FirmaChain (FCT)

What is FirmaChain

Millions of personal computers all over the world are constantly operated for considerable time, but not all of a computer’s resources are utilized to the fullest extent. This is especially the case with storage capacity and network bandwidth. If the remaining storage capacity and network resources could be lent to another person at a certain price, the user could save files at costs lower than other similar file storage services while the provider could generate a profit with the unused resources.

We have devised a decentralized distributed file storage system to provide reliable storage that protects the integrity and reliability of data. Decentralization means that the system is managed and operated by every participant in the system without the central management of the file storage system.

P2P distributed file sharing systems, such as BitTorrent, also allow individuals upload and store files by sharing data. These P2P file sharing systems, however, are a kind of file-sharing community based on the concept that ‘individuals download as much as they upload.’ Unfortunately, such system failed to adequately motivate the users maintaining seeds to continue uploading files without any compensations. As a result, P2P distributed file sharing systems do not guarantee sufficient availability of files because these files were always at risk of disappearing at any time.

In order to address the problem of users with files disappearing from the system for various reasons, we have adopted a market system through which users can buy and sell file storage space upon their individual needs. Further, this system does not require the users to maintain uploading the files in order to download the files from the system.

FirmaChain’s Decentralized Data Storage is used for storing and retrieving large amounts of data. Most blockchain platforms, including Ethereum, can store data, but only temporarily. In addition, these platforms require spending expensive resources such as computing power rather than space for physical storage to maintain the blockchain. If such blockchain platforms are used for the purpose of storing data, astronomical costs will inevitably be incurred. In most cases, however, files do not need to be stored permanently nor does one have to expend huge resources to do so. FirmaChain’s Decentralized Data Storage, therefore, has been designed to allow the users to store huge files for a specified period at a reasonable price. Moreover, in a separate blockchain network where FTC is issued, we have created a structure that further strengthens the integrity by storing only information that can specify the files stored in FirmaChain’s Decentralized Data Storage.