Filecash
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Filecash

BB News AMA Recap

On April 8th, BB Coffee Show invited Filecash Marketing Director Marco to deeply analyze Filecash’s settings, progress and goals, and elaborate on the future of Web 3.0 in his eyes.

The following is the AMA record compiled by BB News and translated by the Filecash team.

Filecoin’s recent skyrocketing has caused sparked a lot of interest in decentralized storage. In addition to Filecoin, other distributed storage projects are gearing up and Filecash is one of them. Filecoin’s pre-collateral and penalty mechanisms are not friendly to miners. Filecash aims to optimize Filecoin’s rules and underlying algorithms to lower the mining threshold.

Q1: Welcome to Marco. We all know that Filecash is the first pre-fork project of Filecoin. Can you give you a brief introduction to the Filecash project?

Marco: Filecash is Filecoin’s first pre-fork project. It is an IPFS community-based incentive layer. It aims to build a Web3.0 basic storage engine that everyone can participate in, and is committed to becoming the world’s leading distributed cloud storage platform. The core logic of Filecash is to reduce the threshold of ecological participation through a series of technical optimization schemes and economic model improvements, realize the consensus of participation in global inventory and idle storage resources, reduce computing resource consumption, reduce sealing and storage costs, and form a close relationship between developers, miners, and communities A balanced system of interaction, consensus diffusion, and multi-party game benefit sharing.

The pre-fork refers to the time when Filecash forked from Filecoin is before the Filecoin mainnet launch. The mainnet of the original chain diverged before it went online. In addition, the fork itself is also in line with the essence of the blockchain spirit. The open source protocol is not controlled by anyone. If there are any differences on the main chain, each point of difference can be used as the starting point of various forks, and each fork They will start with differences and then develop their own different paths. In fact, they have completed the diversified development of different technical paths, different governance institutions, and different economic models on the same track.

The basic background of Filecash’s fork from Filecoin is actually the disagreement caused by inconsistent voices and interests between the protocol laboratory and the community. Specifically, the divergence of the community voice lies in the idea that the agreement laboratory is too corporate to operate, ignoring the demands of the community, and many centralized KYC judgment rules similar to super ROOT permissions (such as: centralized authentication data set: super computing power, manual The KYC order certification miner region divides the space race revenue, and the temporary modification of the rules in the big miner test is too arbitrary), which is unlikely to occur in the previous blockchain world.

Q2: As a forked project of Filecoin, what are the differences or advantages of Filecash compared to Filecoin?

Marco: We are more inclined to talk about features and differentiation. As for the advantages and disadvantages, it is completely determined by different governance ideas. All forks must have a basic point that is ambiguous with the original chain, so although the starting point of the fork is Because of the fork, but in the long run, it is an independent project with different development paths on the same track. All previous forks have become independent projects after the baptism of time, and have become an increase in the market.

Although Filecash seems to be challenging Filecoin head-on, in fact it has its unique differentiated competition from the beginning, and has increased the diversity of the storage track. In terms of development thinking, Filecoin is a planned economy + corporate operation, and Filecash is a market economy + public chain community operation, which is closer to the fundamental spirit of the blockchain. The original chain and the fork have been developed in two completely different routes from the beginning. .

The main differences are as follows:

Difference 1. Filecash is friendly to AMD and Intel at the same time. Compared with AMD’s worldwide stock of Intel devices, Filecash has an absolute advantage. The current design of Filecoin’s main network AMD advantage in disguise makes Intel’s CPU calculation too disadvantaged, blocking the stock and mainstream server market.

Difference 2. Filecoin sealing cost is too high, the time is too long, and the storage cost is too high. Filecash will reduce the sealing cost and reduce the storage cost of the entire network. Assuming the same storage of 1GB content, the Filecash network will be cheaper and faster than the Filecoin network. .

Difference 3. Governance is community-based, which relatively reduces the pressure of miners’ hardware equipment and economic model mortgage pressure. From governance to economic models and technical features, it is more friendly to the community and miners. For details of the part, please refer to this link: https://news.huoxing24.com/20210407110801262268.html

Difference 4. Remove the super power of the artificial KYC part in Filecoin, Filecash uses a consensus algorithm to determine the fairness of the public chain, rather than a company ruling. Program code to manage.

Difference 5. Filecash supports DeFi. Filecash will officially open Filecash’s token-FIC to directly participate in DeFi from June to July this year. At that time, it will support mainstream public chains including BSC and Heco.

Q3: Will the fork of Filecash from Filecoin affect the development of the entire distributed storage ecosystem? Can you tell us about the distribution rules of Filecash?

Marco: The emergence and growth of the Filecash project has played a positive role in the entire distributed storage ecosystem. Together with other distributed storage blockchain projects, the entire distributed storage ecosystem has become bigger and stronger.

