Filecash and Wealthy Talkz AMA Recap
On July 26, 2021, Wealthy Talkz hosted Filecash for an AMA session. Here is the recap below.
Q1) Can you please Introduce yourself to the Community?
Hi, everyone, this is Marco, Marketing Director of Filecash. I’m responsible to introduce Filecash project’s latest news and information to the worldwide miners and investors. I’m honored to join today’s AMA with you all.
Q2) Please tell us in detail about Filecash?
Filecash is Filecoin’s first pre-fork project. It is the INTEL version of the IPFS incentive layer, the IPFS incentive layer that saves more computing resources, and is more suitable for the incentive layer of 95% of the INTEL servers in the world.
The core logic of Filecash is to reduce the threshold of ecological participation through a series of technical optimization schemes and economic model improvements, realize the consensus of participation in global inventory and idle storage resources, reduce computing resource consumption, reduce sealing and storage costs, and form a close relationship between developers, miners, and communities A balanced system of interaction, consensus diffusion, and multi-party game benefit sharing.
We’ve published the latest English press release article on World №6 Crypto media — AMB crypto. You can have a look at the article here: https://ambcrypto.com/filecash-a-community-driven-decentralized-storage-system/
We’ve also had our latest new Youtube video produced by our KOL — Matthew. I’m happy to share the video link to you all again: https://www.youtube.com/watch?v=Uk-jBQePXpQ
Filecash’s FIC token has been listed 7 exchanges: Gate.io, MXC, Hotbit, Hashkey Hub, QB.com, Citex. We are also currently working on putting FIC to the top-tier exchanges as well. The digital wallet that fully supports FIC token is Mixpay Wallet, and you can download it from this link: https://mixpay.com/
Q3) How is Filecash different and better than its competitors?
Filecash’s main competitor is Filecoin. 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) Every project has a final goal which it is aiming to reach. What’s that final goal for Filecash?
The Filecash mainnet launched on November 18th, 2020. Since the launch day, the total network power has been steadily growing, and recently surpassed 12 PiB.
Currently the total community members are 5000+, daily active users are 800+, monthly active users are 1500+, active miners are 400+. The whole network growth is continuing at the moment.
You can instantly check Filecash project’s status by these blockchain browsers:
Filecash aims to build the world lead decentralized storage network based on IPFS protocol, to become the Web 3.0 era’s storage infrastructure.
Q5) Please shed some light on the Benefits of Filecash?
Filecash is a blockchain project that is building a Web 3.0 era’s decentralized storage network, and incentivize the miners who are providing the storage power to the network by FIC token rewards. In the other hand, to initiate the Filecash mining, the miner should deposit the certain amount of FIC tokens as collateral, while the clients need to spend FIC tokens to the miners to use Filecash decentralized storage network.
So Filecash’s FIC token has the real-world usage, and it has the strong needs all the time. So you can say FIC token is not an “air-coin”. The FIC tokens holders can either lend FIC tokens to the Filecash miners, or directly use FIC tokens for the DeFi Dapps which will be available in the early August, 2021.
Q1) @PiyushhC3: What is the main purpose of your project? And how much progress has your project made? Could you give me 2 or 3 key points to convince me and other angel investors invest for the long-term?
As I mentioned in the earlier questions, Filecash’s purpose is to build the decentralized storage network based on IPFS protocol to aim at the Web 3.0 era.
This project’s mainnet has been launched in November, 2020, and it’s been 8 months so far, and we have more than 12 PiB total network power, and this project has been introduced to China, Japan and the Western countries like the USA, Germany, UK.
To start to think about buy or invest to a new blockchain project, my suggestion is to check these things first:
(1) Website, Official Twitter & Medium: every blockchain will / must have these channels to introduce their project in detail. When it comes to Filecash, our website, twitter and medium links are:
(2) How long time this project has been going on? Too short or too long both are not good. Our project — Filecash’s mainnet has launched on November, 18th 2020, it’s been 8 months already.
Q2) @MonikaSha9: Binance smart Chain blockchain is having high transaction speed and cheap gas fees, are you planning to launch your mainet or switch to other blockchains in the future?
Yes. We plan to work out the smart contract on BSC public chain for our DeFi function launch. In this smart contract, you would be able to stake one type of crypto coin, to mine FIC token. In the other hand, Filecash DeFi function will support not only BSC, but also Heco and other major public chains.
We expect to see FIC tokens are used to DeFi Dapp, to enable those FIC token holders to find a new place to utilize their FIC, and this would be a new highlight point of Filecash project.
Filecash itself is an independent public chain, however, Filecash’s FIC token can be able to be used in various Dapps for the DeFi on different public chains including BSC, Heco.
Q3) @Rohit_aroraa0: The overwhelming number of failed projects, or projects that are fraudulent, have several key characteristics: There is no active communication with the community and anonymous developers. Is your project able to overcome this?
Filecash is a community-driven project, which is initiated by IPFS community’s members in 2020. We emphasize on the communication with the community and the investors, by frequent online AMA, official press release articles on the major blockchain news media, and our SNS accounts including our official Twitter and Medium website.
Q4) @LenaPaul09: How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Filecash has released the official press release articles in Korean, Chinese and Japanese languages in those countries major blockchain news media. We have our investors in Japan to dynamically develop the local community of Filecash, and to support their effort, Filecash will release more Japanese language articles on Japanese blockchain media in the short future.
Q5) @MohitPaa: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industr?
I can answer your question by tell you how to use our project’s FIC tokens:
(1) You can get FIC tokens by mining, or by purchasing at the exchanges apps which have FIC listed.
(2) To initiate the mining, the miner should deposit certain amount of FIC as collateral, you can sell your FIC to Filecash miners or lend it to them
(3) From August 2021, you can use your FIC in DeFi.
(4) In the future, if you have a data to store on Filecash decentralized network, you should spend FIC for this service.
Q1. Are you worried that when the market is unstable, your project will be difficult to develop during this period, so what will you do and where does the current income mainly come from?
The market trend affects every blockchain project. But Filecash is far-less affected from the market’s changes, because this is a storage-mining project, needs miners to take 180 days to get their mining reward tokens totally received. And the coin price is less dropping than other coins.
Q2. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold Robodoge token in long term?
From the investors view, the direct and unique goal is to see the token’s price gets higher to make their profit from the investment. And Filecash’s FIC token is less affected by the severe market changes, so I think Filecash is a quite good option for the investors after all.
Q3. We all know that the Ethereum Network has a lot of problems: scalability issues, high gas costs, slow speeds, and more. So, are you still sure to build your token on the ERC-20 blockchain ecosystem?
No. Filecash itself is an independent public chain, and FIC token is not ERC-20 tokens. However, in the short future, you can use FIC tokens to directly do DeFi on the Dapps on Ethereum network.
Q4. What are the products launch plan by the end of 2021?
DEX and related DeFi function would be our key goal to finish the development and launch till the end of this year.
Q5. Many of the big developments are migrating to BSC. Are you planning to migrate BSC ecosystem?
As I mentioned earlier, our first DeFi smart contract would be on BSC first in early August, 2021. BSC chain and its ecosystem are quite great.
Q6. Web 3.0 coins include fic, fil, and bzz.
Fil and bzz are being invested.
Does Fic receive investment?
And can you overtake bzz and fil coins?
Filecash also has many investors. ;) Well, bzz (Swarm project) seems not as popular as we expected in few months ago. In the other hand, we do hope that Filecash can overtake Filecoin eventually.