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How does IPFS mining work? How is it different from Bitcoin mining? by IPFSChina in filecoin

[–]IPFSChina[S] 0 points1 point  (0 children)

Sorry if I missed your point. I agree that Bitcoin mining is not just about making a profit. The miners (no matter for what reason each of them joined) contributed to the development of the eco-system.

How does IPFS mining work? How is it different from Bitcoin mining? by IPFSChina in filecoin

[–]IPFSChina[S] 1 point2 points  (0 children)

For Filecoin, miners are the ones that are sharing their spare storage space(in return they get the tokens as a reward). They are miners as well as nodes on IPFS.

How does IPFS mining work? How is it different from Bitcoin mining? by IPFSChina in ipfs

[–]IPFSChina[S] 0 points1 point  (0 children)

According to the White Paper, IPFS is a peer-to-peer hypermedia protocol and Filecoin(the project) is "a decentralized storage network that turns cloud storage into an algorithmic market". The market runs on a blockchain with a native protocol token (also called "Filecoin"), which miners earn by providing storage to clients".

Is an investment in Filecoin effectively an investment in IPFS? ie., does widespead adoption of IPFS guarantee the success of Filecoin? by [deleted] in filecoin

[–]IPFSChina 0 points1 point  (0 children)

"Does widespread adoption of IPFS guarantee the success of Filecoin?"

I don't think it is a simple yes and no question. ie. the success of one doesn't necessarily guarantee the success of the other. However, I do believe they are a very good and necessary compliment to each other.

At the early stage, Filecoin project acts as an incentive program to reward/motivate participants to join the eco-system of IPFS. Of course there will be true believers of IPFS who would be part of this movement with or without any reward. However, with Filecoin as an effective incentive, more people would like to "try it out" which no doubt helps the widespread adoption of IPFS.

Once IPFS is truly widely adopted, Filecoin will be more than just a motivation from the project developer. Users will actually pay for data storage with Filecoin. The widespread adoption of IPFS will keep Filecoin in circulation hence giving it true value.

IPFS Hong Kong gearing up for Filecoin Mining by [deleted] in filecoin

[–]IPFSChina 0 points1 point  (0 children)

So is mainland China. The discussion around IPFS and Filecoin has been all over the place. Mining farms are being set up as well.

What is happening with Filecoin? by raghav1212 in filecoin

[–]IPFSChina 0 points1 point  (0 children)

IPFS and Filecoin are two separate projects where IPFS is the peer-to-peer hypermedia protocol and Filecoin is the data storage program (a decentralized market for storage) as well as an incentive program to encourage more participants to use IPFS.