Hi, everyone. I’m Marco, the Filecash Community Coordinator. I’m responsible to introduce Filecash project to the worldwide virtual currencies’ miners and investors. Happy to join today’s AMA.
Q1. Could you explain a little about Filecash? And what makes it different from other projects?
Filecash is an incentivization project to IPFS protocol, it incentivizes the miners to store the clients’ data, and expand the Filecash storage network. And FIC, the Filecash token will be used to be the payment token to allow people to use Filecash network. Filecash is the first pre-forked project from Filecoin. Before Filecoin’s Mainnet launches, the community has louder voices to fork Filecoin because of the Filecoin’s specific aspects of the business model and its corporate way of the governance.
To mine Filecash, the miners should deposit certain amount of FIC as collateral to start the mining, and the mined FIC will be released in 180 days in the way of linear release. This is the most different aspect compared to other digital currencies’ mining, such as Bitcoin mining.
Q2. Could you please provide some info about your Roadmap and how Filecash is progressing so far?
Filecash’s Mainnet has launched on Nov. 18th, 2020. At the moment, the total power of the Filecash network is more than 670 TiB, the price of single FIC is 0.25 USD, the market cap is 1.94 Million USD.
Filecash’s roadmap can be divided to short-term goals, midterm goals and the long-term goals:
The short-term goal is getting the network growing fast. In this stage, Filecash developers will erase the problems that Filecoin network has, such as: (1) upgrade the algorithm from sha256 to sha512, so Filecash can support both AMD and Intel chips mining machines, while Filecoin still can only support AMD chip mining machines; (2) reduce the encryption layers from Filecoin’s 11 layers to less than 8 layers, which can partly solve the severe problem of lack of TPS in Filecoin network; (3) Remove the regional restrictions; (4) Reduce the punishment to the miners compared to Filecoin, which is more friendly to the miners and reducing the miners’ loss; (5) remove the “verified clients data” thing which is a very important part in Filecoin network. The verified clients’ data in Filecoin network means, Filecoin recognize and verify certain client, so when miners seal this verified client’s data, can earn 10 times mining reward compared to sealing other not-verified client’s data, and this caused many people in the community questioned that if it is fair enough to everybody.
The mid-term goal is to enhance the technical method, to start to build the Filecash network’s ecology. In this stage the key points will be: (1) optimize data distribution logic and smart contract support, (2) node mechanism; (3) increase POS flexibility and oracle support.
The long-term goal is to succeed IPFS vision, to build the Web 3.0 basic storage engine which enables everybody can participate. In this stage, (1) optimize virtual machine performance; (2) increase cross-chain support; (3) enhancing blockchain interoperability.
At the moment, Filecash is making decent progress based on the roadmap above:
(1) Erased the problems that Filecoin network has, and already start to attract more and more miners to come join Filecash mining;
(2) Because Filecash supports both AMD and Intel chip mining machines, those who have Intel chip machines and never planned to mine Filecoin, started to come to Filecash network for their mining;
(3) To courage more and more miners to come join the mining, Filecash is now holding the Outer Space Marathon, for more information about this amazing event, please check: https://file.cash/a/Filecash-Outer-space-Marathon-Online.html
Q3. Are there other functions of $FIC apart from Trading?
(1) The Filecash miners must take collateral for the mining, which means they should deposit certain amount of FIC to initiate Filecash mining task.
(2) Because of the essential needs that miners should deposit certain FIC, the FIC holders can utilize their FIC to get the benefits, such as: lending the FIC to Filecash miners.
(3) In the future, when the Layer 2 of Filecash system is developed, the FIC holders can spend FIC for DeFi.
(4) When the Filecash network is getting used by more and more clients who plan to store their data on Filecash network, they must purchase FIC first, to spend FIC to use Filecash network.
Q4. What are the present and future goals of Filecash?
