Introducing Fermat Law, a next generation decentralized storage network based on IPFS

The Fermat Blockchain Network system will use technologies such as P2P network communication, data encryption, IPFS network protocol, cross-chain communication and interoperability, and at the same time develop a payment system to meet the millions-level transaction payment needs of the data market.

September 12, 2020 /PressReleaseAgency/ —

What is the problem?
Decentralized storage represents the future direction of large-scale storage development because of its huge advantages in efficiency and economy. Decentralized storage eliminates centralized control and allows users to freely store and share data; decentralized storage eliminates the risk of data loss and service interruption, while increasing data storage security and data privacy protection.

Although many teams around the world are building such decentralized storage systems, most of them are not satisfactory. Based on our experience in PB-level storage systems, we propose to build a decentralized, modular, and scalable decentralized storage network-Fermat Blockchain Network.

The era of interoperability (>2020). Most current blockchains are in a fully self-sufficient state, and each blockchain project is rarely connected with other blockchain projects or actual economic activities. However, there are clear signs of major innovation in the industry, and many projects are making significant progress towards a more open cyberspace economy. On the one hand, it is working day and night to study and develop new technologies such as interoperability, cross-chain communication and atomic exchange; on the other hand, it is connected with the real economy through technologies and mechanisms such as data confirmation, oracle, and probabilistic random verification. Which is what everyone calls "real economy on the chain".

The solution of Fermat Law
Based on our understanding of the industry and experience in the field of distributed storage. We proposed the Fermat blockchain protocol.

The Fermat protocol is based on the POC consensus algorithm. It will build a decentralized, modular, and scalable decentralized storage network, establish a globally distributed data center, powerful distributed cloud storage service capabilities, and prosperous data transactions the market is committed to becoming the infrastructure of the future digital economy.

The Fermat Blockchain Network system will use technologies such as P2P network communication, data encryption, IPFS network protocol, cross-chain communication and interoperability, and at the same time develop a payment system to meet the millions-level transaction payment needs of the data market.

The foundation of the POC consensus algorithm is the storage and reading of hard disk data. The generation of data stems from human social and economic activities, so its distribution (decentralization) is roughly similar to population distribution, and the corresponding basic equipment (hard disks) that provide data storage services are also distributed in a decentralized manner. This makes it possible for us to build a next-generation blockchain based on the POC consensus algorithm.

Fermat adopts the POC consensus algorithm. When a node submits a block to the network, it must provide a valid proof of capacity. Without corresponding data storage, it is impossible for a node to generate a valid storage capacity certificate. At the same time, any node in the network can easily verify the validity of the submitted certificate. If the stored data and submitted proof are valid, the block will be accepted by all nodes in the network and added to the blockchain network as a new block.

The process of providing proof is as follows: In the initialization phase, a series of hash data is generated according to the protocol and stored in the storage capacity. When a new block is to be generated, the data will be searched in the capacity according to the value of the random number. The data will be used to generate the proof and participate in the competition to generate the next block. The whole process includes five stages: initialization, block construction, block reception, main chain selection and penalty mechanism.
●Initialization: Miners first need to initialize the hard disk and generate two HashMaps, and save them to the hard disk.
●Block construction: After verifying the latest block timestamp, miners obtain challenge parameters from the latest block, find data that meets the conditions in the HashMap, and generate a proof of capacity. If the quality of the capacity proof is greater than the difficulty of the entire network, the right to block production is obtained. The miner signs the block hash and broadcasts the block to other nodes.
●Block reception: After the node receives the latest block, it will perform a series of verifications, such as timestamp, public key, signature, capacity proof, proof quality, transaction legality, etc.
●Main chain selection strategy: When multiple blocks that meet the above rules are received in the network, the main chain block needs to be selected according to certain rules: in turn, choose the largest cumulative difficulty, the smallest Timestamp, and the best proof quality.

Fermat's POC consensus algorithm provides the most complete foundation for the development of next-generation blockchain systems. On the basis that everyone can mine, a more open and decentralized network can be built, and the development of the Internet of Things, artificial intelligence, cloud computing, big data and other industries can be promoted.

Fermat proposed an innovative incentive mechanism to achieve sustainable and rapid development of the network and ecology. This incentive mechanism makes the rational interests pursued by each participant consistent with the interests of the entire ecosystem, and finally realizes a highly decentralized and stable network system.

Fermat Financial Model
Total number of tokens：1,002,144,000
Supply reduce cycle：Half Year
Reduction ratio：25%
Mortgage ticket：It is divided into several mortgage cycles according to the block height, and a certain amount of Fermat tokens can be locked in a cycle to generate a ticket. If you mine with a ticket, you will get the full reward, and the output ratio of mining without a ticket will adjust itself based on community feedback.
Staking After the project runs for a certain period, the community will start the staking pool to strengthen the stability of the entire network.

At present, the application of the IPFS incentive layer is actively explored in many projects around the world. Fermat is one of the most concerned projects. The emergence of Fermat aims to promote the rapid application and development of the IPFS protocol in some specific fields. The popularity and promotion speed of these fields will be at the forefront of the industry. These areas that Fermat is committed to developing include: medical and health, identity authentication data storage, high-definition video, VR/AR, cloud gaming, industrial Internet, driverless, etc.

For More information, please visit http://fermat.io/

Contact Info:
Name: Media Relations
Email: Send Email
Organization: Fermat Law
Website: http://fermat.io/

Source: PressReleaseAgency

Release ID: 88976519