Is it possible to build a distributed ledger using IPFS?

Is there existing effort, or is it impossible?

By “distributed ledger”, are you referring to a blockchain? If so, yes. Protocol Labs (the company behind IPFS) is using the underlying tech (IPLD and libp2p) for it’s system, Filecoin). There are also quite a few Ethereum devs who have been looking into using both IPLD and libp2p in Ethereum.

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You could also use IPFS as a storage method for the data contained in each block in the blockchain, as blockchains are bad at storing large amounts of data.

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Thanks for the reply.

I read IPLD, and also tried IPNS & pubsub. Let me introduce the difficulty I encountered more specifically.
The problem is how to lookup an always-changing content using a constant ID.

E.g. to build a distributed blog using IPFS. Adding new blog article could be mapped to IPFS add operation. Then how to list all the article index, using something constant?

IPNS could be helpful. But update of the article index is triggered by distributed clients. One solution could be making the specific IPNS private key open, so any client could do the update. That could lead to even more issues, e.g. conflict of update.

What’s the best practice to handle such requriement?

Jeromy & a small team are building a sample chain on IPFS using Go.
Nothing serious but this might answer your Q: https://github.com/kggp1995/toychain

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The Steem blockchain uses IPFS for images