Can The InterPlantetary File System (IPFS) Decentralize The Internet?

Peerity.io
Aug 23, 2017 · 4 min read

The Stanford University graduate and co-founder of Loki Studios, Juan Benet, is attempting to decentralize the internet by using the InterPlantetary File System (IPFS).

What is the IPFS?

The IPFS began in 2014 and used Bitcoin blockchain technology and infrastructure to store data, obtain internet address information, and to remove duplicate files across the network. The system is a peer to peer network that connects all devices to the same scheme of files. IPFS is also a system that relies on versioning.

Software versioning is a way for developers to keep track of each iteration of a piece of software. For example, there was Microsoft Word 1.0, the next version was Microsoft 1.1. Large developments are generally denoted by going up in a total digit: 2.0 versus 1.0. However, each company has their own system of tracking versioning. Apple’s version is not the same as Microsoft’s which is not the same as Peerity’s which is not the same as Ethereum’s.

By using software versioning the IPFS is able to track the way that files change over time. IPFS also is able to account for how files move across the internet which makes it a historical tool for the internet.

As founder Juan Benet said, “We are giving digital information print-like quality. If I print a piece of paper and physically hand it to you, you have it, you can physically archive it and use it in the future.”

How does it work?

The IPFS uses hashes to refer to objects on the internet instead of using the address as is the case with HTTP. When locating an object IPFS will ask the network if they have the specific hash that corresponds to the object. The content is what determines the location. This system allows for quick routing and searching.

The IPFS works is an open source network that uses similar file sharing capabilities as BitTorrent, which is a peer to peer (P2P) distributing service and is commonly used to share large files like videos and audio. So essentially when looking for a hash, IPFS is searching all of its peers for the hash. Then the location is determined.

The peer to peer network encourages community and connectivity one of the core values of Peerity. Because IPFS is based on hashes it is cache friendly and old files and information can be found via the cache. If a server goes down the IPFS will be able to pull up back versions of a site living on other people’s computers. The site will be accessed to via the peer to peer sharing network.

IPFS right now is in its infancy and must be downloaded and installed into your computer to run but the founder is looking to marrying it with Javascript. By combining it with the common internet language IPFS can be run in a browser without downloading any new software.

The network is said to have no single point of failure because distribution is spread across the network.

ALSO READ: Peerity: amplifying the decentralized web

Cryptocurrency and IPFS

Late last year, 2016, IPFS decided to launch onto Ethereum. IPFS had developed itself on Bitcoin, the leading cryptocurrency. The development of the IPFS led to a variety of successes including the ability to cut down on bandwidth, removing duplicated files on the network and being able to access each node to retrieve files. The decision to move to Ethereum was based on the unified and high function aspects of the Ethereum network.

Along with Ether, the cryptocurrency of Ethereum, Filecoin was created to incentivize users of the IPFS. Filecoin has a proof-of-retreviability component that rewards nodes to store as much of the network’s data as possible. The currency is awarded for storing files and is transferred along during transactions.

Juan Benet is quoted as saying. “The purpose of the Filecoin currency is to create a fungible token that can be spent to hire the miner network to store files. The first and foremost use of the currency is precisely this: locking it up as a reward to miners who successfully store data on the network.”

Filecoin can be exchanged for other crypotcurrencies as well and Benet had that in mind with the creation of Filecoin. “Miners that work really hard for a long time storing all this data may want to be able to exchange that for bitcoin or ether, and they need some liquidity,” he said.

The liquidity and flexibility of Filecoin encourages self-organization and decentralization. Holders of the coin can easily exchange them and offer support to the businesses and groups that they want to support.

ALSO READ: New Crypto Projects Are Emerging

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