Tipset

What Is a Tipset?

A tipset is basically a set of blocks that make up a blockchain. A tipset is a term that mostly refers to the blockchain of the decentralized storage system Filecoin. Filecoin's consensus method is based on tipsets, as its Expected Consensus system is election-based and allows many miners to be elected leaders in a round, opposing Bitcoin. This indicates that Filecoin (or some other equivalent storage system) allows multiple storage miners to create blocks in a single epoch, increasing network throughput.

Further Understanding the Concept of a Tipset

The use of tipsets in a blockchain can also help to secure the network: because each tipset's weight is proportional to the amount of storage it offers, any node that seeks to disrupt the formation of legitimate blocks must compete with the consensus' desire for heavier chains. Filecoin's tipset system is identical to Ethereum's in that it encourages members to participate and avoids work from being wasted by increasing chain throughput.

Illustrating the Benefits of Using Tipsets

The benefits of employing a tipset system include that miners will band together to promote the strongest chain or the chain that is creating value – this is due to the fact that decentralized storage systems inherently favor chains that offer more storage. Lighter chain tipsets become orphan blocks because they lack the draw of increased storing power.