Filecash’s token is FIC, and it is currently listed on FIC: BitMart, Gate.io, Matcha Exchange, Hashkey Hub, QB.com, LBank, Hotbit, Citex, Biki. We will see FIC in more exchanges in the future. Currently, the digital wallet that strongly supports FIC tokens is the Mix wallet. We recommend this wallet for wallets holding FIC. You can go to this link to download: https://mixpay1.com/1/

Filecash’s issuance rules are as follows: The total issuance of FIC is 2 billion, and the specific details and proportions:

Miners mining part 55% (linearly halved in 6 years), Layer 2 incentive part 30%, investor 10%, foundation 2.5%, team 2.5%. Among them, the sum of the first two parts is 85%, which is higher than the 70% of the total number of tokens that Filecoin disclosed to miners, and it is more friendly to the community and miners.

Q4: What are the achievements of Filecash in ecosystem development? How is the upgrade path of Filecash planned?

Marco: Since Filecash’s mainnet went live on November 18, 2020, the computing power of the entire network has continued to increase, and it has recently exceeded 6 PiB. At the same time, there are currently 5000+ community users, 800+ daily active users, 1500+ monthly active users, and 400+ active miners. The entire network continues to grow and grow in a healthy manner.

The Filecash project has a medium and long-term technology development plan. Among them, the follow-up development plan for 2021 is as follows:

Q2 2021:

Complete the node mechanism and conduct the first node voting recruitment;

Develop high-speed chain database;

Turn on the GDP accelerator;

Develop mainstream public chain cross-chain bridges such as ETH\DOT.

Q3 2021:

Complete the development of algorithmic stablecoin based on computing power;

Complete the first stable coin issuance node election;

Build a native DEX framework.

Q4 2021:

Develop native DEX;

Complete the first DEX node voting.

Q5: Filecoin is very hot at the moment. What do you think is the opportunity for Filecash at this stage? There are many distributed storage projects now. What do you think of cooperation and competition?

Marco: The prices of Filecoin’s FIL and Filecash’s FIC have both experienced dramatic increases recently. Let’s first calculate an account to understand the comparison of the costs and benefits of mining Filecoin and Filecash based on the current currency price:

(1) According to the currency price at the beginning of April 2021, Filecoin and Filecash are basically the same in terms of storage hardware cost per TiB + sealing cost;

(2) According to the currency price at the beginning of April 2021, the pre-staking cost per TiB, converted into USDT, Filecoin is more than 10 times that of Filecash!

(3) According to the currency price at the beginning of April 2021, for every TiB of mining investment, including the operation and maintenance cost, Filecoin is more than 9 times that of Filecash.

(4) According to the currency price at the beginning of April 2021, the estimated static income of 540 days of mining per TiB, converted into USDT, Filecoin is only 50% of Filecash.

The above data can be summed up in one sentence: Filecash has lower pledge costs and higher mining profits. Especially after the price of Filecoin’s FIL has skyrocketed recently, many miners, especially those of Filecoin who have only recently purchased a large number of mining machines, were unable to mine due to their inability to borrow FIL tokens and suffered heavy losses.

Filecash will be a new mining option for a large number of Filecoin miners who are unable to purchase and borrow FIL tokens, and their mining revenue is more than twice that of Filecoin.

On the whole, Filecoin and Filecash are committed to making the overall plate of the distributed storage track bigger and stronger, forming healthy competition with each other.

Q6: Now that DeFi and NFT are the hot spots in the market, what layout has Filecash made on DeFi and NFT?

Marco: The FIC token of the Filecash project will be the first token in the distributed storage track that directly supports DeFi. This is also a huge advantage of the Filecash project compared to Filecoin. We expect that FIC tokens can participate in DeFi in June and July this year.

In Filecash’s ecology, a very important point is the checks and balances of miners, nodes, and token holders, and nodes are elected. This is completely different from Filecoin. Regarding the qualifications/conditions required to participate in node elections, whether or not FIC tokens have been used to participate in DeFi mortgage mining plays a very important role. In other words, being able to do DeFi is not a fancy function of FIC tokens, but is deeply integrated into the entire mechanism and ecosystem of Filecash.

This mechanism will also encourage the majority of Filecash miners and FIC token holders to actively and extensively participate in DeFi.

The most typical DeFi scenario of FIC tokens should be mortgage mining. Coin holders pledge other digital currencies to mine FIC tokens. The more FICs they mine, the more advantageous they will be in the Filecash node election.

NFT has recently become a hot topic, but it is hot. The standardization of NFT content production (anti-piracy), NFT price evaluation system (currently no authoritative and credible reference standard), NFT transaction and preservation system (occasionally) In the event of the loss of the original NFT data, it has not been sounded. When the NFT+DeFi model matures in the future, FIC tokens can participate in such applications to implement pledge mining and other applications.

Q7: We all know that Filecash is a project that attaches great importance to community building. Currently, which countries have communities established? What activities are there to promote the construction and development of the community?

