What is BitcoinFile
BitcoinFile(BIFI) is a point-to-point distributed file system based on blockchain technology and it aims to create a global decentralized file system combined with IPFS file system and bitcoin settlement network. The combined technology makes it more environmentally friend for the world, more fair and more rewarding for miners, more reliable and easier-to-use for users. It perfectly solves the problem of low stability in IPFS networks due to the inability of contributors to earn sufficient returns and the uselessness of power consumption in the process of bitcoin mining.
BitcoinFile provides two kinds of mining methods. One is the strict POC (Proof of Capacity) method based on disk space, all BitcoinFile rewards blocks are mined by this method. The other one is integrated BitconFile network into IPFS, all resource sharers (miners) can mine by sharing their own disk space and network bandwidth. The amount of BitcoinFile earned depends on how much disk space and network bandwidth it shares, and only the disk space and network bandwidth actually used by the users will be calculated as proof of work, thus improving the overall network performance and efficiency.
BitcoinFile is a fully self-monitored decentralized community. Resource-sharers (miners) and users are the community participants. About 17 billion of BitcoinFiles will be air dropped to the current holders of Bitcoins, and another 3 billion will be distributed to each resource sharer (miners) on a POC basis according to the community design rules. Network users have to pay BiFi when using BitcoinFile’s network. The BitcoinFile foundation will mine 1.05 billion BiFi in advance, of which 0.7 billion will be used for marketing and ecological construction and the other 0.35 billion will be used for team incentives. The part used for team incentives will be locked for 4 years, unlocking 20% each year.