Filecash and Dubai Community 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.
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.
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.
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.
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?
Filecash’s current key goal is to expand the mining nodes to more countries, and also expand the miners’ coverage to more countries. 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: Questions from Twitter
1) @jlalahmed9: For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? and do you have enough fund for it is development Can you tell us that how your project generates the profit?
Filecash is a community-driven project as I’ve introduced in the earlier question. Everyone who is involved in this project, has his/her own fulltime job, and they are dedicating their skills, knowledge, experience to Filecash on their spare time. Which means, everyone has his/her own way to finance his/her life. So Filecash doesn’t have to worry about the fund problem.
2) @nabilhasan44: You talk about new partnerships and cooperation agreements as key plans for the future, could you tell us about your current partnerships? What does
@Filecashglobal look for in a partner? What projects or organizations do you already have a relationship with?
Our current key partnership is in South Korea. There is a cloud mining entity in South Korea to dedicate their effort for Filecash to introduce Filecash to South Korean people, and also sell their Filecash cloud mining product to their South Korean clients. By this entity’s effort, we noticed that there are more and more Koreans are interested in FIC tokens, and some other Korean mining entities also test the Filecash mining at the moment.
We expect to see Filecash’s South Korea mining nodes launch soon in the short future, while we hope to see our global nodes also appear in Taiwan island, Southeast Asia (especially in Singapore, Malaysia), and the USA, Europe as well.
3) @Xsonamika015551: Hackers are very active in the market and almost everyday we hear about another hack attack. Can you please give some information about the security system of @Filecashglobal? How safe are the funds of investors? Do you already have an audit?
The hackers hacking happens a lot in DeFi smart contracts especially.
Filecash is an independent public chain, and it is not involved in any smart contract. And Filecash’s mechanism to store data is the decentralized way: to split a file into many pieces, and store those pieces in many different servers. Therefore, Filecash and its original chain — Filecoin both are strong against hackers’ hacking.
4) @nabilh78: Almost every investor holds the token for the short-term without understanding the long-term value. So, how can you ensure for us that holding this token is more beneficial for long-term and what is your plan to increase the demand and scarcity of the token?
Very interesting question!
Well, you can always check Filecash’s FIC token price trend on this page: https://coinmarketcap.com/currencies/filecash/
Recently we’ve noticed that, in the past 10 days, there was a huge trading amount happened on MEXC.com exchange. We think some people have bought FIC tokens in their wallet to expect to see the future price rise of FIC. Because usually Hotbit.io exchange’s trading volumes are much bigger than MEXC.
As I’ve introduced in the earlier questions, Filecash is expanding its global community and global nodes, and all our effort like this will eventually reflect to FIC token’s price trend, and more and more people are interested in Filecash because of this.
5) @nabilhasan442: Can you assure us that this won’t be one of those projects that come out, do a lot of marketing sell their tokens & just disappear or underperform? How secure & safe is your smart contract from vulnerabilities & bugs that even the developers can’t exploit it?
Filecash’s mainnet was launched on November 18th, 2020. It’s been already more than one year, and we didn’t disappear, while we are doing our best effort to expand our global community and global nodes. 😉