Marco: Filecash’s community construction is divided into two parts: international and domestic.

In the international part, community building is mainly carried out around Telegram, Facebook homepage, and Twitter official account. In addition, we recently conducted an AMA mainly for Europe and the United States. You can click this link to view the summary of the AMA: https://medium.com/filecashglobal/filecash-and-decentralized-club-ama-recap-5738c6c7b35d

We plan to update a new official YouTube video in English in the near future, and cooperate with more communities in Europe and America to arrange more English AMAs.

In the domestic part, the focus of Filecash’s community building is on Weibo. The official Weibo URL is: https://weibo.com/u/7510702539. Today’s AMA poster, if you share the AMA poster on the official Weibo on your own Weibo, you will have the opportunity to participate in the lucky draw held by our Filecash official Weibo. Don’t forget to follow our official Weibo.

In addition, we organized the “Filecash Community Volunteer Recruitment” activity: After participating in this activity and becoming a volunteer in our community, you will receive FIC token rewards. For details, please check the link: https://mp.weixin.qq.com/s/gdiz9ZXxay1oS0cTDP30Lg.

In the future, we will continue to strengthen online and offline activities, introduce the Filecash project to digital currency fans at home and abroad, and expand Filecash’s global community.

Q8: In the bull market, what are the highlights of Filecash that can attract miners? How to get more miners and investors to join Filecash, and how to participate in mining as ordinary users?

Marco: Since Filecash went online on its own, it has stepped out of its own market and has gradually entered a new upward trend range after bottoming out. Filecash mining must pledge FIC tokens as a pre-collateral to start mining, and the FIC of mining revenue is returned to the miners in a linear manner. This mechanism makes the price of FIC tokens relatively in a stable fluctuation range.

With the increase of Filecash’s entire network computing power, the demand for FIC tokens will also increase, and the price of FIC tokens will gradually show an upward trend, thereby forming the entire network’s computing power to drive the FIC generation. The demand for currency will ultimately drive a virtuous circle of rising FIC prices. This is a key point for many miners and investors to pay attention to Filecash.

As an investor, you can consider trading FIC tokens on the exchange. Among the exchanges that have listed FIC tokens, Gate.io, QB.com, Matcha and other exchanges have relatively large trading volumes of FIC tokens. You can pay attention to it.

As a miner, I want to participate in Filecash mining: If you want to deploy mining independently, you can refer to the reference configuration information of the mining machine given by the Filecash Foundation for layout. For specific Filecash miner configuration and mining preparation related technical information, please refer to this link: https://mp.weixin.qq.com/s/sAvv9cmEGgkrclIKehb5IQ.

In addition, the group number of Filecash technical support QQ group is: 1127222805.

Among the many Filecash miners at present, several entities that are more mature and have strong technical strength are: Interstellar Alliance, Entropy Pool Information Technology, Cloud Storage Technology, Block Storage Technology and other technical service providers, as well as miners interested in Filecash. You can contact these companies for related cooperation.

Q9: What are the important strategic layouts for Filecash next?

Marco: At the level of investor relations, we hope to deepen exchanges and communication with investors in some regions where distributed storage projects are more developed (such as Germany, Japan, the United States, the United Kingdom, etc.), and attract more international investors;

In terms of the ecological construction of the entire network, we will gradually expand and strengthen through the development and function expansion of Layer 2, including hot storage applications, DeFi, DEX and other applications, so that the storage performance of the entire Filecash network can meet the needs of customers and enable FIC The token can become one of the mainstream tokens in the distributed storage track and the entire blockchain field;

In terms of the construction of the miner team, the key for the distributed storage project to truly play its role and advantages lies in the word “distributed”, that is, the effective computing power of the entire network must be widely distributed around the world, rather than a few regions. Or within a region. In order to establish a distributed storage network widely distributed all over the world, Filecash will further actively carry out project introductions and online/offline announcements to miners around the world from a strategic level.

Q10: How should distributed storage develop and progress to promote the arrival of Web3.0?

Marco: We believe that distributed storage based on the IPFS protocol is still in its early stages of development globally. The top priority is to promote the construction of distributed storage infrastructure and build a corresponding storage network. With this physical hardware foundation, it is possible to expand practical applications.

The core logic of the Filecash project is to reduce the threshold of ecological participation through a series of technical optimization schemes and economic model improvements, achieve consensus on participation in global stock and idle storage resources, reduce computing resource consumption, reduce sealing and storage costs, and form a developer, miner, and community A balanced system of close interaction, consensus diffusion, and multi-party game benefit sharing. In order to create a Web3.0 basic storage engine that everyone can participate in, and is committed to becoming the world’s leading distributed cloud storage platform.

With the continuous growth of Filecash’s entire network computing power and the application of Layer 2 level one by one, it is believed that the price of FIC tokens will continue to rise steadily, and the majority of Filecash project participants will be more focused on participating in DeFi.

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