hackers. Therefore, IPFS is regarded as the infrastructure of the future Internet Web3.0 network.

IPFS itself is a protocol, and Filecoin using IPFS has attracted more attention. Filecoin, as a blockchain storage network using the IPFS interstellar file system, hosts files in a peer-to-peer network to earn cryptocurrency rewards, which is also known as hard disk mining or storage mining.

Filecoin's goal is to provide low-level system support for Web 3.0, with an investment of over $ 200 million. Between April and June 2020, the main network will be online soon.

The protocol lab in Silicon Valley, USA, developed the IPFS protocol in 2015, and it was open sourced. About two years later, Filecoin was born, receiving over $ 200 million in investment from institutions such as Coinbase and Stanford University. Since then, a large number of IPFS-based applications have appeared.

In the spring of 2019, the IPFS-based distributed search engine IPSE went online. It relies on IPFS for storage and is also driven by the token economy. Users' data behavior will be rewarded. Through the IPSE network, the conversion rate of the entire IPFS network resources has been improved.

The mining method of IPSE is the same as that of Filecoin, both of which allow users to provide disk space to store customer data and combine blockchain technology to achieve distributed storage of data. In design, the technical components of IPSE are not only IPFS, but also include encryption algorithms and cluster technology. Facing the huge network fragmentation situation, IPSE uses Substrate to build a cross-chain solution to achieve blockchain interoperability.

In theory, the distributed technologies represented by IPFS and IPSE are superior to traditional centralized networks. Data is more secure on computers distributed around the world. Relying on the underlying IPFS libp2p protocol, it provides system-level support for blockchain network expansion.

The cryptocurrency market behind the blockchain will also be affected by this. Will IPFS and IPSE use distributed storage to achieve overtaking of traditional networks such as Bitcoin?

Is a new generation of decentralized search engine based on IPFS network, helping users to quickly retrieve IPFS network content. It can complete the storage of copyright and paid content based on the IPFS network. While reducing storage and bandwidth costs, it can accurately distribute to target users through IPSE, build a strong IPFS + IPSE ecosystem, and create a next-generation Internet traffic entrance.

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Avatar for aleenajoe
Written by   2
1 year ago
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