Filecash
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Filecash

Filecash & Crypto Royals AMA Recap

Crypto Royals Community hosted Filecash for an AMA session on May 17, 2021. Marco, Marketing Director of Filecash, answered questions from the community.

• Introductory Questions :-

Jannat:
Q1. Can you please introduce yourself as well as Filecash?

Marco Pobong:
Sure. Hi, everyone, this is Marco, I’m from Filecash community and responsible to introduce Filecash project’s latest news and information to the worldwide miners and investors.

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.

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.

Jannat:
Awesome🤩

Q2. What are the advantages of your project?

Marco Pobong:
I prefer to call it differences rather than advantages, because Filecash and Filecoin have chosen two different paths in the same distributed storage network field.

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 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.

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 IPFS 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.

Jannat:
That says a lot about the project😍

Q3. Please, tell us about the goal that you are planning to achieve in this year.

Marco Pobong:
Our goal of the project in this year is: become the one of the prominent IPFS based mining blockchain projects.

Our upcoming updates in 2021 are planned as below:

Q2, 2021:
Finish the nodes mechanism and start the first round of nodes voting
Develop the high-speed chain database
Initiate the GDP accelerator
Develop ETH\DOT etc. mainstream public chain cross-chain bridge

Filecash would officially start to support DeFi function in June~July, stay tuned for this blaster update.

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

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

Jannat:
That’s dynamic 🔥🍺

• Twitter Questions :-

Jannat :
First question from Twitter :

What is your strategy for global expansion? Currently, which market is your project focused on?Or do you focus on building and developing to get customers, users, and partners?

From : @THORGodofthnder

Marco Pobong :
That’s a great question.

Marco Pobong :
We do have plans to expand our global community to the global community. We’ve been doing English language AMA for the communities in the UK and the USA,

Marco Pobong :
and from the May, 2021, Filecash will emphasize to the regions like Japan, South Korea; later will also focus on Germany, Swiss.
To spread our awareness in Japan & South Korea, our strategy is:
(1) working with the country’s top-tier blockchain industry media, to publish the articles about Filecash; (2) hold many Japanese language AMA and Korean language AMA with the countries’ local blockchain communities.
In the future, if one day the covid-19 caused global travel ban would be removed, we also plan to hold the offline project introduction salons in Japan and South Korea with the local blockchain investors and miners.

Jannat :
The aim is really good

Jannat :
Second question from Twitter :

Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?

From : @MariaCahya3

Marco Pobong :
We actually do have the Global Ambassador program: I’m the current Global Ambassador of Filecash project, to attend English/Japanese/Korean languages AMAs, and also deliver the speech about Filecash at the offline salons about Filecash and blockchain industry’s conferences.
We always welcome the worldwide community members to come join us to boost Filecash’s awareness and attract more miners to come start mining Filecash.
Everyone who has basic knowledge of IPFS protocol, blockchain and digital currencies, can be able to join our volunteers plan, and as reward, we will provide FIC tokens.
I’m ready for the next question. @jinetcroyals 😊

Jannat:
Sure

Jannat :
Third question from Twitter :

During the build of your project, do you take into account any of the community feedbacks or demands to further expand the new ideas for the project?

From : @THORGodofthnder

Marco Pobong :
Yes, Filecash is a community-based project. This project was forked from Filecoin based on the IPFS community’s different voices to Filecoin’s way to manage and handle its project.
Many community members of IPFS community are mining Filecoin, and they think Filecoin’s punishment rules for the technical errors during mining are too strict.
So, we hear the voice, and we made the improvements on our Filecash project:

Marco Pobong
(1) Given multiple Window post opportunities in the same time window, miners can submit time and space certificates multiple times until they return to normal, so as to ensure that the miners can recover their computing power in time, and the miners will not lose too much.
(2) No immediate penalty for verification failure: delayed release of benefits; delayed period of 3 days; window of opportunity 7 times.

Marco Pobong :
So, Filecash’s penalty mechanism is more in line with the characteristics of human nature and is more conducive to the healthy development of the Filecash ecology.

Marco Pobong :
We also hear the voice from community about DeFi, and we are about to open our FIC token’s DeFi function in this summer (June~July).

Jannat :
Tremendous 🔥👍

Jannat :
Fourth question from Twitter

any specific requirements needed for mining? because gaming computers has different hardware specs, so any min required gpu or processor? Are you also planning to let smart phones mine it?

From : @Moon604317

Marco Pobong :
Very interesting question.

