InterPlanetary File System

What does InterPlanetary File System means?

Often shortened as IFPS, the Interplanetary File System is a distributed storage system that holds NFT data in a peer-to-peer fashion. IFPS writes data to nodes (users’ computers) rather than a centralized database that exchanges data via HTTP routing. So IFPS decentralizes content sharing using the content routing protocol. Hence, when someone within the network request data, it serves them a cached version from other nodes, enhancing faster data delivery within the blockchain.

Random Slangs

IGO

IGO stands for “initial game offering.” It’s an early form of investment that allows the bidders to explore the early development stage of an NFT

Tokenomics

A combination of “token” and “economics.” It defines the financial chain attribute of a digital token that makes it attractive to investors. These include statistical

BSC

An acronym for “Binance Smart Chain.” BSC is a protocol that makes the Binance Chain interoperable and programmable. Hence, other resources can communicate with it.

GMI

An acronym for “Gonna make it.” In contrast to “WAGMI,” “GMI” typically applies to one person only. Individuals in NFT use it to express optimism

Minting

The NFT creation process. In the background, it’s the process of attaching a unique (non-fungible) token to a digital file. Invariably, the attached token tracks