Roku Developer, FOXDCOIN Team, FOXDNETWORK Management Team
Community Leader of FOXDcoin (NFT) Project
NFTS & IPFS + IPLD
The Future of Product Management, Permanent File Storage Secured by a System of value (FOXDCOIN)
May 6, 2022 / Foxd.Network / — IPFS and IPLD are both two important key gateways that allow the blockchain industry an effective way of helping tokenize your data permanently.
To note (Filecoin is an IPFS-based cooperative storage cloud.)
The InterPlanetary File System (IPFS) – is a storage protocol designed to allow information to be shared across node to node through a file storage protocol.
This holds true, anyone can download IPFS, and store their own files on the protocol. Protocol, similar to “https://www.” would be then replaced by “https://ipfs.io/ipfs/(CID)” (CID) = Content ID per IPFS storage.
The CID is special because everything uploaded into IPFS generates a CID. If you replace the file in the storage system, the CID does change, meaning the original file uploaded still has the same Content ID as before and the updated version of the file will be given a totally different CID. This protects the original file.
By using FOXDCOIN, we can create a transaction tying the CID of the digital asset and tokenize it through our asset aware, IPFS ready blockchain.
Unique advantages to using IPFS is that you can store a LOT of data for very little cost privately and forever. As we connect nodes that also share the same identical content, our network grows and the concept of ‘Interplanetary’ file sharing begins.
Are you in a desert or have little internet connection? With IPFS, we can create networks of storage for the documents and files we would like to send, allowing a low connection area the availability to slowly download the ‘internet’ at a very slow rate. However, once the information is stored in that node, it can load immediately from that location with a low internet connection. This is the skeleton of WEB3.
“My images didn’t load. This is not good. IPFS Doesn’t work.”
Common problems with new users experimenting with IPFS is that their information is generally stored on only one personal node. This is a great start however the network isn’t very secure with one personal node. If your node is not online, or having connection issues, the file will not load.
One personal node is the same as putting all your eggs in one basket. Anything you upload on the internet is “permanent,” However everything you load into only one IPFS node is not secure because one node does not constitute a network. IPLD is designed to help with these functionalities and loading these images and other data will be more seamless as time goes on with development.
The initial solution to making more nodes to help collect data is IPFS Clusters.
Kazaa, Limewire, Bearshare, Napster.. Etc…
If you have ever pirated something when you were a teenager on the internet, you know that downloading something requires many users to already own that file on the same file share system (if you want it fast). In this case, we called them “seeds” where everyone on the file share network owns a piece of that file and the more connections to that file, the faster your computer would download it.
The same is said for IPFS and nodes. With these file share systems in place, it does offer the flexibility in IPFS as it did on old file share systems.
– Benefits to the new WEB3 IPFS system is that we can create our own private or public networks depending on our goal in file share and privacy.
Building On The Foundation (IPLD)
IPLD stands for InterPlanetary Linked Data.
“The goal of IPLD is to enable decentralized data structures that are universally addressable and linkable, which in turn will enable more decentralized applications. These addressable and linkable data structures will allow us to do for data what URLs and links did for HTML web pages.” (Source – https://ipld.io/docs/)
As worded by the original developers, the IPLD is an infrastructure developed to help link the data stored in IPFS to help get the Content ID to the specific decentralized applications (mobile apps, media distribution such as DLIVE).
The benefits to using these storage systems is that they are decentralized meaning governments can’t restrict data on this protocol, or censor general information the public should have access to for safety or misinformation attempts.
FOXDCOIN AND IPFS
Being a fork of Ravencoin, we have the same asset functionality.
The word asset describes the token you are making.
You must create a “Main Asset” – Your root NFT. This costs 500 FOXD coins.
These coins are burned from the network and sent to a specific burn address that operates under this functionality.
After your MAIN (root) NFT is created then you can create either a “sub asset” or “unique asset.”
After your MAIN asset is created, you can build on that ASSET.
For a Sub Asset – It will cost 100 FOXD
A sub asset allows you to make a NFT as a tokens , or a fractional sales.
Sub assets are “Many” of the same NFT.
In this example we are making 1,000 FOXDTOKENS, under the MAIN ASSET “FOXDNETWORKING”
The check box is set to “Reissuable” – and this means that the owner of the main asset can modify this asset in the future, making it more like a “security” to the person who decides to create it. This asset is centralized on our blockchain assigned to the original creator of these NFT assets. If the asset is non-reissuable this would indicate that the asset can not be changed by the original owner. This would make the asset less like a security because the user could not make more or less tokens under these asset classes.
The final discussed asset class here is a “Unique Asset”
Most Unique assets are what people purchase when buying nfts on marketplaces, but not always.
In this above example we are making a Unique Asset.
In this case the asset CANNOT be reissuable, meaning there is only one token.
By sending the Unique token to someone else, they own the one NFT.
When we create this asset, we own it and have rights to sell it and transfer the rights to the NFT to another FOXDcoin wallet holder.
Each person that holds a wallet could hold NFTS sent to the normal payment receiving address you find in the CORE WALLET.
How does FOXDcoin tie together with IPFS?
On each example listed for Main, Sub, and Unique Asset there is a highlighted area where you can tie in an IPFS CID – Content ID. In IPFS when you upload a file into the file system, every file is assigned a “CID”
When we install this CID into the Main Asset, Sub-Asset, or Unique Asset it assigns the token to blockchain transaction(s). The original creator of the NFT is responsible for assigning this CID to show the token represents the file associated with it.
Because this is not done on a smart contract and is stored directly on the block that occurs in the blockchain, the NFT and the file you purchased is permanent with no risky contract literature found in “smart contracts.”
Media Contact: Prez , FOXDCOIN –
Links and more info
This release information was created by FOXDcoin Leadership.
All information is educational, and for business updates.
FOXDnetwork withstands the test of time by integrating as a T.V. Network using FOXDcoin and IPFS as a means to redefine the media space with our partners. FOXD.NETWORK Remains at this point a decentralized business with no outside funding.