First Filecash Community Telegram AMA Recap
On June 19, Filecash hosted its first 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.
1. @abhiraa2930 / 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?
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.
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.
2. @Rosanahh_ / what is the purpose of making a filecash project? and how to let crypto lovers know?
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.
The members of IPFS Community have initiated Filecash project, because they didn’t agree with some mechanism of Filecoin, and also because Protocol Labs didn’t respect the miners’ voices as much as they can. Once the miners who were representing 95% of total network power, had tried to communicate with the Protocol Labs about the mechanism of Filecoin in 2020, however, the Protocol Labs rejected the suggestions eventually, while the voice were representing Filecoin’s 95% total network power.
Filecash has been known more and more well in the worldwide IPFS community already, by our efforts to introduce this project to them through English/Korean/Chinese languages AMA, official press release articles in English, Korean, Japanese, Chinese languages.
3. @AlthafC2 / What type of Industry & user base is the $Filecash project mainly focused on? Are you planning to establish partnerships with local cryptocurrency developers in each country to use $Filecash more bang in the near future?
We are focusing on the decentralized storage network blockchain industry/field. We desire to expand our miners pool from some specific countries to the worldwide range. We’ve already seen that some developers who are mining pool companies, have already started to mine Filecash, and also sell their Filecash cloud mining products to the local customers, for example, in Japan. We hope to see more local partners from more countries to do so.
4. @Elena29889252 / Can you tell us about #Filecash milestones and top priorities in 2021? What will you do to develop and engage the user community in the next stages?
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
Filecash would officially start to support DeFi function in July, stay tuned for this blaster update.
Develop the original DEX
Finish the first DEX nodes voting
5. @imkvdhanvi / How did Your project survive in during long bear market? What your team strategy to gain more adoption? Can you share us on recent achievement your team are most of?
Filecash’s mechanism to mine defines that this project is strong against bear market. To mine Filecash, you should deposit certain amount of FIC token first as collateral to initiate the mining, and your mining reward FIC tokens will be released in 180 days by linear release way. When the total network power of Filecash keeps growing, the more FIC tokens are needed to initiate more mining sessions for the FIC tokens reward. By this mechanism, the miners needs for FIC tokens are always there, no matter if it is bear market, the FIC token’s price is always supported by this strong, sustainable needs. And our strategy to make more adoption, is to widely introduce this mechanism to those who are interested in crypto currencies investment.
The Filecash mainnet launched on November 18th, 2020. Since the launch day, the total network power has been steadily growing, and recently surpassed 10 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.
In the other hand, 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.
6. @Dhanvi03389950 / What are the ways to make money with Filecash, running nodes, mining, staking, can you please detail it for us?
At the current stage, there are two ways of making money with Filecash:
(1) directly mine Filecash to get FIC token reward: to do so, you need a stable and high-speed internet connection, the mining machines that match Filecash’s hardware requirement, and the professional knowledge and skills to operate the mining machines set.
(2) buy and sell FIC tokens on the exchange apps: if you don’t have the conditions to directly mine Filecash, you can simply buy and sell FIC tokens on the exchanges app, and I’m sure you know very well that how to handle this. 😉
7. @Ringu49472836 / Are you planning to integrate with other blockchains like Cosmos, Solana, Polcadot? How do you see future partnerships for Filecash ?
I pick your question to clarify the Filecash and its relations with other chains that you mentioned in your question. Because this is very important to tell all the community members as well.
Filecash is an independent public chain, while Solana, Polcadot are also independent public chain. Usually between the different public chains, hard to see any cases that one public chain gets integrated into another one.
Filecash’s FIC token will support direct DeFi from upcoming July, while this is based on Ethereum, and will support Heco, BSC etc. those exchanges’ public chains.
8. @Kenzu07637553 / Filecash is a community driven project. So, what is the role of Community in it? How can we contribute to development of Filecash?
Filecash has been forked from Filecoin, because Filecoin’s official — The Protocol Labs didn’t fully respect the voices from the community.
So, Filecash was born from the community directly, and its mechanism and the other improvements are also based on the community’s voices, and even the developer team members are also from the community.
We welcome the worldwide IPFS community’s members are joining our Filecash community, to dedicate your knowledge, skill and experience to develop and improve Filecash project.
9. @Lalangbuccu06 / what is the basis of excellence in your project so that you are so sure to move forward?
It is very simple: this project is building a physical decentralized storage network, it is visible and supported by the real mining machines. To mine Filecash and to use Filecash network for the storage needs in the future, both miners and clients all need to have FIC tokens in their hands.
So, as you see: the project’s token — FIC has its real world usage, and the needs to have FIC tokens are constantly existing as long as Filecash network keeps growing by the mining machines.
In one word, Filecash project is everything REAL. The Realness is very important these days, as we all heard that tons of blockchain projects were distributing uselsss “air-coin” to just take over the money from the coin investors and ran away, because those projects are doing nothing real, and those projects’ tokens have no any real world needs to keep its coin price value.
The Filecash’s realness is the top excellence to attract me and tons of other members of IPFS to dedicate to this project, and keep moving on with it.
10. @Sgseelan / There are too many projects on market. how you improve your project?
The highlight points of Filecash project compared to others are:
(1) Stable: Filecash project is one of the mining projects based on IPFS protocol, and this type of projects are more stable than others when the coin market has severe turbulence, because to initiate the mining, you should deposit some tokens as collateral, and the mining reward will be linear released instead of released at once. So, the miners are involved in the project in the long-term perspective.
(2) Decent: by mining more storage power to the network, the more tokens are needed for the collateral to expand the future storage power. So, the token’s price won’t drop sharply, but will steadily and slowly keep growing in the future.
(3) Globalized: anyone who has fast and stable internet connection, and the knowledge to manage mining machines, can join Filecash’s mining no matter where they live on the planet. So, this project has the potential to expand to the whole world, not limited in a small and specific geographical range.
1. Investors seem to only care about the price of the token instead of the real value of the project, how does your team attract newcomers and keep members long-term with the project?
As I introduced above in Twitter questions section, Filecash’s FIC token has the decent, continuous needs, this support the stable coin price and make many investors to expect to see the coin price rise in long-term perspective. And this is why Filecash project has attracted global investors already.
2. I found that the overall hashrate of FIC reached 10PiB. But I think that’s some kind of slow, is there any marketing plan to boom the hashrate like CHIA?
We do have the plan to boost our total network power’s growth. In South Korea, Japan and also in Europe, we are working on it already. About Chia, many miners are crazy about it because of the short-term investment outcome. Filecash is a long-term perspective project, we believe that all those Chia miners are also Filecash’s future miners target to develop and collabo with.
3. Why did filecash remove interface KYC and VERIFIED DATA?? How many Filecash do I need to have for FIC tokens to initiate MINNING please????
Because it is UNFAIR. Especially when it comes to verified data, Well, which data are verified, meaningful data? it’s all up to Filecoin Plus official’s decision. When they make the decision, no one could make sure that every decision they made is totally fair, because sometimes “I think it is useful”, then it becomes the verified data. “I think” it is, then is that really is? Hmm.
4. Are you currently on track to reach all of your 2021 roadmap milestones and which stage are you most excited about?
Yes we are! In the next month, we expect to officially introduce FIC token’s DeFi support function. ;) Stay tuned.
5. 90% of coins launching nowadays pump initially after that dump and after that almost die so how you plan to be not in that zone?
I believe many fans also have this question. Filecash has been live since last November, it’s been already more than 6 months, and we keep growing our total network power, and also try our best effort to get FIC token listed on the top-tier global exchanges. We didn’t disappear, we keep pushing our project. ;)
6. Nowadays, Binance smart Chain blockchain is having high transaction speed and pretty low gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?
Filecash itself is already an independent public chain, so there is almost no chance to see one public chain switch/integrate to another public chain. They are independent to each other. However, when Filecash DeFi function opens officially, we will support BSC public chain’s DeFi.
7. Is cross-chain in the roadmap? Would be great to split an ethereum nft and be able to commercialize the fractions in other environments
This is on our development long-term plan. Will introduce this part in detail later this year. To make this part happen, could be in 2022.
8. At this point, do you think you need endorsements to grow Filecash ? how is your team promoting it?
I think the endorsement by another entity in blockchain industry, couldn’t be that useful. Because we never know how that endorser does his/her business. If something bad happens to the endorser, Filecash could be affected in the negative way. We don’t eagerly want any endorsement currently. We promote our project by ourselves to introduce the project’s mechanism, the investors that we’ve already have, the miners that we’ve already acquired. And we also enhance our online marketing including official article publishing to the major media, online AMA.
9. Where can I buy your tokens right now what is your current contract and how can I buy them…?
I’ve introduced the exchanges that have listed FIC already above in earlier questions. You can simply buy FIC token with your USDT or other digital assets on those 9 exchanges.
10. Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?
We will announce a new English Youtube video for you all fans soon to introduce Filecash, and guide you.