Marco Pobong :
You need a stable and high-speed internet connection, and also the Filecash mining machine which has different operation system, and also need the knowledge and skill to maintain the good status of mining machine’s operation status.

Marco Pobong:
So, if you don’t have these conditions for the direct Filecash mining, we recommend you to use your computer and smart phone to access the Virtual Currencies Exchanges website/apps, to trade FIC token from Filecash.

Marco Pobong :
You can also purchase the cloud mining product of Filecash from those mining pool’s websites.

Marco Pobong :
Filecash’s FIC token has been listed 9 exchanges: BitMart, Gate.io, Matcha Exchange, Hashkey Hub, QB.com, LBank, Citex, Hotbit. We are also currently working on putting FIC to the top-tier exchanges as well.

Marco Pobong :
The digital wallet that fully supports FIC token is Mixpay Wallet, and you can download it from this link: https://mixpay.com/

Jannat :
That’s great 🤩

Jannat :
Fifth question from Twitter

What are the key milestones on your roadmap — both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?

From : @Fedricho376

Marco Pobong :
We do have milestones based on different time point. I can tell you the biggest milestone in 2021 of this project:

Marco Pobong :
in this summer (June~July), Filecash’s FIC token will directly support to do DeFi, so FIC tokens holders can directly join many DeFi smart contracts, for example, staking a virtual currency, to mine FIC by this DeFi smart contract.

Marco Pobong :
So, different from Filecoin’s FIL token, Filecash’s FIC token can also be used for the DeFi, which will attract worldwide virtual currencies fans to observe and invest in FIC token.

Marco Pobong :
For the partnerships, we currently work on to list FIC token to the top-tier exchanges, this will be the most important partnerships that we are seeking for the project at the moment.

• Live Questions :

  1. Derry Sufandi:
    How Fillecash will gains globally market and users if only supported by Linux system?

Marco Pobong:
The professional miners (usually the mining companies) can handle the Linux system to operate the Filecash machines. For the most of virtual currencies fans like you guys in this group, can purchase the cloud mining power from these miners’s website, so you don’t have to directly manage the mining machines etc. and earn the mining rewards.

2. Jade:
Filecash platform use several global nodes to improve the network’s security, so can you tell us what are the requirements to become a Filecash node? Also which benefits brings this?

Marco Pobong:
We courage worldwide miners come and become our Filecash network’s miners and dedicate to the nodes. The benefit of joining Filecash network is, to get the FIC token rewards for the mining, and can utilize the FIC tokens for DeFi (available from this summer) and for lending to other Filecash miners for their collateral deposit usage.

3. Wizard Chacha:
COVID 19 has reduced many economies around the world but as a crypto business has it affected you negatively or positively??? Secondly are you still on track achieve your ambitious targets as the road map says?,,

Marco Pobong:
Filecash project and many other blockchain projects are less affected by covid-19 than other industries. The mining projects in the blockchain field, as long as the machine runs and the electricity and network bandwidth and hardwares suppliment are stable, it would be fine. And that’s why crypto currencies attracts worldwide venture capitals and investors so much, as the result, we see the virtual currencies prices are crazy in these days.

4. Dadu..koi..tumi:
I’m new to crypto, and I trust a project. I ended up investing my hard-earned money; and some of them turned out to be SCAMMED, what guarantees will you give to a lay investor like me. that you won’t SCAMD? IS your project AUDITED?

Marco Pobong:
Filecash project has been audited for the network security aspect. I do understand your concern, actually it is everyone’s concern when it comes to the blockchain industry. My personal suggestion for you to figure out if the blockchain project is scam: (1) check out what the project’s token’s usage? (2) check what is the project’s mechanism and the goal? (3) check the project’s SNS (Twitter, Medium, Telegram group chat) to see if the project goes steadily without suspension.

5. Crypto!!Lord:
There was a tweet yesterday from Elon Musk saying that increase of electricity usage he won’t sell Tesla with Bitcoin. After that a crush happened on the market. After that CZ unfollowed Elon Musk. Who do you stand with? What do you think about this situation?

Marco Pobong:
Filecash, Filecoin and many other storage based mining projects are spending MUCH LESS electricity than Bitcoin mining. So we don’t have the problem that Mr. Musk mentioned in his SNS. The IPFS based mining project, such as Filecash, is a long-term perspective project, everyone who is involved in this project is seeking the long-term benefit, not the instant price ups and downs. So, you can see Filecash’s FIC token, Filecoin’s FIL token, Arweave’s token etc. these storage mining project’s tokens prices are less jumping than other crypto currencies.

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