An innovative architecture for a database management system based on peer-to-peer information sharing.

An InterPlanetary File System (IPFS) is a database concept that is based on the model of decentralization, and distributes the responsibility of sharing information across nodes instead of using a central data bank. The biggest evidence of innovativeness in this file system is its architecture. The more a particular data piece of information is requested and shared among nodes, the easier it is for this information to be recalled subsequently. Thus, IPFS is described as one of the underlying pillars of Web 3.0 since its data processing and storage potential is outstanding.

IPFS is open-source, so its development is rapid. Overtime, it is expected to replace or provide a workable alternative to the current HTTP and HTTPS information sharing and delivery systems.

A simple and informal agreement often developed around debt.

IOU is the initialism for ‘I Owe You’ and describes an informal prompt regarding the servicing of a debt. The term is a crude contract with no severe implications in the event of a defaulting party. Thus, individuals usually sign IOUs knowing that they have nothing to hold the other party by outside a hopeful expectation of mutual goodwill.

There is nothing particularly distinctive about IOUs. Because they are informal, they have no agreed-upon structure. As a result, they may only contain the name of the involved parties, the purpose of the contract, as well as the date for latest fulfillment.

The quality of computer components and systems that indicates compatibility and lets them work together smoothly.

Interoperability refers to the characteristics of computer components or systems which allows them to work with other components or systems. The components in question are largely different in terms of origin (or creator) as well as configuration. However, because their underlying purpose and designs are similar, interoperable systems can function seamlessly with a significant boost in effectiveness.

Interoperability is a key focus of blockchain developers. The goal of this anticipated phase in the improvement of distributed ledgers is to have different networks that allow multi-chain operations. This will bring about a new age for the global financial market, with increased ease of operation for individual and corporate enterprises.

InterPlanetary File System (IPFS)

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