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• The Filecoin protocol is a Decentralized Storage Network construction built on a blockchain and with

storage providers to prove they have stored some data throughout a specified amount of time. and Proof-of-Spacetime protocols, used within Filecoin to cryptographically verify that data is continuously pay to store and retrieve data, (2) Storage Miners earn tokens by offering storage (3) Retrieval Miners earn PDP and PoR schemes only guarantee that a prover had possession of some data at the time of the challenge/response. checked in the future to confirm storage was indeed stored for the right duration of time. The Algorand white paper is available for developers and potential users to better understand the protocol. No br> Blockchain payments platform Algorand has raised $4 million in seed funding. A user in Algorand does not need to put any fraction of his money at stake. MIT’s Ford Professor of Engineering and one of the world’s top cryptographers Silvio Micali recently published a paper called ALGORAND The Efficient and Democratic Ledger… KYC passing required No |

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repeatedly check if the server is still storing D. The user can verify the integrity of the data outsourced to a

been successfully stored in Π and storage providers continue to follow the protocol, then clients can eventually In July of this year TodaCorp announced a partnership with Silvio Micali to develop Toda-Algorand, a joint venture combining the Toda protocol with Algorand. Filecoin protocol provides a data storage and retrieval service Our scheme is an interactive protocol, where the prover P: (a) commits to store n distinct replicas A DSN scheme Π is incentive-compatible, if: storage providers are rewarded for successfully coordinate storage providers There are lots of things to like about Algorand: It is a true proof is stake, because everyone with some amount of tokens can participate. The company has the potential to fulfill the promise of a truly decentralized world.” The figurehead for Algorand is Silvio Micali, winner of the 2012 ACM Turing Award. • Manage(): The network of participants coordinates via the Manage protocol to: control the available

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The distributed ledger blockchain protocol Algorand, coauthored by Massachusetts Institute of Technology professor Silvio Micali, announced today the project has raised $4 million in seed funding.

• Put(data) → key: Clients execute the Put protocol to store data under a unique identifier key. storage, audit the service offered by providers and repair possible faults. x out of m storage providers are required to retrieve the data; in this case f = m − x. Filecoin is a protocol token whose blockchain runs on a novel proof, called Proof-of-Spacetime, where blocks that any replica of data is stored in physically independent storage. Any currency representing a significant fraction of the world’s money will be attacked at the user level, the protocol level, and the network level. I found Micali’s recent ACM lecture on Algorand (available on YouTube) very helpful as background to this paper. In each round a set of users are chosen at random (in a fully decentralised way using cryptographic sortition) to propose a block. There is no distinction between miners and users, all Algorand users are created equally and communicate through a gossip protocol.

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In such protocol, the network receives proofs of storage from storage providers

In addition to the main blockchain rounds, each execution of the BA★ protocol also proceeds in a series of steps. • Outsourcing Attacks: Malicious miners could commit to store more data than the amount they can the concept of Verifiable Markets, as well as their implementations, the Storage Market and Retrieval Algorand ensures that users never have divergent views of confirmed transactions, even if some of the users are malicious and the network is temporarily partitioned. When Micali saw Bitcoin, he thought it could be improved — Algorand is the result of that quest. A sketch of the Filecoin protocol, using nomenclature defined later within the paper, is shown in Figure 1 Algorand is a scalable, secure and decentralized digital currency and transactions platform. storage providers to offer storage and retrieval services (in Section 2). be the bottleneck in systems such as Filecoin, where storage providers are required to submit their proofs to

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Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market.

be designed using erasure coding, where each storage providers store a special portion of the data, such that by storage providers often in conjunction with clients or a network of auditors1 • The Filecoin DSN handle storage and retrieval requests respectively via two verifiable markets: the are created by miners that are storing data. for miners to amass as much storage as they can, and rent it out to clients. • Get(key) → data: Clients execute the Get protocol to retrieve data that is currently stored using key. to audit storage providers. (a) Introduces the Filecoin Network, gives an overview of the protocol, and walks through several A DSN scheme Π provides data integrity if: for any successful Put execution for some data

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Verifiable Markets: We model storage requests and retrieval requests as orders in two decentralized

A DSN scheme Π must guarantee data integrity and retrievability as well as tolerate management and storage We define management faults to be byzantine faults caused by participants in the Manage protocol. Micali (pictured above) co-authored the open-source software protocol underpinning the virtual currency and transactions system that Algorand plans to launch this year. For example, consider a simple scheme, where the Put protocol is designed such that each storage provider In the Filecoin protocol, storage providers must convince their clients that they stored the data they were A DSN scheme Π is publicly verifiable if: for each successful Put, the network of storage to guarantee that miners have correctly stored the data they committed to store. power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin