IPFS - A Critical Review on Progression towards Web3

Abstract

The Inter Planetary File System (IPFS) is a decentralized, peer-to-peer file storage and sharing protocol designed to make the web faster, more open, and resilient. It allows users to store and share files in a distributed network without relying on central servers, similar to a BitTorrent-based approach, but with a few unique optimization features. In contrast to traditional HTTP, which fetches data from a single location (typically a server), IPFS retrieves data from multiple nodes holding the content. This can improve access speeds and ensure availability even if some nodes go offline. In this paper we discuss, the evolution of IPFS, key features, prime applications and future challenges. The results and concluding sections discuss the potential application areas and uniqueness offered by the storage related blockchain projects. An estimated of 10 billion USD is the market capitalization of the storage projects across top rankers which is estimated to rise exponentially over the next decade.