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. Currently the mining machine of the node is still on the way to enhance the mining machine’s performance. This Korean node is Filecash’s first node in South Korea, supported by Korean mining company — Top World (CEO Park Yong-seok).
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. @David33781495: During the 2022 I got scammed a few times, rugs, exit scams etc. how can we investors be sure that this will not be similar? do you have a trusted team member?
Well, a very good question. To ensure you won’t get scammed, you wanna check the “trusted team member”, right?
Let’s see the latest hot topic — Luna Token. That project was running by a Korean company, and the company’s CEO — Mr. Kwon made a lot of speeches in the various salons and conferences, and many Western investors deeply trusted him. However, it turns out that Luna was a disaster after all. People trusted Mr. Kwon and invested, and they all ended up at the disaster.
In the other hand, let’s look at Bitcoin. Its founder is “Satoshi Nakamoto”. But nobody even knows this “Satoshi Nakamoto” is a human? Or a team? If “Satoshi Nakamoto” is a human, is the person actually male or female? Actually, Japanese or other country’s person? From this aspect, nobody should trust “Satoshi Nakamoto” at all, but the thing is, Bitcoin is the leader coin in the crypto market.
2. @PowerMa63011626: What is your top priority for 2022? Can you and your team members share a bit about the strategy that the Digital Renaissance will implement in the near future? What makes the team feel confident to win in the long run?
As I’ve mentioned in the earlier question, our top priority in 2022 is to take the deep root in South Korea, and also expand to Southeastern Asia & North America.
We are already seeing the great steps in South Korea, and we also expect to get more Filecoin miners in Southeast Asian countries and North America to get to know Filecash and start to mine Filecash as well.
3. @Mdpolash_Rahman: Is your project a local or global project? How many communities,do you have for non-english users?
It is a global project. We target the whole world except China. Until now, we are building and expanding our communities in English, Korean, Mandarin (Chinese language in Taiwan island, Hong Kong SAR) and Japanese. You can check out official Twitter to see our Tweets in these non-English languages: www.twitter.com/filecashglobal.
4. @Jovan92755695: As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
Covid-19 itself didn’t directly impact the team of Filecash, because they are can work from home during pandemic and lockdown in their countries and in their cities.
However, Covid-19’s impact to the global economy seriously damages the crypto world, as we all can see in this month: the global crypto tokens’ prices are dropping in the dramatic ways. This became an obstacle to our team to reach our strategic goal in 2022, while we do our best to get through all the obstacles in our path.
5. @JenneyJ10: Can you inform us about the risk management strategies that your project use to safeguard the platform’s investments and credits? And how do you truly assure that you have a backup basis to fall back on in the case of a problem or unexpected changes in the market situation?
I’ve introduced our risk management strategy in detail in the earlier question. This is a very important ability to make sure the project won’t get impacted by any unexpected obstacle. We got Total crypto ban issue in China, then we switched into South Korea, and now add Singapore, Malaysia, North America to our target list as well. And we get more and more Filecash fans and investors confident to the project, and keep the positive expectation to this project.