Filecash and Crypto Zyte AMA Recap

Session 1: INTRO Questions

Q1: Could you describe us about your project “ Filecash “. What is your project about and how can we see it in action?

Alright. 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.

Q2: What’s the motivation for starting this project?

The original intention of Filecash forking from Filecoin was because of the divergence between Protocol Labs and the Community:

Filecoin was becoming more and more like a corporate product under their developer Protocol Labs, rather than a blockchain community project. Filecoin has repeatedly ignored miners’ feedback and proposals for adjusting the consensus algorithm, resulting in a large number of miners’ equipment failure. Before the mainnet launched, Filecoin has repeatedly made adjustments to their economic model, which have challenged the miners’ bottom line, and left them feeling left behind.

Members from the global IPFS community inherited the original intention of IPFS, and aimed to rebuild a community-driven decentralized storage system, thus initiating Filecash. The goal is to create a win-win ecosystem that is miner-friendly, community-friendly, user-friendly, and investor-friendly.

Q3: What are the Main Features that distinguish Filecash from its competitors?

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.

Q4: What is the role of token in your ecosystem? Could you tell us a bit about the tokenomics of your project?

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.

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%.

Q5: Recently the FIC token price keeps declining since the end of September, 2021. What happened? How is Filecash project’s latest status and upcoming development news?

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.

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.

Recently, we noticed that there is some mining company that sells FIC cloud mining product in South Korea, and also introduce Filecash project to more South Koreans. 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.

Session 2: Twitter Questions

@AndyAndyinside: One of the potential development directions of a cryptocurrency is NFT. How do you rate the NFT? Which features do you consider important and look forward to in the NFT?

NFT is a hot topic these days. No matter what kind of NFT, the core element of the NFT should be its uniqueness and creativeness and its data-safety.

The uniqueness of NFT: it is the origin of the NFT’s price. No uniqueness, usually no high-price. There are many ways to define the “uniqueness”, for example, some famous artist’s last piece of the artwork, the first piece of the artwork; or some famous singer’s unreleased record of a new song etc.

The creativeness of NFT: if the NFT doesn’t have the uniqueness, the creativeness would be another key point to support its high-price. For example, a cat picture NFT, there are many cat pictures (no uniqueness), but this cat picture NFT has its own creativeness to show people something different from the cat’s image and the overall design.

The data-safety of NFT: no matter how expensive the NFT is, and how important and unique and creative the NFT is, if the NFT’s data is missing, there is nothing left after all. To keep the NFT investment value, must find a safer place to keep the NFT’s data. We see Filecoin has some kind of collaboration with some NFT projects to store the NFT’s data on Filecoin network. I believe that, Filecash network would be also seeking the same type collaboration opportunities with NFT projects in the short future.

@SilakYamon: One regretful feature of the crypto world is that it is becoming more and more regulated. Taking into account a prediction market is in essence a betting market, how do Filecash expect to be influenced by regulation when operating at the intersection of betting and crypto?

Well, a very good question. As I’ve described in the earlier question, Filecash has been influenced by China’s latest regulation recently and it causes our project’s temporary turbulence of price. To respect this country’s regulation, since September 24th, 2021, Filecash has already (1) ended the marketing to Chinese citizens, and stop accepting them to join our global community; (2) terminated all the previously existed Chinese SNS community including Wechat groups, Weibo account; (3) stopped responding to Chinese citizens’ inquiry about token price, token trade etc. information.

I think every blockchain project must respect and obey each country’s regulations, this is the only way to keep the project continues legally and healthily.

@GfSadiya: Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?

Our top recommendation is Hotbit.io exchange apps. This exchange supports multiple languages, provides great user-experience apps on both Android and iOS system, support the client’s complaints and inquiries by their customer service system.

In the other hand, we also highly recommend MEXC.com exchange app and Gate.io exchange app for FIC tokens’ trade and keeping (their wallet function).

As I’ve introduced in the earlier question, Filecash project is a decentralized storage mining project, and the FIC tokens main usages are (1) deposit to Filecash system to initiate mining, (2) spend FIC to the miner to store client’s data on Filecash storage network. So, there is always a strong need to buy and keep FIC tokens.

@oyasanat: Where can I find more information about your project? where can I find your whitepaper? Is it available to the public?

Top recommendation is our official Twitter: https://twitter.com/filecashglobal. Our every latest development news will be firstly announced on Twitter.

You can also check these resources as well:

Official Website: https://www.file.cash (White paper is available)

Github: https://github.com/filecash

Discord: https://discord.gg/Mgb6zkHPKe

Reddit: https://www.reddit.com/r/filecash

Medium: https://medium.com/filecashglobal

@hasanra55276782: How important is the COMMUNITY to you? and how can we collaborate or help you for the development of the project?

The community is very important to Filecash project. This importance can be explained in two ways:

(1) The developer’s community: for example, when more and more South Koreans get to know Filecash, and plan to mine Filecash, their developers have many questions to be answered ASAP. If one day, many Korean developers are familiar with Filecash project’s codes, mechanism, then the Korean developer’s community can help the new comers to boost more Filecash nodes are appearing in South Korea.

(2) The coin trader’s community: the more crypto fans get to know our Filecash project, the more of them would buy and trade FIC tokens. To make them know more, the community’s power is very essential.

If you are willing to join Filecash global community to introduce Filecash project to your own country’s people, you are welcomed to join the community any time. We would also consider to invite you as our project ambassador in your country by the further discussion with you.