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

Gwei

Gwei is the one-billionth of one ETH (1 ETH is 1000,000,000 Gwei). It’s a denomination of ETH, also called a nanoether, due to its value

Proof of Stake (PoS)

A short form of Proof of Stake. It’s a newer consensus relative to Proof of Work. And it helps validate transactions on the blockchain, keeping

Whitepaper

It’s a detailed documentation of an NFT project plan or roadmap. This document details everything about a project, including its aim, objectives, and future goals.

Dutch auction

Refers to an auction that opens with the highest possible price (ceiling price); this drops at intervals and closes with the lowest price accepted by

ICO

A short form of “initial coin offering.” It’s an early fundraising process for a crypto project, where a project development team sells its tokens to