The InterPlanetary File System (IPFS) is a protocol and network designed to create a content-addressable, peer-to-peer method of storing and sharing data in a distributed file system. IPFS was created by Juan Benet and is an open-source project developed by Protocol Labs.
Unlike traditional file-sharing methods, where files are located based on their server location (location-addressed), IPFS identifies files based on their content (content-addressed). Each file and all of the blocks within it are given a unique cryptographic hash, a kind of digital fingerprint. When you look up a file on IPFS, you ask the network to find nodes storing the content behind that file's hash.
This design makes IPFS more robust and less reliant on individual servers, as files can be stored and served by multiple nodes on the network. It also allows for versioning and linking of data and can work offline and with local networks.
IPFS has potential applications in a wide range of areas, from content distribution to decentralized applications (dApps). It's a key component of many projects in the blockchain and decentralized web space, where it's used to store data in a decentralized manner.
One notable project that utilizes IPFS technology is Filecoin, which creates a decentralized storage system where users pay to store their files on storage miners. Leveraging IPFS, Filecoin enables peer-to-peer storage and retrieval of data, with miners responsible for proving correct storage over time.