What is IPFS and how does it relate to Filecoin ?

InterPlanetary File System (IPFS) is a distributed file system protocol that seeks to connect all computing devices with the same system of files.

It is a peer-to-peer distributed file system that seeks to decentralize the web. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices. IPFS and Filecoin are closely related as they both seek to decentralize the web and create a more secure, efficient, and resilient internet infrastructure.

Filecoin is a decentralized storage network built on top of IPFS, allowing users to rent out their unused hard drive space in exchange for cryptocurrency. The Filecoin network incentivizes users to store data by rewarding them with FIL tokens for providing storage services. This allows users to store data securely and reliably while earning rewards for doing so.

In addition, IPFS provides the underlying infrastructure for Filecoin’s blockchain network, allowing it to store data securely and reliably while also providing an efficient way of transferring data between nodes on the network. By utilizing IPFS’s content-addressing system, Filecoin can ensure that data stored on its network is immutable and secure from tampering or corruption. Overall, IPFS and Filecoin are closely related as they both seek to decentralize the web and create a more secure, efficient, and resilient internet infrastructure.

By utilizing IPFS’s content-addressing system, Filecoin can ensure that data stored on its network is immutable and secure from tampering or corruption while also providing an efficient way of transferring data between nodes on the network.