Filecash
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Filecash

Filecash and Crypto Warrior AMA Recap

Part 1: Intro questions

1) Can you briefly describe what is ‘Filecash’? We would like to know more about it and how it works.

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 future roadmap?

We’ve seen Filecash’s 1st South Korea mining node is on the way to mine Filecash, and now another Korean mining entity is about to test-mine Filecash.

On the other hand, we will start to list FIC tokens to more exchange’s apps, to make it easier to buy and trade FIC tokens.

In South Korea, there will be 5~8 more new mining nodes are expected to appear in South Korea’s major cities in the short future. We will also observe the expansion in South Korea to decide if we list FIC token to Korea’s domestic exchanges platforms.

As the long-term strategic direction, we also plan to expand our coverage to more countries including Singapore, Malaysia, Canada, USA. This will significantly affect Filecash’s FIC tokens near future’s price trend as well.

Part 2: Twitter questions

1. @norm_life: FIC Mining can take advantage of desktop hardware. So, can the same rate of mining return be achieved on low-end computers and devices? Or does it have to be ultra-high end devices?

Filecash supports those mining machines that have INTEL chips to mine this project, while Filecoin actually only support the mining machines that have AMD chips. However, it doesn’t mean to mine Filecash, any low-end computers can do this. You need to make sure that: (1) you have a stable and high-speed internet connection, (2) your computer’s memory and graphic card’s memory shouldn’t be too low-end. Please check our Github for more information of hardware requirements: https://github.com/filecash

2. @translator0000: Can you talk about FileCash’s reward distribution mechanism? How will it help users maximize their Returns?

When you mine Filecash, if your mining machine performs greatly, it will win the block chance to generate the blocks, the blocks amount will be different from time to time by the different block tipset. Once your mining machine generates the block(s), you will win the FIC token reward.

To maximize your mining reward, you would need to enhance your machine’s hardware and internet stability and speed.

3. @Mahatab1230: Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?

I pick this question, because many many Crypto fans are confused about Filecash and those DeFi smart contracts.

Filecash is NOT a DeFi smart contract, therefore, there is NO smart contract address. Filecash is an INDEPENDENT public chain, it has own mechanism to generate the blocks and reward FIC tokens to those miners.

To get FIC token, you don’t have to join any DeFi smart contract to stake, because Filecash is not DeFi thing. You can directly buy and trade FIC token at the exchanges such as: MEXC.com, Hotbit.io, Gate.io.

4. @ekinci_sualp: Is the information we store with #Filecash stored anonymously? Is it possible to identify who owns this stored information?

It is TOTALLY anonymous and safe. Without the private key, no one could access the client’s data stored on Filecash network.

However, the clients should avoid to upload the data related to terrorism or any illegal contents according to the client’s country.

5. @Alon14091: Really why only focus Filecash on building a storage infrastructure for Web 3.0? or is IPFS really not compatible with web 2.0?

It is not a thing about if IPFS (web 3.0) protocol is compatible with HTTP (web 2.0) protocol. They are two different thing with different mechanism. If you are interested in the knowledge of IPFS protocol, please visit their official website: https://www.ipfs.io/

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