As a novel data storage and distribution network, the Filecoin Network’s mission is to create a decentralized, efficient, and robust foundation for humanity’s information. This mission will be advanced by incentivizing consistent growth and development of the Filecoin Network’s economy.

Byzantine Fault Tolerance (BFT) accounts for faults as the number of faulty nodes and is thus cumbersome to apply to many modern decentralized systems. We introduce the Power Fault Tolerance (PFT) model, which reframes BFT in terms of participants' influence over the outcome of a protocol, instead of the number of nodes.

The internet is in the middle of a revolution: centralized proprietary services are being replaced with decentralized open ones; trusted parties replaced with verifiable computation; brittle location addresses replaced with resilient content addresses; inefficient monolithic services replaced with peer-to-peer algo-rithmic markets.

Filecoin is a distributed electronic currency similar to Bitcoin. Unlike Bitcoin’s computation-only proof-of-work, Filecoin’s proof-of-work function includes a proof-of-retrievability component, which requires nodes to prove they store a particular file. The Filecoin network forms an entirely distributed file storage system, whose nodes are incentivized to store as much of the entire network’s data as they can.