How to Understand the Filecoin Retrieval Market?

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Posted on 2022-10-20

The Retrieval Markets Summit in October is about to be held in Lisbon, and the Filecoin retrieval market has once again attracted much attention. Filecoin has made rapid progress in real data storage. Filecoin has been incentivizing users to store real data onto the Filecoin networking by taking measures including giving real data storage rewards of 10 times of computing power, and others. With the continuous increase of real data storage, the retrieval market gradually begins to play its role.

What is the Retrieval Market?

We all know that in Filecoin’s distributed storage network, data is stored and addressed based on content. Each file has a corresponding Content Identifier (CID). The Content Identifier is formed using a unique string of letters and numbers (known as a cryptographic hash) to represent content like pictures, videos or other files on the IPFS network. Even if the file name is different, as long as the content is the same, its CID is the same. Content-based file storage is very suitable for distributed storage networks and improves the delivery efficiency of files in the network.

In the HTTP network, users need to know the server address of the file in the network to access data. Even the same file will be considered different. In the Filecoin network, however, only the CID of the file is needed for users to retrieve data through the storage provider node that stores the file. This process requires help from retrieval miners. And when the demand for file retrieval increases, the retrieval market is required to satisfy the needs.

Retrieval miners can earn rewards by quickly providing the files that users are looking for. Users provide file CIDs and the system will match the deals generated by users with retrieval miners. Retrieval miners use Filecoin’s distributed hash table to find the targeted files. Miners will be rewarded after the users received file fragments and until the files are finally sent and completed. The approach is similar to Streaming Payments. Miners are rewarded and users get the files they need.

Retrieval miners play a pivotal role in the retrieval market. And they can also be storage miners. When there is too much data needed to be retrieved, it can also be obtained from storage miners. And in this way, both retrieval and data storage functions are available.

Improvements made by the Retrieval Solution

Both Filecoin’s retrieval solution and the Content Delivery Network (CDN) provides users with data delivery services. Compared with CDN, Filecoin uses decentralized technology and content addressing to find files, rather than the traditional server addressing and file-name-based method. This ensures data verifiability, improves data utilization efficiency, and reduces the cost of data hosting.

Filecoin also lowers the bar for CDNs, allowing more individuals to participate. CDN providers can create their own CDN nodes (POP) based on Filecoin retrieval market. This will promote data storage and delivery in the network, and help CDN providers get Token rewards.

FilSwan’s Role in the Retrieval Market

The development of the retrieval market is determined by the amount of real data stored in the Filecoin network. Just like storage incentives, retrieval incentives are also of great significance and are an important part of the large-scale application of distributed data stored in Web3 and distributed storage development.

FilSwan allows users to easily store data onto the Filecoin network by providing a convenient, fast, and distributed storage solution. FilSwan’s core product multichain.storage, enables users to store their data onto the Filecoin network through public chains such as Polygon and more. multichain.storage further promotes the application scenarios of Web3 DApp data and plays an important role in promoting the development of the retrieval market and CDN.