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Filecash

Filecash Community AMA Recap — July 15, 2021

On July 15, Filecash hosted its second Live Community AMA on Telegram. Questions were asked on Twitter and Telegram and Marco, Filecash’s Marketing Director, answered them. This article will recap the highlights of the AMA.

Introduction Questions

Intro Question #1: For the new comers, please shortly introduce Filecash project again.

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 8 exchanges: Gate.io, MXC, Hashkey Hub, QB.com, LBank, Citex, Hotbit. 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/

Intro Question #2: Filecash is about to launch the DeFi function in early August, 2021. Tell us more about it.

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.

About BSC: Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. The aim of the platform is to enable developers to build decentralized applications (DApps) and help users manage their digital assets cross-chain with low latency and large capacity. For more information, you can check their website: https://www.binance.org/en/smartChain

About DeFi: According to ethereum.org, DeFi is an open and global financial system built for the internet age — an alternative to a system that’s opaque, tightly controlled, and held together by decades-old infrastructure and processes. It gives you control and visibility over your money. It gives you exposure to global markets and alternatives to your local currency or banking options. DeFi products open up financial services to anyone with an internet connection and they’re largely owned and maintained by their users. So far tens of billions of dollars worth of crypto has flowed through DeFi applications and it’s growing every day.

To do DeFi, basically, people need to get ETH, because DeFi needs to pay a lot of gas fee. Then also need to go to DEX (exchanges) to get DAI token by ETH, DAI is sort of stable coin in DeFi world.

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.

Intro Question #3: Filecash is also getting more attention in Japan. Tell us more about it.

Filecash has been introduced to Japan crypto market since the very first stage of the project’s launching.

Japan is a very important crypto currencies market. We’ve noticed that many Japanese crypto investors are very aware of Filecoin project, and many Japanese Youtube influencers produced a lot of videos to introduce Filecoin project to Japanese investors. So, Japan has become a very mature market of Filecoin project, that means, when Filecash project launched in Q4, 2020, the first-ever global market to aim and penetrate is Japan.

We’ve published the official press release articles in Japanese media, including world №3 Crypto media — Coinpost. You can have a look at the Japanese article here: https://coinpost.jp/?p=241597

And our new Japanese language Youtube video will be coming soon in late this month. Stay tuned. 😉

Twitter Questions

Twitter Question #1: @Ringu49472836 I read that Filecash is the pre-fork of Filecoin. Can you explain to us what does it means pre-fork? And what are the advantages of Filecash over Filecoin?

The pre-fork refers to the time when Filecash forked from Filecoin is before the Filecoin mainnet launch. The mainnet of the original chain diverged before it went online.

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.

Twitter Question #2: @imdeveshdutta Filecash is based on IPFS what if IPFS gets hacked then what's the backup plan?

Very interesting question.

Alright, let’s have a look at what IPFS is first. IPFS AKA InterPlanetary File System, is a protocol and peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices according to Wikipedia.

So, any project based on IPFS protocol, means the project saves the files in a distributed, or decentralized way to many different storage places. Filecash for example, when the client submits a date to Filecash network to store, the file will be divided into many small pieces, and those pieces will be saved in different places, while there are the key storage places that have highest security and internet connection guaranteed, there are also many other storage places to save the backup files. So, if the system got hacked, maybe only one or some storage places are hacked, while other unaffected storage places have the backup pieces. In one word, technically, it is very hard to hack entire Filecash or any other distributed storage network based on IPFS protocol completely.

Twitter Question #3: @MrAirdrops3 Filecash now supports 16GB sectors. “What does this mean? How will users benefit from it?

This is good news for the Filecash miners who used to mine Filecoin. For Filecash miners, when the sector becomes 16GB, it means miners mining machines need less memory space, less energy to seal the data. The mining machines’ total effectiveness is greatly enhanced compared to the same spec’s mining machines for Filecoin.

Twitter Question #4: @muhammdfarrhann How has the project survived, continues to grow, can you tell us about your hard work in building the project & Are there any targets that cannot to be completed this year? what are the next steps for future in building your ecosystem, market, partnership & community?

Filecash is the blockchain project based on IPFS protocol. that builds the decentralized storage network. To expand this network’s storage power, we need to courage the miners by FIC, they will get FIC reward when they mine Filecash; we also need to let this network’s clients to use FIC to pay for the data storage needs. So this is basically what Filecash does and what is the FIC token used for. As you see, this project is doing something real, something works for the real world’s actual needs. I think this is why Filecash project survived and continue to grow on and on.

In the future, Filecash will have Layer 2 for the ecosystem construction. Layer 2 will have many applications to enable the instant data storing & reading, which will be very important to Filecash ecosystem. We want to expand our target communities and markets to the worldwide range, especially China, Japan, South Korea in Asia; Germany, UK, France, Spain, Nordic countries in Europe; the USA and Canada in North America.

