Filecoin free

Earn $6 Filecoin at Coinbase - Questions and Answers

By Nevsie | Beginner in Crypto | 13 Dec 2020


With the waiting list being released on Friday, Coinbase have just opened this up to collect you earn and learn free crypto. It is back to the better value of $2 per video and question, compared to their last effort of $1 per question. I know we should not complain - it is free after all, but we do... Well I do!

This one on Coinbase is for Filecoin (FIL) - so first let us see what it is.

Filecoin earn on Coinbase

"Filecoin is a peer-to-peer network that stores files, with built-in economic incentives to ensure files are stored reliably over time."

They general description of Filecoin is as a decentralized data storage network, like Dropbox but on the blockchain. They aim to store “important data.” The project is not as old as other crypto currencies, but it has been talked about since 2014 when described as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Then in 2017 the project raised $205 million in an initial coin offering (ICO).

Filecoin aims to store data in a decentralized structure, as opposed to typical cloud storage, which suffers from issues related to centralization. Filecoin uses decentralisation to protect the integrity of data’s location, to in theory make it retrievable and censor resitant.

Typically when crypto currencies are released on Coinbase they get the "Coinbase effect" and see a surge or pump in their value. However, this does not seem to be the case for Filecoin, so it may not be one of their most popular listings - even if in my eyes it at least has a good purpose beyond storing value.

But... you are probably just here for the questions and answers, so here we go.

Lesson 1

What is Filecoin?

Filecoin is a decentralized marketplace for data storage and retrieval. Anyone can join Filecoin by providing storage hardware to the network or by using the network to access and store data.

Question 1: What is Filecoin?

  • A way to trade valuable files for cryptocurrency
  • An incentive system for the internet of things
  • A blockchain that uses files rather than blocks
  • A decentralized marketplace for data storage and retrieval - Correct
  • A real world warehouse for storing paper documents

Lesson 2

Storing data with Filecoin

On the Filecoin network, users can select from a decentralized marketplace of storage providers and choose the one that best suits their price, performance, and location requirements.

Question 2: How does Filecoin ensure data remains accessible and correct?

  • Proof of replication and proof of spacetime - Correct
  • Proof of work and proof of stake
  • P2P attestations using trusted nodes
  • Byzantine Fault Tolerance
  • Hourly in-person committee meetings

Lesson 3

Retrieving data with Filecoin

Unlike traditional networks that retrieve data based on location, data on the Filecoin network is identified by its content, helping to ensure that the data stays accessible and unaltered.

Question 3: How is data addressed in Filecoin’s IPFS network?

  • By its location
  • By its content - Correct
  • By its filename
  • By its distance from the requestor
  • By its security level

 

All of these were pretty straightforward, and as per Coinbases usual flow. the answers were mostly in the text right there!

So get to Coinbase, and earn a few more dollars.

 

So what is it left - oh yes my begging:

Band: Referral commission of $10 each up to $40

Compound referral commission of $10 each up to $40.

Stellar - As above, referral commision of $10 each up to $40

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Nevsie
Nevsie

Interests in crypto are sparked from my curiosity to learn all things new. As a web developer, I love new concepts, toys, methods, and tools. The RPi is a great example of learning things for the sake of it, but practical use. That is my admiration.


Beginner in Crypto
Beginner in Crypto

No expert, no qualifications, just insights and notices from a person learning crypto.

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