The Interplanetary File System (IPFS) refers to a special protocol and peer-to-peer network for sharing and storing data in a distributed file system.
Understanding the term
The Interplanetary File System (IPFS) started out as an ambitious open-source project that aimed to potentially change the way we use the internet. It had an end goal of connecting all devices that run on the same file system, but not in the way the internet does right now. With IPFS, a permanent and distributed web can be created which would allow all sorts of digital data to be stored and shared.
When comparing IPFS and HTTP, centralization is one of the setbacks of HTTP. This is because servers are owned by large companies like Google and Amazon for hosting files. This can allow the government and other intermediaries to control content and implement censorship.
On the other hand, by harnessing the power of decentralization, IPFS offers a valuable and assured proposition of open and flat web space. Depending on how it’s being implemented, IPFS has several advantages over HTTP, such as lower operational costs, better performance, censorship resistance, data integrity, and data security. However, some of the limitations of an Interplanetary File System (IPFS) is the low incentives offered to participants in the network, which results in a smaller population of peers.
The IPFS project aimed to change the way we use the internet by allowing all devices running on the same file system to be connected. Examples of IPFS implementation in the cryptocurrency world include Filecoin, which uses an IPFS-based cooperative storage cloud.