Tipset

Understanding the Concept of Tipset

A Tipset is a term used in the context of Filecoin, a decentralized storage system that operates on a blockchain. Unlike Bitcoin, which follows an election-based consensus mechanism allowing multiple miners to become leaders in a round, Filecoin relies on tipsets for its consensus mechanism.

Tipsets enable multiple storage miners to create blocks within a single epoch, thereby increasing the network’s throughput. This approach not only enhances the network’s security but also ensures that the weight of each tipset is proportional to the amount of storage it provides. Consequently, any attempt to disrupt the creation of valid blocks would require competing against the consensus’s preference for heavier chains.

Similar to Ethereum, Filecoin’s tipset system promotes collaboration among participants and prevents wasted work by improving chain throughput.

One of the key advantages of using a tipset system is that miners unite to support the heaviest chain, which is the chain that offers the most value. Decentralized storage systems naturally prioritize chains that provide greater storage capacity. As a result, lighter chains within tipsets become orphan blocks since they lack the appeal of higher storage power.