Twitter Question #5: @Huynhxxxcuong Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.?

Filecash is a community-driven project. Many community members of IPFS Community have initiated this project together. Some of them are very experienced of mining Filecoin, and have the top-tier technology development team and continually provide the technical support to Filecash project. While Filecoin doesn’t have any plan for DeFi, Filecash is on the way to make FIC token’s holders to directly use their FIC tokens to do DeFi from August, 2021. This is one obvious example to prove our technical team’s skills and ability. 😉

Twitter Questions #6: @cryptoalif How to make FileCash easy for anyone? Including those who do not understand crypto will also use FileCash ?

Good question. We will emphasize on holding online AMA, producing Youtube videos with our influencers partners, and also collabo with the news media to publish the articles related to Filecash, in English, Japanese, Korean, Chinese languages. (German language in the future)

However, for those who even don’t know crypto world, to start anything in crypto world, they should at least have digital wallets and good exchanges app installed on their phone, this is the fundamental precondition for doing anything in crypto world.

Twitter Question #7: @risyacans1 my question is how do you attract and convince a new users, customer or Investors to join your project, and how important is the community to you?

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:
https://www.file.cash/
https://www.medium.com/filecashglobal
https://twitter.com/Filecashglobal

(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.

Twitter Question #8: @cryptogamer600 Can you give us any insight into your future plans for the project? More specifically, what does this project have planned to add value to the $FIC ?

Our upcoming updates in 2021 are planned as below:

Q3, 2021:
Finish the development of the stable coin based on hashrate
Finish the first round of stable coin distribution nodes election
Build the original DEX frame

DeFi function will launch in early August, 2021.

Q4, 2021:
Develop the original DEX
Finish the first DEX nodes voting

Twitter Question#9: @nocoincaps Web 3 is very complicated for newcomers to understand If I get $FIC how I can use it ?

(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

Twitter Question #10: @TheGemHunter2 What are the competetive advantages of Filecashas there are many DeFi projects are available in market which working on same concept

DeFi has many projects in many different fields, including lending, insurance, assets management etc. etc. We will start from lending sector when we launch our DeFi function. Which means you will be able to stake FIC to mind other crypto coins, or you can stake other crypto coin to mine FIC. For the detailed information, please stay tuned for our upcoming official announcement and press release.

Live Telegram Questions

Live Question #1: @HilmaAragon What makes you feel confident about the survival & sustainable success of Your project in the near future?

This project was initiated by multiple entities, and each entity is highly qualified of IPFS field’s mining business, and also has great network resources in the industry. I have great reasons to be confident about our project.

Live Question #2: @jantwo What can we expect to see from your platform in the short-term (at some point in 2021) & 2022?And beyond (long-term goals)?

Short term: to build and enhance our own community and miners pool; midterm & longterm: overtake Filecoin to become the №1 top blockchain project of IPFS field.

Live Question #3: @MercedezWagner What is your token advantage that can convince me to change from my favorite token?

We never convince any fans to abandon one token to switch to our token. You can have them all. ;) There is no conflict. We welcome everyone who is investing in crypto currencies.

Live Question #4: @millu021 Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?

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%.

Live Question #5: @LindsyKenney What is total supply of FIC? Are your plans to focus on market or to grow community?

Total amount of FIC is set as: 2 billion tokens.

Live Question #6: @HeRmAwAnTrAdEr Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?

We are interested in this part and we do hope to introduce our project to the non-crypto investors. Our partners are working on it already.

Live Question #7: @millu108 Team members is an Internal part of a project. So, tell us how many team members do you have and how many developers are working for this project?

This project has been initiated by the IPFS community’s members. they are from many different companies (entities). So they are dedicating their skill of development, programming, marketing etc. every essential part to make this project successful.

Live Question #8: @Robiulmama What makes your project different from others and What are some of it is practical usecases? What are some of efficiency you are facing right now?

Our project — Filecash, is building a decentralized storage network based on IPFS protocol. In the future, when clients wanna store their data on our network, they will spend FIC token for it, and our miners who are dedicating the storage space by mining, will get reward by FIC tokens as well. We are building something useful in the real world, and our token has its real world usage.

Live Question #9: @santa3461 Can you describe about what are the use of your token in your platform? how do i possible to get your token?

You can go to the 8 exchanges that have FIC token listed to purchase FIC token. :) To mine Filecash, the miners should get FIC tokens first to deposit it as collateral, and when they are mining, they will get mining reward by FIC token as well.

Live Question #10: @Novreysa90 What is the biggest challenge you face currently in terms of becoming a successful project or company ?

We hope to expand our total network power AKA Filecash network’s effective storage space quickly by more and more new coming miners.

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