Part 1: Intro questions
1) Can you briefly describe what is ‘Filecash’? We would like to know more about it and how it works.
Alright. Before I start to answer, I need to point out that, this part’s 5 questions are always same in our AMAs, because these 5 questions are essential to introduce Filecash to everyone who even doesn’t know it. And every AMA is for the brand-new community members.
Filecash is the first pre-fork project of Filecoin. It is an incentivization layer of the IPFS protocol, setting the goal of building the Web 3.0 basic storage engine, to make it the world’s leading distributed cloud storage platform.
The core logic behind Filecash is to reduce the threshold of ecosystem participation through a series of technical optimization schemes and economic model improvements, to make the global idle storage resources participate in Filecash consensus, to reduce computing resource consumption, and to reduce sealing and storage costs, and form a close relationship between developers, miners, and communities.
The meaning of “pre-fork”: Filecash was forking from Filecoin before Filecoin’s mainnet launched, so we call this fork a “pre-fork”. On the other hand, 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 is any disagreement on the original chain, each divergence point can be used as the starting point of various forks, and each fork will be a point of divergence with new beginnings and the development of different paths. In fact, the diversified development of different technical paths, different governance institutions, and different economic models on the same track has been completed.
2) What are your main features that distinguish you from other projects and what competitive advantages do you have?
If we say Filecoin is a more corporate-like operated cloud storage service, Filecash is a decentralized, algorithm managed blockchain project. Filecash doesn’t have human interfered KYC, and completely proceeds with verifications via algorithm. Filecash also doesn’t have officially defined “verified data”. As long as the customers have paid money to try to save data on the Filecash network, the data is valid data.
Currently, Filecash’s core changes to Filecoin technology and governance are as follows:
1. The Sha256 algorithm of the Precommit 1 part is changed to sha512. This change made both AMD chip miner machines and Intel chip miner machines can mine Filecash, while Filecoin only supports AMD chip miner machines.
2. Change the sealing layers from 11 layers to 5~8 layers. To mine Filecoin, the 11 layers sealing procedure takes a lot of miner machine’s resources and network bandwidth resources, so Filecoin’s TPS is very low and this also caused the recent super-high Gas fee crisis. Filecash reduced the sealing layers to less than 8 layers to enhance the TPS and release more resources for the storage task.
3. 32G sector is changed to 16G sector. Filecoin’s sector size is 32G, which means to seal a sector in the Filecoin project, the machine needs higher memory storage and system resources, while Filecash’s sector size is only 16G, so Filecash miners need less system resources to finish one sector’s sealing. When the client only needs to store a small size file, Filecash’s cost will be lower than Filecoin’s.
4. Filecash removed human interfered KYC and the “verified data”. Filecoin’s KYC and its “verified data” caused many arguments and disagreements in the Community, and Filecash removed both of them, to make sure that in the Filecash network, all the data paid by clients to store in the network is valid data.
3) What and all partnerships or marketing initiatives are you working now to help build awareness for your platform?
To handle the marketing for Filecash, it includes two parts: unknown risk management, and the project marketing and promotion to the desired markets.
The risk management part:
On September 24th, 2021, Chinese government announced the strongest and total ban on Crypto to completely ban Chinese citizens to handle Crypto currencies. Filecash project has officially ended the marketing and promotions in China since September 24th 2021 as well. In this situation, many Chinese crypto investors are busy to sell their crypto currencies and empty their wallet on the exchange apps, so FIC price has been affected by Chinese market’s this trend and now we are seeing the price experiences turbulence.
The marketing expansion part:
There will be non-China Filecash nodes appearing more and more in the short future, so more miners from different countries will join and mine Filecash, this will also attract more countries’ crypto investors to come and buy FIC tokens. We expect to see FIC token price’s strong bounce-back when Filecash global community expands to more countries. In one word, Filecash is getting out of China-shock, and looking forward to a strong bounce-back.
Filecash’s South Korea’s mining nodes are coming in days, thanks to local mining company’s effort to mine Filecash. We expect to see Filecash’s first-ever new mining node from South Korea will appear on our worldwide node map soon. In the other hand, we are on the way to seek the opportunity to list FIC token to South Korea’s top-tier exchanges.
4) Can you share us the Tokenomics of the project?
Filecash’s FIC token distribution: the total amount of FIC distribution is 2 billion: Miners mining part 55% (Linearly halved in 6 years), Layer2 incentive related part 30%, investors 10%, foundation 2.5% (6 years of linear release), development team 2.5%.
