Blockchain tech as a whole has recorded some remarkable advancement in the last year. For example, the industry has moved beyond the legacy Proof of Work (PoW) consensus mechanism to implement other algorithms like Proof of Stake, Proof of Burn, Proof of Identity, and Proof of Authority, just to mention a few. A concept like masternode has also become quite popular. The bottom line is that blockchain-based businesses are trying hard to push the frontiers of the technology.

In line with pushing the frontiers of functionality and blockchain development, Luxcore has unveiled their technical proposal on how it will build a Decentralized File Storage (DFS) powered by a Parallel Masternode Network. Although the company had given earlier hints on their plan, details remained a mystery until last week.

A conceptual diagram of Luxcore’s Proof of File Storage (PoFS) consensus. Source: Medium

Primarily, the Parallel Masternode Network will maintain the Proof of File Storage consensus. This will be a separate entity from the masternode network already in use. According to an official post:

Users will be able to add files to the decentralized system by paying a fee based on the size of the files and duration of time stored. Those hosting PMN nodes earn a share of that fee based on the proportion of the files stored on their own node. Nodes with greater storage capacity and network uptime will thus have the most rewards potential.