The present goal is, introduce Filecash project to the virtual currencies miners and investors, especially to those miners who are stuck in Filecoin mining and confronting harder situations because of Filecoin network’s super-high Gas fee and the shortage of Filecoin’s token — FIL to expand their power. We hope to let them know that Filecash is another great option for them for mining, and come joining the Filecash mining.
The future goal is to build a web 3.0 storage engine which enables everybody to participate, and worldwide clients store their data on Filecash network by spending FIC token, and many FIC holders can utilize the FIC tokens in their hands to earn more benefits (DeFi, staking, lending/borrowing etc.).
Q5. What are the benefits we get from holding $FIC?
As I introduced above, to initiate the Filecash mining, the miners should deposit FIC, for this, the miners could either purchase FIC from other FIC holders, or lend FIC from the FIC holders. All this will give those FIC holders the decent benefits.
In the other hand, a massive amount of FIC will be deposited as collateral, and also the rewarded FIC will be linear released, which means, the mechanism makes the market keeps high needs for FIC token, and this is a great news for stabilizing FIC price, and also expect the FIC token’s price can rise to a higher, stable level.
And Filecash mining is a long-term project. Every Filecash miner won’t and can’t be able to come and quit quickly from the Filecash mining because the mining benefit will be landed long period later, and also there is a big amount of FIC collateral. All this can also stabilize FIC token’s price and safety.
Highlights from Community Asked Questions
Q1. Filecash is a pre-fork of Filecoin. What does Filecoin pre-fork mean? Do Filecash and Filecoin have similar or even the same technology features?
Pre-fork means: this fork chain happened BEFORE the original chain’s mainnet launches.
Filecash has many different aspects compared to Filecoin, as I explained above:
(1) Upgrade the algorithm from sha256 to sha512, so Filecash can support both AMD and Intel chips mining machines, while Filecoin still can only support AMD chip mining machines;
(2) Reduce the encryption layers from Filecoin’s 11 layers to less than 8 layers, which can partly solve the severe problem of lack of TPS in Filecoin network;
(3) Remove the regional restrictions;
(4) Reduce the punishment to the miners compared to Filecoin, which is more friendly to the miners and reducing the miners’ loss;
(5) Remove the “verified clients data” thing which is a very important part in Filecoin network.
Q2. Filecash is a community driven project. So what are your plans for attracting more communities? Also what are the roles and changes that community can make on Filecash?
One of the methods is: I’m doing online AMA in English, Chinese, Japanese and Korean; and also do the offline seminar about Filecash. At the moment, because of the pandemic, we mainly do online AMA for the worldwide fans who are interested in Filecash. The community can provide the suggestions and new ideas about the technical aspects, business model and governance to improve Filecash project. Filecash is TOTALLY different from Filecoin at this point: Filecoin always mostly ignore the community’s voices.
Q3. Trust is very important in business. So, what makes investors, customers and users feel safe when working with Your project? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi?
You are right, Trust is very important. And, Trust shouldn’t happen only by saying, it needs the evidence. To look deeper into Filecash project, please check the project’s blockchain browser to instantly monitor the network’s growth status: https://fic.tokenview.com/en & https://fic.filscout.io/en
Q4. What are the meaning of “collateral for the mining”? Does that mean we need to deposit FIC to initiate the Mining process? How much do we need to deposit?
Yes, you are right. To initiate Filecash mining, the miner should deposit certain amount of FIC as collateral. The amount to deposit VS the reward to expect from this sector (16GB) is almost 1:1. Why we do this deposit? because the storage mining means, the storage should be always online, and shouldn’t lose the saved data. If the miner shut down the machine or lost the client’s data, the deposit collateral will be the price that those bad miners should pay. This system is to secure the whole Filecash network’s safety.
Q5. ”STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION. Does your PROJECT have plans for Staking?
You are right, Staking is a very useful strategy at DeFi. As I mentioned above, Filecash’s token — FIC will be used for DeFi in the short future when Filecash’s Layer 2 is finished to develop. So you can expect to use FIC to do staking for your benefit on DeFi in the future.