Today we introduce Filecoin, a new data storage network and electronic currency. Filecoin builds on the Bitcoin protocol to create a distributed file service. The main innovation is a modification of the Bitcoin mining algorithm to require a proof-of-retrievability component, incentivizing miners to store files for the network.
You can mine Filecoin by storing files for the network, and you can spend Filecoin to hire the network to store your files. And since Filecoin is a blockchain cryptocurrency like Bitcoin, you can run any kind of transaction over the Filecoin network that you can run on Bitcoin.
We are publishing the first Filecoin construction today, which presents the core ideas of Filecoin and some modifications to the Bitcoin protocol. You can read the technical paper here: http://filecoin.io/filecoin.pdf. But we're just getting started; we have more innovations coming. :)
And we're already building the software. This will take time, as the modifications to the protocol are substantial. But we're starting the conversation now so that we can build the future together. It will take lots of feedback and support from you to get this right. We will be announcing ways to get involved -- for now, sign up to get email updates.
Our goal with Filecoin is to use the recent innovations in blockchain cryptocurrencies to build better internet infrastructure. Bitcoin already created enormous value by building a new transaction ecosystem. If we are already running blockchains for processing transactions, we might as well have them do useful things, like storing files.
If you would like to join us in our quest to build better internet infrastructure, please contact us.