What Is a Tipset?
A tipset is a term commonly used in the context of the decentralized storage system Filecoin.
In Filecoin, tipsets are crucial in its consensus mechanism and blockchain structure.
Filecoin’s consensus mechanism, Expected Consensus, differs from Bitcoin’s proof-of-work consensus. In Filecoin, multiple miners can be elected leaders in a round, forming a tipset.
Enhancing Network Efficiency and Security
By allowing multiple storage miners to create blocks within an epoch, Filecoin increases its network throughput. This approach contributes to the security of the network as well.
The weight of each tipset is determined by the amount of storage it provides.
This means that any attempt to disrupt the creation of valid blocks must contend against the consensus preference for heavier chains.
The tipset system in Filecoin shares similarities with Ethereum, as it encourages collaboration among participants and prevents wasteful work by increasing chain throughput.
Decentralized Storage Prioritization
One of the advantages of the tipset system is that miners tend to support the heaviest chain or the chain that offers more storage, as decentralized storage systems prioritize chains with greater storage capacity.
Lighter chains, or tipsets with less storage power, become orphan blocks as they do not have the same appeal as chains with greater storage capacity.
In summary, a tipset in Filecoin represents a set of blocks created by multiple elected storage miners within an epoch.
It allows for increased network throughput, enhances security through consensus on heavier chains, and aligns with the prioritization of storage capacity in decentralized storage systems.