To initiate the Filecash mining, the miner should deposit certain amount of FIC token as collateral, during the mining period, if the miner fails to upload messages in time, or if the miner lost the customer’s data by mistake, the system will deduct the certain FIC token from the collateral FIC as punishment. When the miner does everything greatly, the miner will get FIC token as reward for the mining.
Filecash’s token is FIC, and it is listed on these exchanges already: Hotbit.io, Gate.io, MEXC and some other exchange apps. We will see FIC in more exchanges in the future. You can buy and sell FIC in those exchanges, and also keep your FIC in these exchanges’ wallets.
5) Can you mention the future plans for ‘Filecash’ and share us the roadmap for the coming quarters?
We expect to see Filecash’s 1st South Korea mining nodes to start to generate new blocks within days as I mentioned above, this is one of the very important mine stones of Filecash project. Because Filecash’s current key goal is to expand the mining nodes to more countries, and also expand the miners’ coverage to more countries. We believe that, South Korea is just a new start of Filecash, while we plan to expand our coverage to more countries including Singapore, Canada, USA. This will significantly affect Filecash’s FIC tokens near future’s price trend as well.
The more global nodes appear, and the more worldwide miners come and mine Filecash, the more total network power we can see, then the new features development would be accelerated. So currently we focus on the mining nodes and miners’ global coverage, and the technical development will support our global marketing expansion.
Part 2: Twitter questions
1. @Hina_970: FileCash is a community-driven project in which you encourages and adopt suggestions from the community,so how would you incentivise for those community members that is active and willing to spend their time with your platform?Any advantages for staying with you for a long run?
Filecash is generated by the volunteers of IPFS community. Its nature is to absorb the community’s voice to grow in the better ways. Filecash incentivize the community members in various ways: (1) for the volunteers, they will receive FIC tokens as reward for their dedication to the project; (2) for the temporary collaborations, for example, coordinate to hold an AMA in their special community group chat, they can be paid in USDT or FIC for the collaborations; (3) for the miners who mine Filecash, they will receive FIC tokens as reward for their mining effort.
If you are interested in dedicating to our project, you can always reach out in our official telegram: t.me/filecashglobal.
2. @mehedih94753178: What is the most ambitious goal of your “Solcial” project? What is the ultimate vision that your “Solcial” project is trying to achieve in the cryptocurrency market? Explain to us about that. I would appreciate it if you could share any upcoming updates with us?
We hope to make Filecash becomes the most prominent project based on IPFS protocol. Our vision is to cover the whole planet with Filecash mining nodes and Filecash’s FIC token’s traders and investors, to build the worldwide Filecash global storage network. This effort is also important to expect to see FIC token’s price bounces back again in the cryptocurrency market as well.
3. @Al32k: Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
That’s true, most of the crypto traders who are very dynamic and active on many exchange apps, are only interested in the instant price ups and downs. Our AMA series is also a very important method to keep communicating with FIC token’s investors and traders from time to time.
We observed that, Filecash needs to expand the FIC token’s traders to more regions. If our project’s token traders are from a specific region, their common interest, common happiness and unhappiness etc. these elements would severely affect our token price trend, which is very negative to Filecash’s long-term, healthy project development and existence.
That’s why we started to develop the South Korean market to try to diversify the traders’ nationalities, to reduce the risks from specific region’s local trend.
4. @professer987: As far as I can tell, FileCash is a collaborative effort. So, what can the community do to help FileCash grow? Do you have a governance model in place? Is there an ambassador programme, bug bounty, or contest that we can help with to encourage more adoption?
The IFPS community is very important to Filecash. The community members are also involved in other IPFS projects, and they are aware of this field’s technology and future trend.
Filecash does need their experiences, knowledge, know-how to enhance itself. Currently we see the local mining companies which have been mining other projects, get to know Filecash, start to mine Filecash, and by this operations, the local region’s people start to get to know Filecash and trade FIC token as well. Filecash project support this kind of entities mining and marketing effort. And by this model, we hope to see more countries miners start to mine Filecash.
5. @Crip_Angel99: Hackers and Scammers are very much active. Can you please give some information about the Security system of Filecashglobal project? How safe is your project especially for long term investors? How will you protect your investors?
Filecash project has the technical security audit document from a 3rd party, and this audit document is essential to submit the application to list FIC token to the exchange app.
Filecash has launched in November, 2020, until now, Filecash network didn’t suffer any hacker’s attack or destruction, because Filecash network’s security measures are strong enough to fight against the hackers.