Please correct me if I’m wrong, but from my understanding Filecoin is the monetary base behind IPFS and lets users monetize by sharing unused disk space with the network (and that reward mechanism enables the network to scale).
So say I want to backup my unicorn pics through Filecoin.
I download the client and upload a file – that file is encrypted and then broken into pieces, a graph is created (for indexing) and these bits are proportionately distributed in Filecoins (like a bitcoin transaction massage) and sent as a function of payment to the other nodes in the network.
Will each node receive a fraction of the file? If so, what happens if a large portion of nodes ceases to exist? I know that with the BitTorrent file system, seeders have the same file and its availability is a function of its popularity, but how does this work with IPFS/Filecoin? Will multiple sums of my unicorn pics be distributed across the network?
What happens if the parties that are storing it decide to sell their Filecoins?
Please help me understand this and I’ll buy you a coffee or two (add btc tip jar)
Thanks and happy weekend